FD interest of up to 9.21%: These banks offer over 9% interest rate on fixed deposits for senior citizens
Senior citizen FDs sometimes provide more alluring interest rates than those offered to normal investors. They receive better returns on their assets as a result of this increased rate of return.Senior Citizen FD Schemes provide senior citizens with an ideal way to grow and protect their investments while meeting their financial demands, guaranteeing a safe and pleasant retirement. Note that senior citizens can benefit from a Rs 50,000 deduction on the income received from these programs under Section 80TTB of the Income Tax Act, which makes them more tax-efficient.
Here's a look at small finance banks that provide higher interest rates on senior citizens' fixed deposits.
Equitas Small Finance Bank FD interest rate
Equitas Small Finance Bank offers FD interest rates ranging from 4% to 9% for deposit tenures between 7 days and 10 years to general citizens. The highest interest rate of 9% is offered on FDs maturing in 444 Days. Senior citizens get an 0.50% extra over and above rates offered to general investors. The rates are effective from August 21, 2023.
Fincare Small Finance Bank FD interest rate
Fincare Small Finance Bank offers FD interest rates ranging from 3.60% to 9.21% for tenures between 7 days and 10 years to senior citizens. The highest interest rate of 9.21% is offered on FDs maturing in 750 days. The rates are effective from October 28, 2023.
Jana Small Finance Bank FD interest rate
Jana Small Finance Bank offers FD interest rates ranging from 3.50% and 9% for tenure between 7 days to 10 years to senior citizens. The highest interest rate of 9% is offered on FDs maturing in 365 days. The FD rates are effective from January 2, 2024.
Suryoday Small Finance Bank FD interest rate
Suryoday Small Finance Bank offers FD interest rates ranging from 4.50% to 9.10% for tenure between 7 days and 10 years to senior citizens. The highest interest rate of 9.10% is offered on FDs maturing in two years and two days. These fixed deposit rates are effective from December 22, 2023.
Unity Small Finance Bank FD interest rate
Unity Small Finance Bank offers FD interest rates ranging from 4.50% to 9.50% for tenures maturing between 7 days and 10 years to senior citizens. The highest interest rate of 9% is offered on FDs maturing in 1001 Days. The rates are effective from February 2, 2024.
Utkarsh Small Finance Bank FD interest rate
Utkarsh Small Finance Bank offers FD interest rates ranging from 4.60% to 9.10% for tenures between 7 days to 10 years to senior citizens. The highest interest rate of 9.10% is offered on FDs maturing between two years and up to three Years. These fixed deposit rates are effective from August 21, 2023.
This story originally appeared on: India Times - Author:Faqs of Insurances
