Good News Senior Citizen: these two banks are giving up to 9% interest on FD to senior citizens
Senior Citizen Good News: In order to control inflation, a few days back, the Reserve Bank of India (RBI) increased the repo rates, despite having already hiked rates several times. As a result, the interest rate offered on fixed deposits continues to rise. Along with big commercial banks, small finance banks are also increasing their interest rates on FDs. Such lenders give better returns to the customers.
There are many options for investing in FD. There are many small banks which give higher returns than the big commercial banks. If you want, you can earn good money by investing in FDs of these banks. Let us have a look at the list and interest rate of those banks which are offering good interest on FD.
Suryoday small finance bank
The interest rate on fixed deposits in Suryoday Small Finance Bank has increased by 50 basis points to 226 basis points. The new interest rates came into force on 6 December. While the general public can do so only for assets less than Rs 2 crore, senior individuals can earn as much as 9.26 per cent on their FDs.
Additionally, the bank has launched a short-term promotion for 5-year deposits with a tenor of 15 days. Under this short term fixed deposit scheme, the bank is providing interest at the rate of 9.01 per cent to non-senior residents and 9.26 per cent to senior residents.
Unity Small Finance Bank
The bank offers fixed deposits to senior citizens with interest rates ranging from 4 percent to 9 percent. According to the bank’s website, on fixed deposits with tenures of 181 or 501 days, the bank currently offers 9 per cent annual interest rate to senior citizens, while retail investors will receive 8.5 per cent interest for the same maturity.