666 Days FD Scheme: If you’re looking to secure a fixed return of around 8% or more in under 2 years while ensuring your money remains safe, this special FD scheme could be a great choice. Utkarsh Small Finance Bank offers a 666-day FD with an interest rate of up to 8.25%. Discover how much both senior citizens and general customers can earn by investing Rs 5 lakh. Many banks today are providing attractive interest rates on special FD schemes to draw in customers.
If you’re considering investing in an FD, the 666-day special FD from Utkarsh Small Finance Bank could be very advantageous for you.
666 days FD: Attractive interest up to 8.25%
This unique FD scheme from Utkarsh Small Finance Bank provides impressive interest rates for both senior citizens and the general public. Senior citizens enjoy the highest annual interest rate of 8.25%, while the general public benefits from an annual interest rate of 8.10%. These rates are applicable to FDs of less than ₹3 crore.
How much can you earn with an investment of Rs 5 lakh?
Let’s break down the numbers to see how much you would earn by depositing Rs 5 lakh for 666 days (which is roughly 1 year and 10 months):
For Senior Citizens:
Investment Amount: Rs 500,000
Interest Rate: 8.25%
Total Interest (Earnings): Rs 80,338
Maturity Amount: Rs 580,338
For General Citizens:
Investment Amount: Rs 500,000
Interest Rate: 8.10%
Total Interest (Earnings): Rs 78,784
Maturity Amount: Rs 578,784
This means that senior citizens are directly getting an additional benefit of Rs 1554 compared to general customers. Before investing in any bank’s FD, don’t just decide on the high interest rates; consider the following:
Tax (TDS) rules: Interest income from fixed deposits is not completely tax-free. Income tax rules require banks to deduct TDS (Tax Deducted at Source) if the interest earned exceeds a certain limit. This may slightly reduce your final return.
Bank conditions and terms: Don’t invest simply because of high interest rates. Before investing, thoroughly investigate the bank’s financial health, its premature withdrawal requirements, and the extent of its deposit insurance (DICGC cover).