For senior citizens, fixed deposits (FD) are the most favored savings choice since they want a secured and risk-free stream of earnings during their retirement period. For senior citizens, fixed deposits (FD) are the most favored savings choice since they want a secured and risk-free stream of earnings after their retirement. In the current situation, though, where interest rates provided by leading banks on fixed deposits have dropped to as low as 5%, it has appeared challenging for senior citizens to make a return from it. However, considering a 115 basis point drop in the repo rate since March 2020, some small financial banks do appear to pay higher interest rates on their FDs. They also deliver elderly people up to 60 basis points of better interest over the cost that is offered to the general public. A summary of the FD interest rate provided to senior citizens by small finance banks such as Fincare, Utkarsh, North East, Suryoday, and Jana is below:
Suryoday Small Finance Bank FD Rates
Suryoday Small Finance Bank pays 4.5 percent interest for deposits maturing within 7 to 45 days. The bank offers 5.5 percent, 6 percent and 6.75 percent interest, however, for 46 days to 90 days, 91 days to 6 months, from 6 months to 9 months. FDs maturing in more than 9 months or less than 1 year will generate 7 percent interest and 7.25 percent from 1 year to 2 years. On deposits maturing in 5 years, the bank offers a maximum interest rate of 8 percent.
7 days to 14 days 4.5%
15 days to 45 days 4.5%
46 days to 90 days 5.5%
91 days to 6 months 6%
Above 6 months to 9 months 6.75%
Above 9 months to less than 1 year 7.00%
1 year to 2 years 7.25%
Above 2 years to 3 years 7.65%
Above 3 years to less than 5 years 7.75%
5 years 8%
Above 5 years to 10 years 7.5%
Fincare Small Finance Bank FD Rates
Fincare Small Finance Bank has the best interest rate on deposits maturing in 36 months from 1 day to 59 months at 7 per cent.
7 days to 45 days- 3.5%
46 days to 90 days- 3.75%
91 days to 180 days- 4%
181 days to 364 days- 5.5%
12 months to 15 months- 6.50%
15 months 1 day to 18 months- 6.50%
18 months 1 day to 21 months- 6.75%
21 months 1 day to 24 months- 6.75%
24 months 1 day to 30 months- 6.80%
30 months 1 day to 36 months- 6.80%
36 months 1 day-42 months- 7.00%
42 months 1 day-48 months- 7.00%
48 months 1 day-59 months- 7.00%
59 months 1 day-66 months- 6.50%
66 months 1 day-84 months- 6.00%
Utkarsh Small Finance Bank FD Rates
This bank pays an interest of 7.50 per cent on deposits maturing in 700 days. Utkarsh Small Finance Bank offers 7.25 percent for FDs maturing during 701 days to 3652 days.
7 Days to 45 Days 3.50%
46 Days to 90 Days 3.75%
91 Days to 180 Days 4.5%
181 Days to 364 Days 6.50%
365 Days to 699 Days 7.25%
700 Days 7.50%
701 Days to 3652 Days 7.25%
North East Small Finance Bank FD Rates
At 8 per cent on deposits maturing in 730 days to less than 1095 days, North East Small Finance Bank has the highest interest rate.
7-14 days 3.5%
15-29 days 3.5%
30-45 days 3.75%
46-90 days 4.50%
91-180 days 5%
181-364 days 5.75%
365 days to 729 days 7.50%
730 days to less than 1095 8%
1096 days to less than 1825 days 7%
1826 days to less than 3650 days 6.75%
Jana Small Finance Bank FD Rates
On its FDs spanning from 7 days to 10 years, Jana Small Finance Bank offers from 3% to 7.75% interest. The highest interest rate of 7.75 percent is met by its FDs maturing in more than three years and less than 5 years.
7-14 days 3%
15-60 days 3.50%
61-90 days 4.25%
91-180 days 5.00%
181-364 days 6.50%
365 Days 7.25%
> 1 Year – 2 Years 7.5%
>2 Years-3 Years 7.50%
> 3 Year- < 5 Years 7.75%
5 years (1825 days) 7.50%
> 5 Years – 10 Years 7%
