1 min read.Updated: 23 Oct 2020, 01:29 PM IST Edited By Sangeeta Ojha
Small finance banks offer higher FD interest rates
A look at the FD interest rates offered by small finance banks to senior citizens
There are several investment options customised for senior citizens but a fixed deposit (FD) remains the most favourable. For them minimising risk and earning guaranteed returns is the main objective to safeguard their hard earned money. Banks offer higher interest rate to senior citizens on FDs as compared to others. Just like the banks, small finance banks give higher interest rate to senior citizens. The banks have been reducing interest rates quite often in the recent times. This has a bearing on interest income of senior citizens too. Keeping in view, the downward trend, State Bank of India (SBI), ICICI Bank, HDFC Bank and some other lenders have come up with a special FD scheme for senior citizens too.
Let's take a look at the interest rates offered by Jana, Fincare, and North East Small Finance Bank to senior citizens:
Fincare Small Finance Bank latest FD interest rates for senior citizens
Fincare Small Finance Bank offers term deposits from 7 days to 7 years with interest ranging from 4% to 8% for senior citizens. For deposits maturing in less than one year, Fincare Small Finance Bank gives 6.5% interest. For 12 months to 18 months 7.5%, 18 months 1 day to 24 months 7.6%. Fincare Small Finance Bank gives highest interest rate at 8% for deposits maturing in 36 months 1 day to 42 months.
North East Small Finance Bank latest FD interest rates for senior citizens
For deposits maturing in 7 to 90 days, the bank gives 4.5% interest. For FDs maturing in 91-180 days, and 181-364 days North East Small Finance Bank gives 5% and 5.75% respectively. For FDs maturing in 365 days to 729 days, the bank gives 7.50% interest rate. North East Small Finance Bank gives the highest interest rate at 8% on deposits maturing in 730 days to less than 1095 days. For 1096 days to less than 1825 days 7% and 1826 days to less than 3650 days 6.25% interest rate.
Jana Small Finance Bank latest FD interest rates for senior citizens
Jana Small Finance Bank gives 4% to 8% interest on FDs ranging from 7 days to 10 years. The bank gives the highest rate of interest on deposits with maturity period 2 years to 3 years. These deposits will fetch an interest rate of 8% to senior citizens.