These banks are offering 9% interest rate on fixed deposits to senior citizens (2024)

Unity Small Finance Bank:

Unity Small Finance Bank has fixed term deposits with interest rates ranging from 4.50% to 9.50% for senior citizens.

The highest interest rate of 9.50% is offered on tenure of 1001 days. It offers 9.25% interest on tenure of 181-201 Days and 501 Days. The rates are applicable from February 15, 2023.

Fixed deposit and recurring deposit early withdrawals are subject to a premature penalty of 1% of the rate in effect during the period the deposit was held or the negotiated rate, whichever is lower.

Utkarsh Small Finance Bank:

Utkarsh Small Finance Bank (SFB) hikes interest rates on fixed deposits of less than ₹2 Cr.

At Utkarsh Small Finance Bank, deposits maturing in 700 days will now earn a maximum interest rate of 8.25% for the general public and 9% for senior citizens. As per the official website of the bank, the new FD rates are effective as of 27th February 2023.

The bank offers senior citizens fixed-term deposits with interest rates ranging from 4.75% to 9%.

Regarding premature withdrawals of fixed deposits, Utkarsh Small Finance Bank has mentioned on its website that “Penalty on premature withdrawal is 1 % (not applicable for closure within 7 days) i.e. 1 % less than the card rate as on the date of deposit, for the period for which the deposit has remained with the Bank or 1% less than the contracted rate, whichever is lower."

Fincare Small Finance Bank:

Fincare Small Finance Bank will now provide fixed deposit interest rates between 3.60% to 9.01% for senior citizens. The highest interest rate of 9.01% is offered on tenure of 1001 days. These rates are applicable from March 24, 2023.

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Published: 25 Mar 2023, 08:55 PM IST