Best Bank FD April: If you’re considering investing your money in a bank FD this month, April, then today we will share some bank FDs that can provide you with an interest rate of 8%. Let’s explore the details.
Bank FDs remain a favored investment choice. Putting your money into a bank FD is both safe and secure, with guaranteed returns. If you’re looking to invest in a bank FD this April, we will inform you about some bank FDs that offer an interest rate of up to 8%. Let’s dive into the specifics.
Small Finance Bank FD
Suryoday Small Finance Bank provides a maximum interest rate of 8.10% on its FDs that mature in 1 to 5 years.
Jana Small Finance Bank offers a maximum interest rate of 8% on its FDs maturing in 1 to 5 years.
ESAF Small Finance Bank provides a maximum interest rate of 8% on its FDs maturing in 1 to 5 years.
Slice Small Finance Bank offers a maximum interest rate of 7.75% on its FDs maturing in 1 to 5 years.
Private Bank FD
IDFC First Bank provides a maximum interest rate of 7.40% on its FDs with tenures from 1 to 5 years. Bandhan Bank offers a maximum interest rate of 7.25% on its FDs with tenures from 1 to 5 years. RBL Bank provides a maximum interest rate of 7.20% on its FDs with tenures from 1 to 5 years.
Government Bank FD
Punjab & Sind Bank offers a maximum interest rate of 6.75% on its FDs with a tenure of 1 to 5 years.
Bank of Maharashtra provides a maximum interest rate of 6.65% on its FDs with a tenure of 1 to 5 years. Bank of India offers a maximum interest rate of 6.60% on its FDs with a tenure of 1 to 5 years.
Meanwhile Muthoot Capital Services is offering a 9.2% return on corporate FDs for senior citizens. This return is for a 3-year FD. Others, however, are earning 8.95%.
But keep in mind that this is a corporate FD, not a bank FD. Let’s understand the difference between a regular FD and a corporate FD.
What is Corporate FD?
Corporate FDs offer higher returns than regular FDs. These FDs are offered by a financial company or entity. Like FDs, you receive returns on the principal amount plus maturity.
Like banks, companies offer fixed deposits with different maturity periods. The only drawback is that the company can pledge your corporate fixed deposit to obtain a loan. Therefore, if you’re investing in a corporate FD, be sure to check the credit rating. For example, according to Paisa Bazaar, Muthoot Capital Services Corporate FDs are rated A+ by CRESIL.
