Co-operative banks offer up to 10% interest on fixed deposits. Should you invest for higher return? timesnownews.com

An interest rate of 10% per annum on a fixed deposit may look enticing to may as most commercial banks including State Bank of India offering between 6.5-7.75% on fixed deposits of different tenure. According to a search on Bankbazaar.com, co-operative banks like Mahaveer Bank are offering an interest rate of 10% to senior citizens on fixed deposits between two-five year tenure. This interest rate is around 250 basis points higher than what regular commercial banks offer on FDs of these tenures.