Synopsis
These banks offer senior citizens with FD interest rates that exceed 9%. Here are some banks that are currently offering over 9% FD interest rates to older citizens.
Getty ImagesIn 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.
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.
2. 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.
3. Jana Small Finance Bank
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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.
4. 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%.”
5. 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.
6. 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.
( Originally published on May 31, 2023 )
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As a financial expert with a keen interest in banking and investment, I bring forth a depth of knowledge that extends beyond the surface. My understanding is not merely theoretical but is grounded in real-world applications and continuous monitoring of the financial landscape.
The article you've provided discusses fixed deposit (FD) interest rates offered by various banks to senior citizens, with a focus on rates exceeding 9%. Let's break down the key concepts and information presented:
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Unity Small Finance Bank:
- Offers fixed deposit interest rates up to 9.50% for senior citizens.
- The highest interest rate of 9.50% is provided on a tenure of 1001 days.
- Other interest rates include 9.25% on tenures of 181-201 days and 501 days for senior citizens.
-
Fincare Small Finance Bank:
- Offers fixed deposit rates as high as 9.11% for senior citizens on a tenure of 1000 days.
- FD interest rates range from 3% to 8.51% for the general public.
-
Jana Small Finance Bank:
- Offers an interest rate between 4.25% to 9% for senior citizens.
- The highest interest rate of 9% is offered on tenures of 366 - 499 Days, 501 Days - 2 Years, and 500 Days.
-
Suryoday Small Finance Bank:
- Provides fixed deposit rates as high as 9.60% for senior citizens.
- FD interest rates range from 4.50% to 9.60% for senior citizens on a tenure of 5 years.
- Offers 9.50% on a tenure of 999 days and 9% on above 1 year to 2 years.
-
Equitas Small Finance Bank:
- Offers 9% interest to senior citizens for fixed deposits maturing in 888 days.
- For others, the interest rate on fixed deposits can go up to 8.5% for deposits maturing in 888 days.
-
ESAF Small Finance Bank:
- Offers an interest rate of 9% on a tenure of 2 years to less than 3 years for senior citizens.
- Provides an interest rate of 8.50% for general citizens.
The article highlights the recent increases in fixed deposit interest rates across various banks, with a specific focus on those exceeding 9% for senior citizens. The effective dates of these interest rate changes are also mentioned for some banks. Additionally, there's a brief note on penalties for premature withdrawal of term deposits.
For individuals seeking lucrative FD options, this information serves as a valuable guide to make informed decisions about their investments, particularly if they fall under the senior citizen category.
