For seniors, the FD is a simple and reliable investing option that can help them generate steady profits. Several banks provide an extra 0.50% to 0.75% annual interest rate on fixed deposits to senior citizens 60 years of age and above, depending on the bank. One advantage of a Senior Citizen FD is the ability to use the fixed deposit as collateral for a loan in times of need. The size of the FD's principal determines the maximum loan amount that can be approved. One has a predetermined period of time to pay back the loan in predetermined payments. Until the full loan total is repaid, the FD is protected as collateral.
Many banks permit early withdrawals by senior citizens with little penalties, even though FDs are meant to be held until maturity. This flexibility allows them to access their funds in an emergency without incurring a significant loss.
Features including interest rates, tenure, and other benefits indicate which FD is best for senior citizens. Examine the features and rates offered by various FD issuers prior to making a Senior Citizen FD reservation. These banks provide older citizens with interest rates more than 9%.
Banks providing senior cetizen with FD interest rates more than 9%
North East Small Finance Bank
For senior citizen, the bank gives the highest interest rate of 9.50% on callable deposits under Rs 5 crore for tenures ranging from 546 to 1111 days (1 year 6 months 1 day to 3 years 16 days). The rates are applicable from June 25, 2024.
Suryoday Small Finance Bank
The bank offers the highest interest rate of 9.10% for older persons with tenures ranging from two to three years. The rates are effective from September 4, 2024.
Unity Small Finance Bank
The bank gives the maximum interest rate of 9.50% on a 1001-day tenure and 9.25% on a 701-day tenure for older adults. The rates are effective from October 7, 2024.
Utkarsh Small Finance Bank
For older persons, the bank gives the highest interest rate of 9.10% on a 1001-day tenure and 9.25% on a 1500-day tenure. The rates are effective from June 7, 2024.
