Fixed deposit: FD rate for senior citizens are as high as 8.75% for senior citizensin few small finance banks

Best FD rate: Senior citizens can get up to 8.75% interest on fixed deposits maturing in a year; get the full list Read below to know the full list of small finance banks which are offering up to 8.75% interest rate on fixed deposit (FD) for senior citizens. Do note this interest rate is for deposits worth below Rs 3 crore

Senior citizen investors can still get up to 8.75% interest rate on one-year fixed deposits (FD) in a few small finance banks. This high interest rate is offered on deposits of value less than Rs 3 crore. ET Wealth Online has compared the highest interest rates currently available on FDs maturing in one year. Read below to find out.

#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;} US Election 2024
US Election Result Live Updates

Swing state results deciding who'll be new POTUS

Trump vs Harris: Who’s winning which state? Full list

Full list of small finance banks that are offering up to 8.75% interest rate on one-year FDs

Jana Small Finance Bank senior citizen FD rate

Jana Small Finance Bank is offering an 8.75% interest rate to senior citizens on FDs maturing in one year.

Similarly, Ujjivan Small Finance Bank is also offering an interest rate of 8.75% on FD maturing in one year for senior citizens.

Equitas Small Finance Bank senior citizen FD rate

Equitas Small Finance Bank is offering an 8.6% interest rate on its FD maturing in one year.

Utkarsh Small Finance Bank is also offering an 8.6% interest rate on its FD maturing in one year for senior citizens.
GrowfastVastu Shastra Course
Astrology
Vastu Shastra Course
By - Sachenkumar Rai, Vastu Shashtri
Java 21 Essentials for Beginners: Build Strong Programming Foundations
Web Development
Java 21 Essentials for Beginners: Build Strong Programming Foundations
By - Metla Sudha Sekhar, IT Specialist and Developer
Succession Planning Masterclass
Strategy
Succession Planning Masterclass
By - Nigel Penny, Global Strategy Advisor: NSP Strategy Facilitation Ltd.
Digital Marketing Masterclass by Pam Moore
Marketing
Digital Marketing Masterclass by Pam Moore
By - Pam Moore, Digital Transformation and Social Media Expert
Tabnine AI Masterclass: Optimize Your Coding Efficiency
Artificial Intelligence(AI)
Tabnine AI Masterclass: Optimize Your Coding Efficiency
By - Metla Sudha Sekhar, IT Specialist and Developer
Performance Marketing for eCommerce Brands
Marketing
Performance Marketing for eCommerce Brands
By - Zafer Mukeri, Founder- Inara Marketers
Financial Literacy for Non-Finance Executives
Finance
Financial Literacy for Non-Finance Executives
By - CA Raja, Chartered Accountant | Financial Management Educator | Former AVP - Credit, SBI
Human Potential and the Future of Employment
HR
Human Potential and the Future of Employment
By - Lynda Gratton, Prof. at London Business School, Speaker, Author, Global Thought Leader
Master RESTful APIs with Python and Django REST Framework: Web API Development
Web Development
Master RESTful APIs with Python and Django REST Framework: Web API Development
By - Metla Sudha Sekhar, IT Specialist and Developer
Java Programming with ChatGPT: Learn using Generative AI
Artificial Intelligence(AI)
Java Programming with ChatGPT: Learn using Generative AI
By - Metla Sudha Sekhar, IT Specialist and Developer
Digital marketing - Wordpress Website Development
Marketing
Digital marketing - Wordpress Website Development
By - Shraddha Somani, Digital Marketing Trainer, Consultant, Strategiest and Subject Matter expert
C++ Fundamentals for Absolute Beginners
Web Development
C++ Fundamentals for Absolute Beginners
By - Metla Sudha Sekhar, IT Specialist and Developer
Mastering Full Stack Development: From Frontend to Backend Excellence
Web Development
Mastering Full Stack Development: From Frontend to Backend Excellence
By - Metla Sudha Sekhar, IT Specialist and Developer
Advanced Java Mastery: Object-Oriented Programming Techniques
Web Development
Advanced Java Mastery: Object-Oriented Programming Techniques
By - Metla Sudha Sekhar, IT Specialist and Developer
Mastering Google Sheets: Unleash the Power of Excel and Advance Analysis
Office Productivity
Mastering Google Sheets: Unleash the Power of Excel and Advance Analysis
By - Metla Sudha Sekhar, IT Specialist and Developer
ChatGPT Mastery from Zero to Hero: The Complete AI Course
Artificial Intelligence(AI)
ChatGPT Mastery from Zero to Hero: The Complete AI Course
By - Metla Sudha Sekhar, IT Specialist and Developer
Zero to Hero in Microsoft Excel: Complete Excel guide 2024
Office Productivity
Zero to Hero in Microsoft Excel: Complete Excel guide 2024
By - Metla Sudha Sekhar, IT Specialist and Developer
A2Z Of Money
Finance
A2Z Of Money
By - elearnmarkets, Financial Education by StockEdge
Master in Python Language Quickly Using the ChatGPT Open AI
Artificial Intelligence(AI)
Master in Python Language Quickly Using the ChatGPT Open AI
By - Metla Sudha Sekhar, IT Specialist and Developer
Bank

Interest Rate

Jana Small Finance Bank

8.75%

Ujjivan Small Finance Bank

8.75%

Equitas Small Finance Bank

8.60%

Utkarsh Small Finance Bank

8.60%

Suryoday Small Finance Bank

8.55%

Unity Small Finance Bank

8.35%


Source: paisabazaar.com as of November 6, 2024

Suryoday Small Finance Bank senior citizen FD rate

Suryoday Small Finance Bank is offering an 8.55% interest rate on its FD maturing in one year for senior citizens.

Unity Small Finance Bank senior citizen FD rate

Unity Small Finance Bank is offering an 8.35% interest rate on its FD maturing in one year.

Disclaimer: While deposits in small finance banks are insured by the Deposit Insurance Credit Guarantee Corporation (DICGC) up to Rs 5 lakh, experts advise investors to exercise caution when investing in their FDs. Given their unique business model, the risk associated with investing in small finance bank FDs might differ slightly from that of scheduled commercial banks. To mitigate potential risks, it's recommended that investors limit their exposure to small finance bank FDs to an amount that falls within the DICGC coverage. This ensures that their principal and interest are protected in unforeseen circumstances.

If you are a senior citizen then you can claim a tax deduction of up to Rs 50,000 under section 80 TTB under the old tax regime. On top of it, this deduction (up to Rs 50,000 is the threshold limit for an aggregate of all the interest income of banks, post offices and deposits held in a banking cooperative society (both savings and FD accounts).

According to Jana Small Finance Bank website as of November 9, 2024, the interest in FDs is computed based on the actual number of days in a year i.e. 365 days for a non- leap year and 366 days for a leap year. The tenor of Deposit is calculated in the number of days.

As per the Jana Small Bank website, “In case of premature withdrawal of the deposit, interest will not be paid at the originally contracted rate. In such cases interest will be paid at the applicable rate of interest for the duration which the deposit is maintained with us minus premature withdrawal penal rate as follows:
-Fixed Deposit less than Rs 300 lakh – 1%
-Fixed Deposits greater than or equal to Rs 300 lakh – 1%.
#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;}
This story originally appeared on: India Times - Author:Faqs of Insurances