Fixed deposits (FD) are often the preferred investment options for seniors. Most banks give 50 basis points (bps) of interest to senior citizens in addition to general customers. Interest rates on term deposits have fallen. Four successive repo rate hikes by the Reserve Bank of India (RBI) prompted banks to raise their fixed deposit (FD) rates. Some banks even offer anti-inflation rates on FDs.
Let’s take a look at the FD interest rate offered by banks, small senior finance banks:
Bandhan Bank latest FD rates for seniors
Bandhan Bank has launched a special limited-time offer of higher interest rates on term deposits. These rates are applicable for retail deposits up to ₹2 crores and are effective from 7 November 2022. This will apply to new deposits as well as renewals of maturing deposits. With this new offer, the bank offers one of the highest interest rates on term deposits in the banking sector.
Customers will now benefit from an interest rate of up to 7.5% on deposits for a term of 600 days. Seniors can benefit from 0.50% or 50 bps more, which will take their returns to 8% for a 600-day FD.
600 days -8%
Suryoday Small Finance Bank latest FD rates for seniors
Suryoday Small Finance Bank (SSFB) is offering 8.01% to the general public and 8.26% to the elderly on FDs with a maturity of 999 days. The bank recently raised interest rates on time deposits effective Nov. 2.
999 days -8.25%
Unity Small Finance Bank latest FD rates for seniors
Seniors can get up to 8.3% interest on FD with Unity Small Finance Bank. This interest rate is applicable on deposits of 1 year – 1 day. On FDs maturing in 2 years to 3 years and 3 years to 5 years, seniors will get 8.15% interest. These rates are applicable from 1 November.
1 Year – 1 day: 8.30%
2 years -3 years: 8.15%
>3 years – 5 years: 8.15%
AU Small Finance Bank Latest FD Rates for Senior Citizens
AU Small Finance Bank offers 8% interest to senior citizens on deposits maturing in 2 years to 3 years and 3 years to 45 months. Interest rates applicable on term deposits on October 10.
24 months 1 day to 36 months – 8.00%
36 months 1 day to 45 months – 8.00%
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