Bank FD Rates for Senior Citizens is 8%. Five Banks’ FD Rates Are Here

The senior citizens of India often prefer investing their hard-earned money in Fixed Deposits. Most of the top banks of India including SBI, HDFC Bank, ICICI Bank, etc. give the extra interest of approximately fifty basis points to the senior citizens over and above the interest that they offer to general citizens. Despite the falling interest rate for Fixed Deposits, there are some Small Finance Banks (SFBs) that are still offering comparatively higher interest rates. Here we are going to compare the rate of FD offered by these Small Finance Banks:

Let us take a look of FD interest rates offered by some of the small finance banks such as Fincare, Suryoday, Utkarsh, Jana, and North East for senior citizens:

Latest Fixed Deposit Rates for Senior Citizens Offered by Suryoday Small Finance Bank W.E.F. 15 September:

The Survoday Small Finance Bank offers 4.5% interest for the deposits that are going to mature in seven days to 45 days. For the Fixed Deposits that mature in 46 days to 90 days, the bank offers a rate of interest of 5.5%, for FDs of 91 days to six months the bank offers a rate of interest of 6%, and for FDs of more than six months to nine months, the bank offers 6.75% rate of interest.

The FDs that mature in 9 months to less than one year will get the interest rate of 7% and 1 year to 2 years will be fetching the interest of 7.25%. The fixed deposits that will be maturing in more than 2 years to 3 years will provide an interest of 7.65%. The deposits that will be maturing in more than 3 years to less than 5 years will be getting the interest of 7.75%. The bank provides the highest rate of interest for the deposits that will be maturing in 5 years is 8%. For the fixed deposits that will be maturing in 5 to 10 years, the Bank offers a rate of interest of 7.5%.

Suryoday Small Finance Bank (W.E.F. 15 September 2020)

Tenure

Rate of Interest

7 days to 14 days

4.5%

15 days to 45 days

4.5%

46 days to 90 days

5.5%

91 days to 6 months

6%

More than 6 months to 9 months

6.75%

More than 9 months to less than one year

7.00%

1 year to 2 years

7.25%

More than 2 years to 3 years

7.65%

More than 3 years to less than 5 years

7.75%

5 years

8%

More than 5 years to 10 years

7.5%

Latest Fixed Deposit Rates for Senior Citizens Offered by Fincare Small Finance Bank W.E.F. 03 September 2020:

The Fincare Small Finance Bank provides fixed deposits from seven days to seven years with a rate of interest that ranges from 4% to 8% for senior citizens. For the deposits that will be maturing in less than one year, the bank gives an interest of 6.5%. For 12 months to 18 months, the rate of interest offered is 7.5%. For more than 18 months to 24 months, the interest rate is 7.6%. The highest rate of interest offered by this Bank is 8% for the FDs that will be maturing in more than 36 months to 42 months.

Fincare Small Finance Bank (W.E.F. 03 September 2020)

Tenure

Rate of Interest

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 to 42 months

8%

42 months 1 day to 48 months

7.50%

48 months 1 day to 59 months

7.50%

59 months 1 day to 66 months

7%

66 months 1 day to 84 months

6%

Latest Fixed Deposit Rates for Senior Citizens Offered by North East Small Finance Bank W.E.F. 01 September 2020:

For fixed deposits that are maturing in 7 days to 90 days, the bank provides an interest rate of 4.5%. For fixed deposits that are going to mature in 91 days to 180 days the bank is giving 5% interest and for FDs that are going to mature between 181 days to 364 days, the bank is offering 5.75% interest. For the deposits that are going to be matured in 365 days to 729 days, the bank is going to give an interest of 7.50%. North East Small Finance Bank offers the highest interest rate of 8% to the FDs that are maturing in 730 days to 1095 days. For 1096 days to 1824 days FD the rate of interest offered by the bank is 7% and for 1826 days to 3650 days, the rate of interest offered by the bank is 6.25%.

North East Small Finance Bank (W.E.F. 01 September 2020)

Tenure

Rate of Interest

7 days to 14 days

4.5%

15 days to 29 days

4.5%

30 days to 45 days

4.5%

46 days to 90 days

4.5%

91 days to 180 days

5%

181 days to 364 days

5.75%

365 days to 729 days

7.50%

730 days to < 1095 days

8%

1096 days to < 1825 days

7%

1826 days to < 3650 days

6.25%

Latest Fixed Deposit Rates for Senior Citizens Offered by Utkarsh Small Finance Bank W.E.F. 01 September 2020:

The fixed deposits having a maturity period of 7 days to 45 days fetch 3.75% whereas FDs maturing in 46 days to 90 days fetch an interest rate of 4.25%. The fixed deposits maturing in 91 days and 180 days are getting a 5% rate of interest, whereas FDs of 181 days to 364 days are fetching a 7% rate of interest. For the fixed deposits having tenure of one year to 699 days is getting a rate of interest of 7.75%. The bank offers the highest rate of interest of 8% on fixed deposits that are going to mature in 700 days. For the fixed deposits maturing in 701 days to 3625 days, the bank offers a 7.75% rate of interest.

Utkarsh Small Finance Bank (W.E.F. 01 September 2020)

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 3625 days

7.75%

Latest Fixed Deposit Rates for Senior Citizens Offered by Jana Small Finance Bank W.E.F. 11 August 2020:

Jana Small Finance Bank offers a 4% to 8% rate of interest on Fixed Deposits ranging from seven days to 10 years. The bank offers the highest interest rate on Fixed Deposits that have a maturity period of two years to three years. These fixed deposits fetch a rate of interest maximum of 8% for the senior citizens.

Jana Small Finance Bank (W.E.F. 11 August 2020)

7 days to 14 days

4%

15 days to 60 days

4.75%

61 days to 90 days

6%

91 days to 180 days

6.5%

181 days to 364 days

7 %

One year

7.4%

More than one year to 2 years

7.5%

More than 2 years to 3 years

8%

More than 3 years to less than 5 years

7.5%

5 years

7.5%

More than 5 years to 10 years

7%

The Bottom Line!

The aforementioned Small Finance Banks are the top five banks to provide the highest rate of interest on Fixed Deposits for senior citizens. So, if you are a senior citizen and want to invest in FD then you can consider any of these banks for investing your hard-earned money.

You May also like to Read: SBI Interest Rates on FD

Written By: PolicyBazaar - Updated: 03 November 2020
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