Senior citizens can now book fixed deposits with over 8% annual interest rate at several banks. Senior account holders also enjoy an extra 0.5% interest offered by most banks. Here’s a look at some banks providing over 8% interest to senior citizens.
SSFB offers up to 8.26% interest
Suryoday Small Finance Bank (SSFB) recently hiked interest rates on fixed deposits w.e.f November 02, 2022. Interest rates across all tenors were hiked by 25 to 52 basis points (bps).
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Following the revision, the bank is now accepting deposits of less than Rs 2 crore maturing in 7 days to 10 years at an interest rate of 4.00 per cent to 8.01 per cent to the general public and 4.50 per cent to 8.26 per cent to senior persons.
Even regular customers can now get an 8.01 per cent interest rate on 999 days deposits, while senior citizens can get an 8.26 per cent interest rate. This is the highest interest rate that the bank offers to its customers, Also, the fixed deposits are backed by DICGC bank.
Unity SFB offers 8.3% interest
Senior citizens can get up to 8.3% interest on FD with Unity Small Finance Bank. This interest rate is applicable on deposits of 366 days for senior citizens.
Unity Bank recently launched Shagun 366, a 1-year, 1-day Fixed deposit scheme offering retail customers an attractive return of 7.80% per annum whereas senior citizens will earn 8.30% per annum for a 366 days tenure.
Unity bank’s offer will be valid only up to 30th November 2022.
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AU Bank offers 8% interest
AU Small Finance Bank also recently increased fixed deposit interest rates to help customers get maximum investment returns. AU bank hiked the FD rates by up to 60 basis points for retail deposits, from 6.9 per cent to 7.5 per cent for regular customers and from 7.4 per cent to 8 per cent for senior citizens.
Company FD with up to 8.9% interest for senior citizens
Meanwhile, Shriram City, Shriram Transport Finance Company Limited (STFC) is offering fixed deposits with up to 8.9% interest for female senior citizen depositors. Male senior citizen depositors can get up to 8.8% interest, effective from October 14, 2022. However, the Fixed Deposit schemes of STFC do not come with Rs 5 lakh deposit insurance guarantee provided by banks.
