- By Aditya Pratap Singh
- Fri, 12 Apr 2024 05:45 PM (IST)
- Source:JND
Best Interest Rate On FDs: Fixed Deposit (FD) is a preferred investment option among senior citizens. This is because the investment principal is secure and the option of periodical interest payments ensures a regular income stream during retirement.
Banks and other financial institutions permit customers to deposit a fixed sum in an FD for a fixed period and earn guaranteed returns at a fixed rate of interest. Higher interest rates on FDs are offered to senior citizens than to ordinary citizens. Some small finance banks provide 9% or more than 9% interest for a tenor of one to five years. The information about the banks is provided below.
Unity Small Finance Bank
Unity Small Finance Bank offers an interest rate of 8.15% on an FD with a tenor of 5 years when the general public invests in an FD in this bank. The interest rates on 3-year and 1-year deposits are 8.15% and 7.85%. Up to 9% interest per annum is offered to general customers on tenors of up to 10 years. The bank is currently offering an interest rate of 9.5% per annum for senior citizens on tenors of up to 10 years.
Jana Small Finance Bank
Jana Small Finance Bank's FD interest rate for the general public for a tenure of 5 years is 7.25% per annum. The bank offers 7.25% and 8.5% interest rates on FDs with tenures of 3 years and 1 year respectively. It is offering interest rates up to 9% per annum for senior citizens choosing a tenure of up to 10 years. The rate on Jana Small Finance Bank Tax Saving FD for a tenure of 5 years is 7.25% per annum for the general public and 7.75% per annum for senior citizens.
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Equitas Small Finance Bank
Equitas Small Finance Bank is currently offering an interest rate of 7.25% on FDs with a tenure of 5 years. On 3-year and 1-year FDs, the bank offers rates of 8% and 8.2% respectively. On tenure up to 10 years, the rate is 8.5% per annum for the general public and 9% per annum for senior citizens.
Suryoday Small Finance Bank
Suryoday Small Finance Bank offers an interest rate of 9% on FDs with a tenure of 5 years for general customers. The interest rate on 3-year FDs is 8.6% for general customers, and on a 1-year deposit, it is 6.85%. On a tax-saving FD, this bank offers an interest rate of 9.01% per annum for general customers and 9.25% per annum for senior citizens for 5 years.
Utkarsh Small Finance Bank
The current FD interest rate of Utkarsh Small Finance Bank is 7.5% per annum for a tenure of 5 years. The interest rates on FDs of 3 years and 1-year tenure offered by the small finance bank are 8.5% and 8% respectively. The lender is offering FD rates of 8.5% per annum to general customers for tenures up to 10 years. Senior citizens are offered interest rates of up to 9.1% on FDs with tenures of up to 10 years. The interest rate on Tax Saving FD for a tenure of 5 years is 7.5%.