Firstly, the private sector bank, DCB has relaunched its Suraksha Fixed Deposit and specifically this festive season, it has reintroduced a life insurance plan free with the Suraksha FD. It is an FD with 3 years of tenure and amazing interest rates. It comes with free insurance and a variety of other benefits.
Apart from this, it has introduced a regular fixed deposit without Suraksha insurance. For a fixed deposit of 3 years, the DCB bank provides an attractive annual interest rate of 7.10% which yields 7.49% pa or 7.84% pa respectively. Also, elderly individuals earn a 7.60% interest rate annually over the same time period and the yields are 8.05% and 8.45% annually.
And if you make an investment or fixed deposit for a longer tenure of five years, then the annual return would be 7% per year, i.e., the annualised yield would be 8.43% p.a. In the same tenure, the elderly individuals will earn 7.50% annually, which represents an annualised yield of 9.14%.