Fixed Deposit Interest Rates for Senior Citizen: If you also want to get great returns by investing your hard earned money in a safe place, then Fixed Deposit (FD) has always been a great option. There is no market risk in this and you get guaranteed returns on time. Some small finance banks of the country are giving such a strong interest on FD to please their customers, especially senior citizens, that you will be surprised to hear about it. These banks are offering great interest ranging from 8% to 8.50% on FD.
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1. Slice Small Finance Bank
Slice Small Finance Bank is giving equal interest rate of 8.50% to both common citizens and senior citizens. Customers will get this interest for a period of 18 months 1 day to 18 months 2 days.
2. Suryoday Small Finance Bank
Suryoday Small Finance Bank is giving tremendous benefits to senior citizens on long term investment. If you want to invest money for 5 years and forget about it, then this can be the best option for you. In this, senior citizens get interest at the rate of 8.40% and common citizens get interest at the rate of 7.75%.
3. Unity Small Finance Bank
Unity Bank is running a special FD scheme of 1001 days, in which senior citizens are getting an attractive interest of 8.25%. At the same time, common citizens get interest at the rate of 7.75%.
4. Jana Small Finance Bank
Jan Small Finance Bank is giving very good interest on medium term FDs ranging from 1 to 3 years. People who do not want to block money for a very long time can invest here. In this, senior citizens get interest at the rate of 8.25% and common citizens get interest at the rate of 7.75%.
5. Utkarsh Small Finance Bank
Utkarsh Small Finance Bank is at number five in this list, which is offering more than 8% interest to senior citizens on FDs of 2 to 3 years. Senior citizens get 8.15% interest in this and common citizens get 7.65% interest.
How safe is it to keep money in a small finance bank?
Many people have this question in their mind that is it safe to keep money in these small banks? So the answer is- yes, it is absolutely safe. Just like big banks like State Bank (SBI), HDFC or ICICI work under the rules of Reserve Bank of India (RBI), in the same way these small finance banks also work under the supervision of RBI. Apart from this, under the rules of Deposit Insurance and Credit Guarantee Corporation (DICGC), every customer’s deposit of up to Rs 5 lakh is completely safe.
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