Interest rate on Fixed Deposit: Amid rising interest rates, some small finance and private sector banks are now offering higher interest to senior citizens in the long term. 7 Small Finance Banks are giving 8.50% to 9% interest on FDs to the elderly.
At the same time, better and increased interest rates are also being offered to common citizens. After the increase in interest rates by the Reserve Bank of India, banks have also increased the interest rate on savings schemes and loans.
The interest rate on Fixed Deposits of Unity Small Finance Bank has been revised with effect from 21 November 2022. Now senior citizens will get maximum 9% interest on FDs maturing in 81 and 501 days. At the same time, the interest rate for common citizens will be 8.50%.
Utkarsh Small Finance Bank has also revised the interest rates on fixed deposits from 21 November 2022. The bank is promising senior citizens a maximum interest of 8.75% on deposits maturing in 700 days. While the common man will get 8% interest.
Ujjivan Small Finance Bank is offering a maximum interest rate of 8.75% to senior citizens on FDs maturing in 80 weeks (560 days). While in the same period non-senior citizens will get interest at the rate of 8%.
Jana Small Finance Bank is offering a maximum interest of 8.50% on fixed deposits to senior citizens maturing in 2-3 years.
Fincare Small Finance Bank is also offering a maximum interest rate of 8.50% to senior citizens on FDs maturing in 1000 days, while the common man is getting a regular interest of 8%.
ESAF Small Finance Bank is offering a guaranteed maximum interest rate of 8.50% on FDs maturing in 999 (2 years 8 months and 26 days) to senior citizens in addition to the regular interest rate of 8% on Fixed Deposits.
The new interest rates on fixed deposits in North East Small Finance Bank are effective from 16 September 2022. Under this, the bank now guarantees a maximum interest rate of 8.50% to senior citizens on deposits maturing in 1111 days, while common citizens will get 7.75% interest.
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