A decade ago, fixed deposits and recurring deposits were all the rage at financial institutions. But with inflation skyrocketing over the past year, the interest rates on these savings options have taken a hit. As a result, many folks are moving away from FDs and RDs and are looking into market-related investments instead.

That said, market investments are best suited for those who can handle some risk. For everyone else, FDs and RDs still offer a safe place to park your money. If you check out the FD options at different banks, you’ll find that many are still providing pretty appealing interest rates.

Currently, the interest rates on fixed deposits at leading public and private banks range from 6 to 7 percent. Meanwhile, Shivalik Small Finance Bank is offering rates between 3.50 and 8.80 percent. For senior citizens, those rates go from 4 to 9.30 percent. Keep in mind, though, that the interest rate on fixed deposits varies based on how long you keep your money in the bank, and each bank sets its own terms for that.

Here’s the scoop on the interest rates for fixed deposits at Shivalik Small Finance Bank:

– For 7 to 14 days, you’ll earn 3.5%

– If you go for 15 to 29 days, it’s 3.75%

– For 30 to 90 days, the rate is 4.25%

– Between 91 and 180 days, you’ll get 4.75%

– For 6 months to just under 9 months, it’s 6%

– The same 6% applies for 9 to 12 months

– If you deposit for 12 months and 1 day to under 18 months, the rate jumps to 8.80%

– For 18 to 24 months, it’s 8.30%

– From 24 months and 1 day to 36 months, you’ll earn 7.50%

– For 36 months and 1 day to 60 months, the rate is 6.50%

– And for 60 months and 1 day to 120 months, it’s 6.25%

– Plus, there’s a 5-year Tax Saver FD (60 months) at 6.50%

These rates are for regular customers. If you’re a senior citizen, you’ll snag an extra 0.50% on these rates. So, for a fixed deposit lasting 12 months and 1 day to under 18 months, seniors will enjoy a sweet 9.30% interest rate.

Desclaimer: For any financial invest anywhere on your own responsibility, Times Bull will not be responsible for it.