Fixed deposits are considered to be one of the safest investment options available in India. They offer a guaranteed rate of return and are a popular investment option among senior citizens. Several banks in India offer fixed deposit schemes to senior citizens with attractive interest rates.
Banks such as Unity Small Finance Bank, Utkarsh Small Finance Bank and Fincare Small Finance Bank offer higher interest rates on fixed deposits for senior citizens as compared to public sector and private banks. But before investing in any bank, it is important to carefully compare the interest rates offered by several banks and consider other factors such as the bank’s reputation and customer service.
Also Read: Should Senior Citizens File Income Tax Return?
We have listed down a few banks that are offering attractive interest rates on fixed deposits to senior citizens.
Here are three such banks that promise close to a 9 percent return on fixed deposits:
-Unity Small Finance Bank: This bank, which claims to follow a digital-first approach, offers senior citizens fixed-term deposits with interest rates ranging from 4.50 per cent to 9.50 per cent. The bank is offering the highest interest rate of 9.50 per cent on a tenure of 1,001 days. “A premature penalty of 1.00 per cent shall be charged to the rate applicable for the period the deposit has remained with the bank, or the contracted rate, whichever is lower,” states the policy rates.
-Utkarsh Small Finance Bank: The bank hiked its interest rates on fixed deposits of less than Rs 2 crore on February 27. The bank is offering a maximum interest rate of 8.25 per cent to general customers and 9 per cent for senior citizens, on a deposit tenor of 700 days. It is to be noted that interest will be calculated on maturity on a simple interest basis, for term deposits with tenure below 181 days.
-Fincare Small Finance Bank: The Fincare Small Finance Bank had hiked its interest rates on fixed deposits of less than Rs 2 crore, on March 24. On a deposit tenor of 500 days, the general customer will get a maximum return of 7.75 per cent whereas senior citizens can gain 8.35 per cent. Whereas, for 1,000 days, the general public will receive a maximum return of 8.41 per cent and senior citizens can get 9.01 per cent.
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