SIDBI offers annual yield of 9.84% on 12-month fixed deposits

The Small Industries Development Bank of India (SIDBI) is now offering general investors and bulk depositors an annualised yield of 9.84% on its fixed deposit (FD) scheme for deposits with duration of 12-13 months.

SIDBI offers an interest rate of 9.5% for FDs of duration 12-13 months, 9.25% for FDs of duration 14-36 months and 9% for FDs of duration 37-60 months. The SIDBI’s FD is has been given an AAA by CARE indicating, high return, safety and service.

SIDBI also offers higher interest rates for senior citizens. For senior citizens, the yield is 10.38% for the 12-13 month-period with the interest rate being 10% for FDs of duration 12-13 months, 9.75% for 14-36 months, and 9.5% for FDs of duration 37-60 months.

Sushil Muhnot, CMD, SIDBI, said, “Our FD is rated AAA by CARE, which is quite unique for a development bank. SIDBI always benchmarks its interest rates against the industry.”