Fixed Deposit: Let’s see which banks are giving the highest returns to senior citizens.
There are special investment schemes available in India that provide benefits to all sections. Fixed Deposits (FD) have become the best investment option especially for senior citizens. Because some banks are offering them a return of up to 9 percent on risk-free FDs. FDs have become a popular investment instrument as they provide stable returns regardless of market uncertainties.
However, small finance banks (SFBs) are offering interest on FDs in competition with the largest public and private sector banks. They also work under the purview of the Reserve Bank of India (RBI). Additional security is provided through a deposit insurance program covering up to Rs.5 lakh. Let’s see which are the small finance banks that are giving the highest returns to senior citizens.
Fincare Small Finance Bank
Fincare Small Finance Bank is offering 9.21 percent interest on fixed deposits maturing in 750 days. Latest interest rate, pre-mature withdrawal penalty and other fees can be found from official sources on the bank’s website.
Suryoday Small Finance Bank
Suryoday Small Finance Bank is paying 9.10 per cent interest on fixed deposits maturing in two to three years. Premature withdrawal of funds will attract a penalty of 1 percent on interest. Interest will be calculated based on deposit booking rate, penalty will be applicable.
ESAF Small Finance Bank
ESAF Small Finance Bank offers 9 percent interest on fixed deposits maturing within two to three years. Domestic deposits are not interest-free if they are withdrawn within seven days. NRE deposits do not attract interest even if withdrawn within one year. After the minimum duration.. If the fixed deposit is withdrawn before maturity, the bank will pay the interest rate at which the deposit was opened. However, the penalty will be deducted from the interest amount.
Jana Small Finance Bank
Jana Small Finance Bank offers senior citizens an interest rate of nine percent on fixed deposits maturing within 1095 days. If the FD is withdrawn before maturity, a penalty of 0.5 per cent is payable. Penalty is calculated on the basis of 0.5 percent of the interest rate applicable for the period of deposit in the bank.
Equitas Small Finance Bank
Equitas Small Finance Bank is offering up to 9% interest on various tenures for senior citizens. Interest will be forfeited on pre-mature withdrawal. Minimum tenure FD should be kept strictly.
Utkarsh Small Finance Bank
Utkarsh Small Finance Bank offers 9.10 percent interest on fixed deposits maturing in two to three years. This includes 1% penalty on interest during pre-mature withdrawal. There will be no penalties if the same is withdrawn within seven days of deposit. Note that the penalty is calculated on the lower card rate or contract rate.
Unity Small Finance Bank
Unity Small Finance Bank is paying 9.50 percent interest on fixed deposits maturing in 1001 days. There is a penalty of 1 percent interest on pre-maturity withdrawal. Before investing note not only the interest rate but also the pre-mature withdrawal penalty.
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