Money-Making Tips: If you’re looking to earn good profits by investing in FD, you can use some of the apps listed below to book FD and earn interest as high as 9.5%.
Money-Making Tips: The Reserve Bank of India’s Monetary Policy Committee, which sets policy interest rates (like the repo rate), recently met and announced a 0.25% cut in the repo rate. This is the first repo rate cut by the RBI in the past 5 years. With this decision, people will get some relief on their loan EMIs, but it also means that the interest rates for bank FDs will be reduced. If you’re planning to invest in a Fixed Deposit (FD), it’s best to act quickly.
If you want to earn a good profit from your FD investment, you can book FD through the apps mentioned below and earn up to 9.5% interest. The advantage is that you don’t need to open a bank account to book the FD through these apps, although you may need to complete KYC.
FD through Stable Money app (up to 9.5% interest)
- Unity Small Finance Bank: 9.5% interest (1001-day FD)
- Shivalik Small Finance Bank: 9.3% interest (1 year 5 months 25 days FD)
- Suryoday Small Finance Bank: 9.1% interest (5-year FD)
- Utkarsh Finance Bank: 9.1% interest (2-year FD)
- North-East Small Finance Bank: 9% interest (3-year FD)
FD through Super.Money app (up to 9.3% interest)
You can easily book FD via the Super.Money app, owned by Flipkart. You can also make UPI payments through the app. According to the list of banks on the app, you can earn up to 9.3% interest here.
- Shivalik Small Finance Bank: 9.3% interest (1 year 6 months FD)
- Suryoday Small Finance Bank: 9.1% interest (5-year FD)
- Utkarsh Finance Bank: 9.1% interest (2-year FD)
- North-East Small Finance Bank: 9% interest (3-year FD)
- South Indian Bank: 7.9% interest (1 year 7 months FD)
FD through Tata Neu App (up to 9.1% interest)
- Suryoday Small Finance Bank: 9.1% interest (5-year FD)
Up to Rs 5 Lakh is insured if the bank fails
In case of a bank collapse or bankruptcy, the only protection available to depositors is the insurance provided by the Deposit Insurance and Credit Guarantee Corporation (DICGC). The insurance coverage is capped at Rs 5 lakh. Regardless of how much you have deposited across all your accounts in the same bank, you will only receive an insurance cover of up to Rs 5 lakh. This amount includes both the principal and interest. DICGC insures all commercial banks, including LABs, PBs, SFBs, RRBs, and cooperative banks.
