Senior citizens FD Rates: These banks are currently offering FD interest rates above 9% for senior citizen investors, take a look
Senior citizens FD Rate: In May 2023, many banks increased their fixed deposit interest rates. Even after consecutive hikes, big PSU and private sector banks are still far away from offering 9% FD interest rates to their senior citizen customers. Here’s a look at bank that are currently offering over 9% FD interest rates for senior citizen investors.
1. Suryoday Small Finance Bank
Suryoday Small Finance Bank has fixed deposit rates as high as 9.60 percent. The bank offers FD interest rates ranging from 4.50% to 9.60% to senior persons on tenure of 5 years. The bank offers 9.50% on tenure of 999 days and 9% on of above 1 year to 2 year. These rates are applicable from May 5, 2023.
According to the website, “In case of premature withdrawal for closure or renewal or partial withdrawal of term deposits, interest shall be paid for the period the deposit remained with the bank at a rate of interest prevailing on the date of booking of the deposit for such tenor, less the applicable penalty of 1%.”
2. Unity Small Finance Bank
Unity Small Finance Bank (SFB) offers fixed deposit interest rates up to 9 percent for general citizens and for senior citizens interest rates up to 9.50%. The bank offers the highest interest rate of 9.50 percent to senior citizens on tenure of 1001 days. The bank further offers 9.25 percent interest on tenure of 181-201 days and 501 days to senior citizens.
3. ESAF Small Finance Bank
ESAF Small Finance Bank offers an interest rate of 9% on tenure of 2 years to less than 3 years for senior citizens and 8.50% for general citizens.
4. Fincare Small Finance Bank
Fincare Small Finance Bank has fixed deposit rates as high as 9.11 percent. The bank offers FD interest rates ranging from 3 percent to 8.51 percent to the general public, and 3.60 percent to 9.11 percent to senior persons on tenure of 1000 days.
5. Jana Small Finance Bank
Jana SFB offers an interest rate between 4.25% to 9% for senior citizens and highest interest rate of 9% is offered on tenure of 366 – 499 Days, 501 Days – 2 Years and 500 Days.
6. Equitas Small Finance Bank
Equitas Small Finance Bank offers 9% to senior citizens for fixed deposits maturing in 888 days. For others, the interest rate on fixed deposits can go up to 8.5 per cent for deposits maturing in 888 days. The new interest rates have been effective from April 11, 2023.
