Banks senior citizen fixed deposit (FD) schemes yield higher interest rates than general investor schemes. This essentially means that you receive better profits from banks on your investments if you make FDs in the name of a senior person. Senior citizens have a terrific choice to increase and safeguard their savings with Senior Citizen FD programs. It also assists in providing for the elderly’s financial requirements through these.
Older adults may deduct up to Rs 50,000
from their income under Section 80TTB of the Income Tax Act. This increases its advantages even further. Banks have been offering good interest on FDs for a while now. However, we will let you know if you want an even greater interest rate.
Equitas Small Finance Bank
For deposits made for seven days to ten years, Equitos Small Finance Bank offers regular people interest rates ranging from 4% to 9%. 9% is the maximum interest rate offered on FDs that mature in 444 days. Seniors who invest receive 0.50% more interest than other investors do. These prices will be in effect starting on August 21, 2023.
Bank of Fincare Small Finance
Senior people at Fincare Small Finance Bank are eligible to receive interest rates ranging from 3.60% to 9.21% for terms ranging from seven days to ten years. This bank offers the highest interest rate, 9.21%, on FDs with 750-day maturities. These rates are effective as of October 28, 2023, according to the bank.
Jana Small Finance Bank
Seniors can deposit money with Jana Small Finance Bank and earn between 3.50% and 9% interest throughout terms of seven days to ten years. The maximum interest rate, attainable on FD maturing in 365 days, is 9%. These rates are effective as of January 2, 2024, according to the bank.
Suryoday Small Finance Bank
This bank offers senior people interest rates on deposits ranging from 4.50% to 9.10% for a duration of seven days to ten years. The bank’s maximum interest rate, 9.10%, is offered on FDs that mature in two years and two days. The aforementioned rates came into effect on December 22, 2023.
Unity Small Finance Bank
Seniors can deposit money with Unity Small Finance Bank and earn between 4.50% and 9.50% interest for terms of seven days to ten years. On FDs maturing in 1001 days, the maximum interest rate that is currently offered is 9.50%. These rates were put into effect by the bank on February 2, 2024.
Utkarsh Small Finance Bank
Seniors can deposit money with Utkarsh Small Finance Bank and earn between 4.60% and 9.10% interest for terms of seven days to ten years. 9.10% is the highest interest rate. With a two- to three-year duration, it is offered on FD. These rates are effective as of August 21, 2023, according to the bank.
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