20 years FD is coming, know how much you will benefit!!!

Banks and post offices keep bringing out Fixed Deposit Schemes for you from time to time. The interest received on these is high. Senior citizens are given more interest on FD. But, you get this benefit only when you keep your money deposited with the bank for a fixed time. These FDs range from a few days to a maximum of 10 years. However, now you are going to get the option of such an FD whose duration will be 20 years. Let us understand what benefits you are going to get in this new FD.

Will be made on the lines of annuity plans of life insurance companies

This long term FD will be made on the lines of annuity plans of life insurance companies. However, these will have a time limit. At present, testing of this product is going on. At present, no bank is running an FD scheme of more than 10 years. According to a report by Hindu business Line, Suryoday Small Finance bank is preparing a 20-year FD plan. In this, the depositors will also be given the facility to withdraw some amount at regular intervals.

Suryoday Small Finance bank is preparing this scheme

MD and CEO of Suryoday Small Finance bank R bhaskar said that we are still preparing this scheme. Through this, customers will be given the benefit of long term savings and compound interest. Its interest rates have not been decided yet. If customers invest money in this FD scheme, then after the 11th year they will be given the option of systematic withdrawal plan. Experts say that in this scheme also one can get interest as much as a 10-year FD.

Only sbi runs annuity deposit scheme

At present, only sbi is running 3, 5, 7 and 10 year annuity deposit scheme. Under this, customers can withdraw money every month after depositing money once. In this, interest is also attached along with the principal. Suryoday Small Finance Bank's deposit scheme is going to be different from this. In this, the customer will get the money only after half the FD period has passed.