
Best FD Interest: 501-Day FD Offers 8.50% Interest, What Will ₹5 Lakh Earn?
Fixed deposits (FDs) are gaining popularity, especially among senior citizens. Unity Small Finance Bank offers an 8.50% interest rate on a 501-day FD for seniors.
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What Happened?
Fixed deposits (FDs) are gaining popularity, especially among senior citizens. Unity Small Finance Bank offers an 8.50% interest rate on a 501-day FD for seniors.
Why it matters
This information is crucial for seniors looking for safe investment options with good returns.
Key points
- Fixed deposits are popular among investors, especially seniors.
- Unity Small Finance Bank offers 8.50% interest on a 501-day FD for seniors.
- A ₹5 lakh investment at 8.50% yields around ₹59,000 in interest.
- Banks may deduct TDS if interest exceeds ₹50,000 in a financial year.
- Investors should consider bank health and terms before investing.
Key insights
- The high interest rate could attract more senior citizens to invest in FDs.
- Seniors may benefit from stable returns compared to market-linked investments.
- Understanding the terms of the FD is essential for maximizing benefits.
AI Quick Summary
Unity Small Finance Bank offers an 8.50% interest rate on a 501-day FD for seniors, potentially yielding ₹59,000 on a ₹5 lakh investment.
Source
India Today



