Banks Enhance FD Interest Rates, Offering Lucrative Returns for Senior Citizens
Opting for a Fixed Deposit (FD) account can significantly boost your savings strategy. By choosing an FD, you can invest a lump sum for a predetermined period at a chosen interest rate. Upon maturity, you receive your initial investment along with compounded interest. In India, this approach is widely recognized as a highly effective way to save money, offering simplicity, favorable returns, and a secure investment option.
Senior citizens often enjoy added advantages, typically around 50 basis points, on their FD accounts. Some banks even offer interest rates exceeding nine percent to senior citizens. This opportunity is extended by various banks, including smaller ones, with competitive interest rates.
NEW FD RATES INDIA
Equitas Small Finance Bank
This bank has recently adjusted its FD interest rates, potentially offering senior citizens an interest rate of up to nine percent. These revised rates apply to FDs valued at less than ₹2 crore. Notably, for FDs maturing between 445 days and 18 months, an interest rate of 8.2 percent will be provided. FDs maturing in 444 days will enjoy a higher interest rate of 8.5 percent. These rates came into effect on August 21, 2023.
ESAF Small Finance Bank
Senior citizens are being offered a significant interest rate range of approximately 4.50 percent to 9 percent on FDs lasting two to three years. These revised rates came into effect on April 14, 2023.
Fincare Small Finance Bank
For tenures up to 84 months, senior citizens can benefit from interest rates ranging from 3.60 percent to 9.11 percent. Opting for a deposit period of at least 5 years guarantees an attractive interest rate of 8.60 percent. Moreover, deposits maturing in 750 days enjoy an even higher interest rate of 9.11 percent. These rates were revised starting from July 26, 2023.
Jana Small Finance Bank
The bank is extending an approximate interest rate of nine percent to FDs maturing in 1095 days, effective from August 15.
North East Small Finance Bank
The bank offers an additional interest rate of 0.50 percent to senior citizens, with a maximum interest rate of 8.50 percent for a 10-year tenure. Furthermore, competitive 9 percent interest rates are available for FDs maturing in 555 days, effective since June 6, 2023.
Suryoday Small Finance Bank
Starting from August 7, 2023, revised rates for senior citizens range from 4.50 percent to 9.10 percent for deposits below ₹2 crore, spanning maturities from a week to a decade.
Unity Small Finance Bank
The bank offers interest rates as high as 9.50 percent for specific tenure periods. Senior citizens can avail rates of up to 9.25 percent for FDs lasting from six months to 201 days, and a competitive 9.5 percent for FDs with a tenure of 1001 days.
