Fixed deposits (FD) are often preferred investment options for senior citizens. Most of the banks give 50 basis points (bps) interest to senior citizens over and above the general customers. Interest rates on fixed deposits have been falling. Four successive repo rate hike by the Reserve Bank of India (RBI) have pushed the banks to increase their fixed deposit (FD) rates. Some banks even are offering inflation-beating rates on FDs.
Let’s take a look at the FD interest rate offered by banks, small finance banks to senior citizens:
Bandhan Bank latest FD rates for senior citizens
Bandhan Bank has launched a special limited-period offer of higher interest rates on fixed deposits. These rates are applicable for retail deposits of up to ₹2 crores and are effective from 7 November, 2022. This will be applicable to fresh deposits as well as renewals of maturing deposits. With this new offer, the bank is offering one of the highest interest rates on fixed deposits across the banking sector.
Customers will now get an interest rate of as high as 7.5% on deposits for a tenure of 600 days. Senior citizens can reap the benefit of 0.50% or 50 bps more, which will take their returns to as high as 8% for a 600-day tenure FD.
600 Days-8%
Suryoday Small Finance Bank latest FD rates for senior citizens
Suryoday Small Finance Bank (SSFB) offers 8.01 per cent to the general public and 8.26 per cent to senior persons on FDs maturing in 999 days. The bank recently hiked interest rates on fixed deposits effective from 2 November.
999 Days -8.25%
Unity Small Finance Bank latest FD rates for senior citizens
Senior citizens can get up to 8.3% interest on FD with Unity Small Finance Bank. This interest rate is applicable on deposits of 1Year – 1 day. On FDs maturing in 2 years to three years and 3 years to 5 years, senior persons will get 8.15% interest. These rates are effective from 1 November.
1Year – 1 day :8.30%
2 Year -3 Year: 8.15%
3 Year – 5Year: 8.15%
AU Small Finance Bank latest FD rates for senior citizens
AU Small Finance Bank offers 8% interest to senior citizens on deposits maturing in 2 years to 3 years and 3 years to 45 months. The applicable interest rates on Fixed Deposits w.e.f. 10 October.
24 Months 1 Day to 36 Months – 8.00%
36 Months 1 Day to 45 Months – 8.00%
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