During May 2023, numerous banks opted to elevate their fixed deposit interest rates. Despite these successive increments, prominent public sector and private banks continue to fall short of providing senior citizen customers with fixed deposit interest rates exceeding nine per cent. Here's an overview of the banks presently furnishing senior citizen investors with considerably higher fixed deposit interest rates.
Unity Small Finance Bank
Unity Small Finance Bank (SFB) provides fixed deposit interest rates of up to nine per cent for the general population, and for senior citizens, the rates go up to 9.50 per cent. The bank extends the most competitive interest rate of 9.50 per cent to senior citizens for a tenure of 1001 days. Additionally, senior citizens can avail themselves of an interest rate of 9.25 per cent for tenures ranging from 181 to 201 days, as well as for tenures spanning 501 days.
Fincare Small Finance Bank
Fincare Small Finance Bank presents elevated fixed deposit rates reaching up to 9.11 per cent. The bank provides fixed deposit interest rates spanning from three per cent to 8.51 per cent for the general public and extends rates from 3.60 per cent to 9.11 per cent for senior individuals with a tenure of 1000 days.
Jana Small Finance Bank
Jana Small Finance Bank provides senior citizens with an interest rate ranging from 4.25 per cent to nine per cent. The most favourable interest rate of nine per cent is applicable to tenures spanning 366 to 499 days, as well as 501 days to two years and 500 days.
Suryoday Small Finance Bank
Suryoday Small Finance Bank presents elevated fixed deposit rates reaching up to 9.60 per cent. The bank extends fixed deposit interest rates ranging from 4.50 per cent to 9.60 per cent for senior individuals with a tenure of five years. The bank also provides an interest rate of 9.50 per cent for tenures of 999 days and nine per cent for tenures ranging from more than one year to two years. These rates have been applicable since May 5, 2023.
Equitas Small Finance Bank
Equitas Small Finance Bank provides senior citizens with a nine per cent interest rate for fixed deposits maturing in 888 days. For non-senior individuals, the interest rate for fixed deposits can reach up to 8.5 per cent, applicable to deposits maturing in 888 days. These updated interest rates have been in effect since April 11, 2023.
ESAF Small Finance Bank
ESAF Small Finance Bank provides a nine per cent interest rate for senior citizens on a tenure ranging from two years to less than three years while offering a rate of 8.50 per cent for general citizens.