In the wake of interest rate revisions by banks post RBI rate hikes, senior citizens are turning to fixed deposits to make them first choice of fixed income instrument. They have multiple options to pick from a variety of interest pay-out terms such as monthly, quarterly, half-yearly and annual based on their requirements.
As the FD maturity period ranges from a week to 10 years, they are the most flexible option for investors looking for an instrument in the debt category. For those senior citizens who want to invest in a fixed deposit scheme for two years, here are five banks that are offering interest rates ranging from 7.50 percent to 8.25 percent.
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Utkarsh Small Finance Bank
This bank offers senior citizens fixed deposits with a term of two years or 730 days at an interest rate of 8.25 per cent. The bank provides 7.50 percent to the general public and 8.25 percent for senior citizens on fixed deposits maturing in 700 days to five years.
Jana Small Finance Bank
The interest rates on fixed deposits offered by Jana Small Finance Bank are effective as of June 15, 2022, and the new card rates are applicable to deposits under Rs 2 crore. Currently, it is giving elderly people an interest rate of 8.05 percent on fixed deposits with maturities between 1 and 2 years.
Bandhan Bank
The bank’s fixed deposit interest rates are in effect; the new rates are applicable to retail accounts below Rs 2 crore. Bandhan Bank promises older citizens an interest rate of 7.5 percent on fixed deposits maturing in more than 18 months but less than two years.
Read More: Bank of Baroda Raises Interest Rates on Deposits Below Rs 2 Crore
IndusInd Bank
The interest rates for IndusInd Bank’s fixed deposits are in effect as of August 12, 2022. IndusInd Bank is giving an interest rate of 7.5 percent on premature withdrawal allowed fixed deposits of less than Rs 2 crore maturing in 1 year 7 months to below 2 years.
Yes Bank
The interest rates for the bank’s fixed deposits are in effect as of August 10, 2022. Yes Bank mandates a minimum deposit of Rs 10,000 to open an FD, and reinvestment is permitted for a minimum of 6 months and one-day tenure. It promises senior citizens an interest rate of 7.5 percent on fixed deposits maturing in 18 months to less than 3 years.
