In a period of declining fixed deposit rates across many banks, there’s good news for senior citizens. Several small finance banks are offering impressive interest rates that surpass inflation rates. With July’s inflation at 7.44 percent, these banks are providing senior citizens the opportunity to earn returns ranging from 9 to 9.50 percent on their fixed deposits (FDs). Let’s delve into which banks are offering these lucrative options for maximizing returns:
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1. Unity Small Finance Bank: Senior citizens can enjoy interest rates between 4.50% and 9.50% on FDs ranging from 7 days to 10 years. The highest rate of 9.50 percent is available on FDs for 1001 days, while general customers can benefit from rates between 4.50% and 9.00%.
2. Fincare Small Finance Bank: Similar to Unity Small Finance Bank, Fincare Small Finance Bank presents attractive returns on FDs for senior citizens. Interest rates vary from 3.60% to 9.11% on FDs spanning 7 days to 10 years. The most notable rate of 9.11 percent is accessible for 750 days FD.
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3. Jana Small Finance Bank: For FDs ranging from 7 days to 10 years, Jana Small Finance Bank provides interest rates between 3.50% and 9.00%. The highest return of 9 percent is attainable for FDs held between 2 to 3 years.
4. Suryoday Small Finance Bank: Suryoday Small Finance Bank stands out by offering senior citizens competitive interest rates on FDs that counter inflation. Rates range from 4.50% to 9.10% for FDs from 7 days to 10 years. The bank offers the maximum interest rate for FDs held between 15 months and 2 years.
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5. ESAF Small Finance Bank: ESAF Small Finance Bank provides enticing interest rates between 4.50% and 9.50% on FDs covering 7 days to 10 years. The highest return of 9 percent is applicable to FDs held for 2 to 3 years.
For senior citizens seeking to make the most of their savings and earn substantial returns, these small finance banks offer a promising opportunity in a landscape of declining rates. It’s essential to explore and understand the terms of each bank’s FD scheme to secure your financial future.
