At present some banks are offering FD interest rates above 9% for senior citizen investors. While big PSUs and some private banks are still far away from offering 9% interest rates on FDs.
Many banks in the country have increased their FD interest rates in the month of May. Even after continuous hike, big PSUs and some private banks are still away from offering 9% interest rates on FDs to their senior citizen customers. At present some banks are offering FD interest rates above 9% for senior citizen investors. By investing in FDs of these banks, senior citizens can get good returns with higher interest rates.
Unity Small Finance Bank
Unity Small Finance Bank (SFB) offers fixed deposit interest rates up to 9 percent for general citizens and up to 9.50 percent for senior citizens. The bank offers the highest interest rate of 9.50 percent to senior citizens for a tenure of 1001 days. The bank gives 9.25 percent interest to senior citizens for a period of 181-201 days and 501 days.
Fincare Small Finance Bank
Fincare Small Finance Bank has increased the fixed deposit rates by up to 9.01 percent. The bank offers FD interest rates ranging from 3 percent to 8.41 percent to the general public and 3.60 percent to 9.01 percent to senior citizens on a tenure of 1000 days.
Jana Small Finance Bank
Jana SFB offers interest rate for senior citizens between 4.25% to 9% and the highest interest rate of 9% is offered for tenures of 366 – 499 days, 501 days – 2 years and 500 days.
Suryoday Small Finance Bank
Suryoday Small Finance Bank has increased FD interest rates up to 9.60 percent. The bank offers FD interest rates ranging from 4.50% to 9.60% to senior citizens on a tenure of 5 years. The bank offers 9.50% for a tenure of 999 days and 9% for a tenure of 1 year to 2 years. These rates are applicable from May 5, 2023.
Equitas Small Finance Bank
Equitas Small Finance Bank offers 9% to Senior Citizens for Fixed Deposits maturing in 888 days. For others, the interest rate on FDs maturing in 888 days can go up to 8.5 per cent. The new interest rates have become effective from April 11, 2023.
ESAF Small Finance Bank
ESAF Small Finance Bank offers an interest rate of 9% for senior citizens with a tenure of 2 years to less than 3 years and 8.50% for general citizens.
