Home/ Industry / Banking/  These banks are offering 9% interest rate on fixed deposits to senior citizens

Banks have increased their fixed deposit rates after the central bank has hiked repo rates since May 2022. The FDs have emerged one of the safest investment options. Some banks are now offering fixed deposit interest rates of 9 percent and higher.

Unity Small Finance Bank:

Unity Small Finance Bank has fixed term deposits with interest rates ranging from 4.50% to 9.50% for senior citizens.

The highest interest rate of 9.50% is offered on tenure of 1001 days. It offers 9.25% interest on tenure of 181-201 Days and 501 Days. The rates are applicable from February 15, 2023. 

Fixed deposit and recurring deposit early withdrawals are subject to a premature penalty of 1% of the rate in effect during the period the deposit was held or the negotiated rate, whichever is lower.

Utkarsh Small Finance Bank: 

Utkarsh Small Finance Bank (SFB) hikes interest rates on fixed deposits of less than 2 Cr. 

At Utkarsh Small Finance Bank, deposits maturing in 700 days will now earn a maximum interest rate of 8.25% for the general public and 9% for senior citizens. As per the official website of the bank, the new FD rates are effective as of 27th February 2023.

The bank offers senior citizens fixed-term deposits with interest rates ranging from 4.75% to 9%. 

Regarding premature withdrawals of fixed deposits, Utkarsh Small Finance Bank has mentioned on its website that “Penalty on premature withdrawal is 1 % (not applicable for closure within 7 days) i.e. 1 % less than the card rate as on the date of deposit, for the period for which the deposit has remained with the Bank or 1% less than the contracted rate, whichever is lower."

Fincare Small Finance Bank:

Fincare Small Finance Bank will now provide fixed deposit interest rates between 3.60% to 9.01% for senior citizens. The highest interest rate of 9.01% is offered on tenure of 1001 days. These rates are applicable from March 24, 2023.


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Updated: 25 Mar 2023, 08:55 PM IST
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