Despite the repo rate cut by the Reserve Bank of India, many banks are offering FD interest rates of above 8% for senior citizens.
Reserve Bank of India (RBI) recently cut the repo rate, following which all small finance banks, public and private banks, have reduced their fixed deposit (FD) interest rates for varying periods.
For senior citizens who want to invest in fixed deposits, interest rates are very important. Many banks are still offering interest rates of over 8 per cent for senior citizens. Paisabazaar.com has compiled a comprehensive list of offers and tenures from small finance banks to international banks to help senior citizens make the right choice.
Small Finance Banks
Among the small finance banks, North East Small Finance Bank is offering the highest interest rate. It offers senior citizens an interest rate of 9 per cent per annum for tenures of 18 months 1 day to 18 months 2 days. It is followed by Jana Small Finance Bank, which offers 8.75 per cent interest for tenures of more than 2 years and up to 3 years.
Highest interest rates of small finance banks for 1 year FD:
Suryaodaya Small Finance Bank: 8.75 percent
Utkarsh Small Finance Bank: 8.60 percent
Jana Small Finance Bank: 8 percent
A detailed list of small finance banks offerings and tenures is given below.
