Fixed deposits are considered one of the most popular options for investing in senior citizens. Many banks, including SBI, ICICI Bank, HDFC Bank, offer an additional benefit of 50 basis points on Senior Citizen FDs, but these FD rates have come down drastically in the recent past. At the same time, even in this era of low interest rate, some such small finance banks are offering FD facility at better rate. Let’s have a look at the FD interest rate offered to senior citizens by small finance banks like Sunrise, Fincare, Utkarsh, North East and Jana …
Suryodaya Small Finance Bank: This bank is paying interest at the rate of maximum 8 percent. These rates are applicable from 1 September 2020.
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4.5% on 7 to 45 days FD
5.5% on FDs of 46 to 90 days
6 per cent on FD of 91 days to 6 months
6.75 percent for 6 months to 9 months
This rate is 7 percent for a period of one day less than 9 months to 1 year.
7.25 percent for 1 year to 2 years
7.65 percent on 2 to 3 years
7.75 percent for a period less than 3 to 5 years a day
Deposits maturing in 5 years, up to 8 percent
Fincare Small Finance Bank: This bank pays interest on FD at a rate of 8% for a period of 36 months to 42 months. The interest rates of this bank are applicable from 3 September. Here, you get 4 to 8 percent interest for various periods ranging from 7 days to 7 years.
7 days to 45 days 4%
46 days to 90 days 4.5%
91 days to 180 days 5%
181 days to 364 days 6.5%
12 months to 15 months 7.45%
15 months 1 day to 18 months 7.5%
18 months 1 day to 21 months 7.6%
21 months 1 day to 24 months 7.6%
24 months 1 day to 30 months 7.75%
30 months 1 day to 36 months 7.75%
36 months 1 day 42 months 8%
42 months 1 day 48 months 7.50%
48 months 1 day 59 months 7.50%
59 months 1 day 66 months 7%
Utkarsh Small Finance Bank: The bank gets an interest of 3 days to 45 days and 46 days to 90 days FDs at the rate of 3.75 percent and 4.25 percent respectively. At the same time, this bank gets interest at the rate of 8 percent on the FD that matures in 700 days.
7 days to 45 days 3.75%
46 days to 90 days 4.25%
91 days to 180 days 5%
181 days to 364 days 7%
365 days to 699 days 7.75%
700 days 8.00%
701 days to 3652 days 7.75%
North East Small Finance Bank: This bank gets interest at the rate of 4.5 percent on FD of 7 to 90 days. At the same time, from 730 days to 1095 days, FD gets 8 percent interest.
7-14 days 4.5%
15-29 days 4.5%
30-45 days 4.5%
46-90 days 4.5%
91-180 days 5%
181-364 days 5.75%
365 days to 729 days 7.50%
8% between 730 days to 1095 days
7% for 1096 days to 1825 days
1825 days to 3650 days 6.25%
Jan Small Finance Bank : Here FD is getting interest at the rate of 4 to 8 percent, for which the duration will be from 7 days to 10 years. The interest rates in this bank for senior citizens are applicable from August 11. This bank pays the highest interest on FDs maturing between 2 and 3 years.
7-14 days 4%
15-60 days 4.75%
61-90 days 6%
91-180 days 6.5%
181–364 days 7%
1 year (365 days) 7.4%
1 year – 2 years 7.5%
2 years -3 years 8%
3 years – <5 years 7.5%
5 years 7.5%
5 years – 10 years 7%
