02 Jun These 6 banks offering more than 9% FD interest rates for senior citizens

6 banks giving above 9% highest FD interest rates to senior citizens

When it comes to finding secure and rewarding investment options, senior citizens face a challenge in the ever-changing financial landscape. Fixed deposits (FDs) have long been a trusted choice, but with fluctuating interest rates, it’s not easy to find attractive returns.

However, there’s good news on the horizon: In the month of May, Several banks increased their FD interest rates

Also Read: Online ITR2 Form Now Available : File your ITR with Ease!

Even after back-to-back hikes in interest rates, private banks and big PSU are still far away from offering 9% rates to their senior citizen customer.

Here is a summary of 6 banks that are currently offering fixed deposit (FD) interest rates above 9% for senior citizens:

Unity Small Finance Bank:

-Offers up to 9.50% interest rate for senior citizens.
-The highest rate of 9.50% is available on a tenure of 1001 days.
-Offers 9.25% interest rate on tenures of

*181-201 days and
*501 days for senior citizens.

Fincare Small Finance Bank:

-Offers FD interest rates ranging from 3.60% to 9.11% for senior citizens.
-The highest rate of 9.11% is available on a tenure of 1000 days.
-Offers different rates for the general public, ranging from 3% to 8.51%.

Jana Small Finance Bank:

-Offers an interest rate between 4.25% and 9% for senior citizens.
-The highest rate of 9% is available on tenures of

*366-499 days,
*501 days-2 years, and
*500 days.

Suryoday Small Finance Bank:

-Offers FD interest rates ranging from 4.50% to 9.60% for senior citizens.
-The highest rate of 9.60% is available on a tenure of 5 years.
-Offers 9.50% on the tenure of 999 days and
-9% for tenures above 1 year to 2 years.
-Penalty applies for premature withdrawal or partial withdrawal of term deposits.

Equitas Small Finance Bank:

-Offers a 9% interest rate to senior citizens on FDs maturing in 888 days.
-Offers rates up to 8.5% for others on FDs maturing in 888 days.
-New interest rates have been effective from April 11, 2023.

ESAF Small Finance Bank:

-Offers an interest rate of 9% for senior citizens on tenure of 2 years to less than 3 years.
-Offers an 8.50% interest rate for general citizens.

Is the era of high FD rates be coming to an end?

The potential decline of rising fixed deposit (FD) rates might be influenced by the withdrawal of Rs 2000 currency notes from circulation.

As banks prepare to accept these notes, it is anticipated that their deposit base will receive a significant boost. Several macroeconomic indicators suggest that FD interest rates may be approaching their peak within the current cycle of interest rate hikes.

It is important to note that while the information provided is current, it is advisable to verify rates directly from official sources for the most accurate and up-to-date details.

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