These banks offer above 9% FD interest rate to senior citizens Below are the banks offering over 9% FD interest rate for senior citizens
The fixed deposit is one of the most reliable fixed-income investments, especially for risk-averse investors like senior citizens. The FD is an easy-to-use investment option for senior citizens that can help them earn stable returns. Many banks offer senior citizens aged 60 and above an extra annual interest rate of 0.50% to 0.75% on fixed deposits, depending on the bank.#sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;} Loan against FDs
A Senior Citizen FD has the benefit of being able to pledge the fixed deposit as security for a loan when in need of cash. The maximum loan amount approved is determined on the size of your FD's principal. You have a set amount of time to repay the loan in fixed installments. The FD is secured as collateral until the entire loan balance is paid back.
Get up to 9% FD interest rate: Which bank is offering the highest fixed deposit interest rate in October?
Premature withdrawal facility
Despite the fact that FDs are intended to be held until maturity, many banks allow early withdrawals by older citizens with little penalty. Because of this flexibility, they can access their money in an emergency without suffering a substantial loss.
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TDS
To avoid paying TDS on interest received from investments in fixed deposits (FD) and recurring deposits (RD), senior citizens 60 years of age and above may file Form 15H, a self-declaration form. The Income Tax Act of 1961's Section 197A, Subsection 1C, includes Form 15H.
The best FD for senior citizens is determined by characteristics such as interest rates, tenure, and other advantages. Before booking a Senior Citizen FD, check rates and features from different FD issuers. Here are banks that are offering above 9% for senior citizens.
Banks offering above 9% FD interest rate for senior citizens
NorthEast Small Finance BankThe bank offers highest interest rate of 9.50% on tenure of 546 - 1111 Days (1 year 6 months 1day-3 years 16 days) on callable deposits below Rs 5 crore for senior citizens. The rates are effective from June 25, 2024.Suryoday Small Finance BankThe bank offers highest interest rate of 9.10% on tenure between 2 years to 3 years for senior citizens. The rates are applicable from September 4, 2024.
Unity Small Finance BankThe bank offers the highest interest rate of 9.50% on tenure of 1001 days and 9.25% on tenure of 701 days for senior citizens. The rate are effective from October 7, 2024.
Utkarsh Small Finance BankThe bank offers the highest interest rate of 9.10% on tenure of 1001 days and 9.25% on tenure of 1500 days for senior citizens. The rates are applicable from June 7, 2024.
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This story originally appeared on: India Times - Author:Faqs of Insurances
