Up to 9.5% interest rate on senior citizen FDs: Fixed deposit rates of 5 banks compared (2024)
Many banks have started reducing interest rates on fixed deposits (FDs). However, several small finance banks still offer more than 9.5 per cent on certain FDs, especially to senior citizens. Banks usually offer a slightly higher interest rate on FDs to senior citizens. Depending on the bank, the additional interest rate could vary between 0.25 per cent and 1 per cent. Do note that this additional interest rate will be over and above the normal interest applicable to FDs.
Let's take a look at the small finance banks that offer up to 9.5 per cent interest rate on senior citizen FDs:
Jana Small Finance Bank FD rates for senior citizens
On senior citizen FDs, Jana Small Finance Bank offers interest rates between 3.50 per cent and 9 per cent for tenure ranging from seven days to 10 years. The interest rate for FDs maturing between two years and three years is 9 per cent in Jana Small Finance Bank. For FDs maturing between one and two years, the small finance bank offers an interest rate of 8.75 per cent. The rates are effective from August 15, 2023.
Unity Small Finance Bank FD rates for senior citizens Unity Small Finance Bank offers interest rates between 4.50 per cent and 9.50 per cent for tenure ranging from seven days and 10 years. The highest interest rate will be 9.50 per cent and it is being offered on FDs maturing in 1001 days. Senior citizens can earn an interest rate of 9.25 per cent on FDs maturing in 501 days. For FDs mature between 6 months and 201 days, the bank offers an interest rate of 9.25 per cent to senior citizens. The rates are effective from August 11, 2023. Fincare Small Finance Bank FD rates for senior citizens On senior citizen FDs, Fincare Small Finance Bank offers interest rates between 3.60 per cent and 9.11 per cent for tenure ranging from seven days to 10 years. The highest interest rate of 9.11 per cent is being offered on 750 days tenure. The rates are effective from July 26, 2023.
Suryoday Small Finance Bank FD rates for senior citizens
On senior citizen FDs, Suryoday Small Finance Bank offers interest rates between 4.50 per cent and 9.10 per cent for tenure ranging from 7 days to 10 years. The highest interest rate of 9.10 per cent is being offered on FDs maturing between two and three years. The SFB offers an interest rate of 9 per cent on FDs maturing between 15 months and two years. The rates are effective from August 7, 2023.
ESAF Small Finance Bank FD rates for senior citizens ESAF Small Finance Bank offers interest rates between 4.50 per cent and 9 per cent for tenure ranging from seven days to 10 years. The highest interest rate of 9 per cent is being offered on FDs maturing between two years and less than three years. The rates are effective from April 14, 2023.
FD interest rates of up to 9.5 per cent
Bank
Highest interest rate
Tenure
Jana SFB
9%
2 years to 3 years
Unity SFB
9.50%
1001 days
Fincare SFB
9.11%
750 days (Appx 2 years above )
Suryoday SFB
9.10%
2 years to 3 years
ESAF SFB
9%
2 years to less than 3 years
Do remember that deposits in deposits in small finance banks are also insured by the Deposit Insurance Credit Guarantee Corporation (DICGC) to the tune of Rs 5 lakh.
Among private sector banks, SBM Bank India provides best interest rate with 8.75 per cent on an FD for three years. DCB Bank provides 8.60 per cent for 25 months to 26 month FDs. RBL Bank follows with 8.60 per cent for 18 months to 2 years.
At Unity Small Finance Bank, senior citizens can get up to 9.50 per cent on FDs of 1,001 days. The bank revised rates on February 2, 2024. It provides 9.25 per cent to senior citizens for more than six months to 201-day FDs. For 501-day FDs, the bank offers the elderly 9.25 per cent.
For senior citizens, the bank offers an interest rate between 3.50% to 7.90% for tenure between 7 days to 10 years. After the revision, the highest interest rate for senior citizens is 7.90% which is offered on a tenure of 400 days.
The ICICI Senior Citizen Savings Account also offers a higher interest rate than a regular savings account on the account balance in excess of Rs 75,000. It is important to note that the Senior Citizen Bank Account also offers secured returns and tax-saving benefits with Government-backed Senior Citizen Savings Scheme.
Senior citizen fixed deposit (FDs) are term deposit plans with exceptional interest rates available to individuals over the age of 60. Apart from the additional 0.40% p.a. rate of interest, these fixed deposit accounts offer a wide range of benefits to older residents.
Individuals with excellent credit, which is defined as any FICO credit score between 720 and 850, should expect to find personal loan interest rates at about 9% to 13%, and many of these individuals may even qualify for lower rates.
Unity Small Finance Bank is offering a 9% interest rate for FDs maturing in 1001 days. Suryoday Small Finance Bank is offering an interest rate of 8.65% for FDs maturing in two years and two days.
SBM Bank India is offering an interest of 9% for the tenure above 3 years 2 days to less than 5 years, 7.6% for 1st year tenure, 8.15% for 2nd year tenure and 7.55% for the third-year tenure.
A credit card APR below 10% is definitely good, but you may have to go to a local bank or credit union to find it. The Federal Reserve tracks credit card interest rates, and an APR below the average would also be considered good.
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