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Business News/ Money / Personal Finance/  This neo bank offers inflation-beating interest rate of 7.5% to senior citizens on FDs. Check rates here
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This neo bank offers inflation-beating interest rate of 7.5% to senior citizens on FDs. Check rates here

FDs are the most traditional investment schemes available in India giving guaranteed returns and eliminating risks. Elderlies who cannot bear the risk of market-related instruments generally choose FDs.

Fi Money is offering a 7.50% interest rate per annum to senior citizens on FDs for 700 days of tenure. (iStock)Premium
Fi Money is offering a 7.50% interest rate per annum to senior citizens on FDs for 700 days of tenure. (iStock)

India's inflation has scaled to a five-month high of 7.41% in September month. In the midst of multi-year high inflation, hedging real returns on your hard-earned money is vital. Currently, there is a significant spike in consumer prices and the cost of investments has also shot up, which can lead to a reduction in the value of savings. There, searching for inflation-beating interest rates on deposits has become important. Neo bank, Fi Money is giving an inflation-beating rate of 7.5% rate to senior citizens on their fixed deposits.

FDs are the most traditional investment schemes available in India giving guaranteed returns and eliminating risks. Elderlies who cannot bear the risk of market-related instruments generally choose FDs. Thereby, many banks, NBFCs, and other financial institutions provide additional benefits to senior citizens.

That being said, Fi Money is offering a 7.50% interest rate per annum to senior citizens on FDs for 700 days of tenure. The digital bank gives a 7% rate on 750 days of tenure. Meanwhile, it is offering a 6.85% rate per annum on 2,222 days.

Further, Fi offers a 6.65% rate each on 60 months and 2,223 days tenures. While the interest rate is at 6.50% on 36 months tenure, and at 6.25% rate each on 701 days and 751 days tenures. Also, the digital bank is providing a 6.60% rate on 20 months tenure, while the rate is at 6.10% each on 12 months, 20 Months 1 Days, and 333 days tenures.

On tenures like 334 days and 181 days, the neo bank is giving 5.30% each to senior citizens annually. On short-term periods like 7 days to 120 days, the FD rates range from 3.50% to 4.75%.

To the general category, Fi Money offers between 3% to a maximum of 7% on FDs.

Notably, there are no upper limits to the number of Fixed Deposits (FD) that can be opened on Fi. It needs to be noted that full-KYC users on Fi can create unlimited FDs.

Meanwhile, on smart deposits, FI is offering between 3% to 5.60% to the general category. While the interest rate is higher between 3.50% to 6.10% for senior citizens. At any point in time, Fi users can open and actively use a maximum of 10 Smart Deposits.

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Published: 12 Oct 2022, 11:11 PM IST
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