Fixed Deposit For Senior Citizens: These 3 Banks Offer Over 9% Interest Rate

Fixed deposits are thought of to be one of many most secure funding choices obtainable in India. They provide a assured fee of return and are a well-liked funding possibility amongst senior residents. Several banks in India provide fastened deposit schemes to senior residents with engaging rates of interest.

Banks comparable to Unity Small Finance Bank, Utkarsh Small Finance Bank and Fincare Small Finance Bank provide increased rates of interest on fastened deposits for senior residents as in comparison with public sector and personal banks. But earlier than investing in any financial institution, you will need to fastidiously examine the rates of interest provided by a number of banks and contemplate different elements such because the financial institution’s popularity and customer support.

We have listed down a couple of banks which are providing engaging rates of interest on fastened deposits to senior residents.

Here are three such banks that promise near a 9 p.c return on fastened deposits:

-Unity Small Finance Bank: This financial institution, which claims to comply with a digital-first method, gives senior residents fixed-term deposits with rates of interest starting from 4.50 per cent to 9.50 per cent. The financial institution is providing the very best rate of interest 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 coverage charges.

-Utkarsh Small Finance Bank: The financial institution hiked its rates of interest on fastened deposits of lower than Rs 2 crore on February 27. The financial institution is providing a most rate of interest of 8.25 per cent to basic clients and 9 per cent for senior residents, on a deposit tenor of 700 days. It is to be famous that curiosity might be calculated on maturity on a easy curiosity foundation, for time period deposits with tenure under 181 days.

-Fincare Small Finance Bank: The Fincare Small Finance Bank had hiked its rates of interest on fastened deposits of lower than Rs 2 crore, on March 24. On a deposit tenor of 500 days, the final buyer will get a most return of seven.75 per cent whereas senior residents can achieve 8.35 per cent. Whereas, for 1,000 days, most of the people will obtain a most return of 8.41 per cent and senior residents can get 9.01 per cent.