Fixed Deposits: Banks are offering very high interest rates on fixed deposits in recent times. This has created a good demand for FDs. Interest rates are higher in small finance banks as compared to other leading private and public sector banks. The maximum interest rate of these is 9.50 percent. This is for senior citizens only. Interest rate is lower by 50 basis points than regular citizens.
Banks FD Interest Rates: Fixed deposits are a popular investment option for senior citizens. Here are the guaranteed returns. It can be said that money in banks is also safe to a large extent. Interest rates are attractive. Interest accrues over a period of time. With this, it can be said that senior citizens will need money in this bank’s fixed deposits at the time of retirement. It is known that interest rates are higher on fixed deposits of senior citizens than general citizen fixed deposits. A higher interest rate of around 50 basis points applies to them. These interest rates are even higher in small finance banks as compared to government and private banks.
Now let’s see the list of small finance banks offering highest interest rates on special tenure deposits including one, three years and five years tenure.
It is noteworthy that Unity Small Finance Bank offers 9.50 percent interest on 1001 days special FD above all. It is offering 8.35 percent, 8.65 percent and 8.65 percent interest on deposits of 1 year, 3 years and 5 years respectively.
North East Small Finance Bank offers 555 days, 1111 days and Suryoday Small Finance Bank offers the highest interest of 9.25 percent on deposits of two years and one month. While North East Bank offers 8.50 percent, 8.75 percent and 7 percent interest on deposits of one year, three years and five years respectively, Suryoday Bank offers interest at the rate of 7.35 percent, 9.10 percent and 8.75 percent respectively.
While AU Small Finance Bank is getting 8.50 percent interest on 18 months period, Equitus Small Finance Bank is getting 9 percent interest on 444 days special deposit. While ESAF Small Finance Bank offers 8.75 percent interest on deposits of two to three years, Fincare Small Finance Bank offers 9.21 percent interest on 750-day special FD.
Jana Small Finance Bank is offering 9 percent interest to senior citizens on annual deposits. Ujjeevan Small Finance Bank offers 9 percent interest for a short period of 15 months. This is the bank that gives high interest for a short period of time.
