New FD Rules: Depositors may able to open fixed deposit FD for 20 years

FD Rules: If you also generally believe in investing in FD, then this news is useful for you. Now there may be a change in the rules related to FD. Till now, banks offer a maximum of 10 years of FD. But it is expected to change soon.

Suryoday Small Finance Bank is planning to increase the maximum period of FD to 20 years. According to the news of Hindu Business Line, those who make FD will also be given the option of systematic withdrawal plan in between.

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FD scheme will work like an annuity plan

If this happens, the bank’s FD plan will work like the annuity plan offered by insurance companies. But it will be for a limited period. The MD and CEO of Suryoday SFB (Suryoday Small Finance Bank) said that they are soon going to launch FDs with a tenure of more than 10 years. This will be a good option for people who want to save money for a long time, which will give them the benefit of compounding interest.

Also Read: Good news for pensioners, Central Government is going to introduce new facility on 30th August

In this situation, you will get Rs 1 lakh every month.

However, the bank is still working on this plan and the interest rate risk is being calculated. He gave an example that if someone saves Rs 50,000 every month for 10-11 years, then later he can withdraw about Rs 1 lakh every month. Experts said that the interest rate on FD can be decided according to the government’s 10-year bond.

Right now only SBI offers such a scheme. In this scheme, you deposit money at once and then every month you get some money and interest. Suryodaya SFB’s scheme will be slightly different from SBI’s scheme. In this, you will have to deposit money every month for the first few years. Later you will get money every month. This scheme will be opposite to SBI’s scheme.

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