Several investment tools are available that offer returns without risk. Bank fixed deposits are a good option, especially for risk-averse senior citizens. Fixed deposits offer returns at a specified interest rate for a specified amount over a specified period. This article will look at the interest rates on special fixed deposits offered by different banks.
In recent times, even those who make fixed deposits in banks are getting good returns. The Reserve Bank of India (RBI) has continuously increased the repo rates and kept them at maximum levels, resulting in higher interest rates being offered by banks. Many banks are also launching special fixed deposits offering higher interest rates, including small finance banks from leading private and government banks. Senior citizens are currently getting the highest interest rates on any tenure in any bank.
It is important to note that the interest rate for senior citizens is 50 basis points higher than that for regular citizens. Furthermore, super senior citizens may receive even higher interest rates.
Small Finance Banks:
- AU Small Finance Bank offers 8.5% interest on an 18-month Special FD.
- Equitas Small Finance Bank has a 444 day special fixed deposit with an interest rate of 9%.
- ESAF Small Finance Bank offers an interest rate of 8.75% on fixed deposits with a tenure of two to three years.
- Fincare Small Finance Bank offers an interest rate of 8.50 % on an 18-month deposit.
- Jana Small Finance Bank has an interest rate of 9 % on one-year tenure deposits.
- North East Small Finance Bank offers 9.25 % interest on 555 days and 1111 days deposits.
- Suryoday Small Finance Bank also offers an interest rate of 9.25% on a five-year deposit.
- Ujjeevan Small Finance Bank offers 9 % interest on special deposits of 15 months.
- Unity Small Finance Bank offers the highest interest rate of 9.50% on 1001 days special deposit.
- Utkarsh Small Finance Bank offers 9.10 % interest on two to three-year FD.
Private sector banks:
- Axis Bank offers 7.85% interest on 17-18 month deposits.
- Bandhan Bank has 8.35% interest on one-year deposits.
- HDFC Bank offers 7.75% interest on deposits of five years, one day to 10 years, and 18-21 months FD.
- Federal Bank offers 8 % interest on a 500-day deposit.
- ICICI Bank offers 7.75 % interest on 15 months to two years FD.
Public sector banks:
- Bank of Baroda offers 7.75% interest on a 2-3-year deposit.
- Bank of India offers the same 7.75 % on a two year fixed deposit.
- SBI’s Amrit Kalash 400 days deposit offers the highest interest rate of 7.60 %.
