Bandhan Bank, Equitas Small Finance Bank and Unity Small Finance Bank are offering interest at the rate of 7.75% on 3-year FDs for senior citizens.
After the Reserve Bank of India (RBI) reduced the repo rate three times in a row, banks have reduced the interest on FDs. Due to this, the return on FDs has reduced significantly. The biggest loss of this has been to senior citizens because they are very dependent on FDs. However, it is not that the option is over. There are still many banks offering better interest on FDs. We are telling you about such banks, which are offering up to 8.50% interest on 3-year FDs.
Opportunity in Small Finance Banks
Utkarsh Small Finance Bank is offering an interest rate of 8.50 percent on 3-year FDs to senior citizens. If a senior citizen makes an FD in this bank for three years, then 1 lakh will increase to Rs 1.26 lakh. Jana Small Finance Bank offers an interest rate of 8.25 percent on FDs with a tenure of three years. If a senior citizen invests Rs 1 lakh, the amount will grow to Rs 1.25 lakh on maturity.
Yes Bank is also offering better interest
Suryoday Small Finance Bank offers an interest rate of 8.15 percent on three-year FDs. A deposit of Rs 1 lakh will grow to Rs 1.24 lakh on maturity. Yes Bank offers an interest rate of 7.85 percent on three-year FDs for senior citizens. An investment of Rs 1 lakh will grow to Rs 1.24 lakh on maturity. Bandhan Bank, Equitas Small Finance Bank and Unity Small Finance Bank offer an interest rate of 7.75 percent on three-year FDs for senior citizens. This means that an investment of Rs 1 lakh will grow to Rs 1.23 lakh on maturity. Ujjivan Small Finance Bank and RBL Bank offer an interest rate of 7.70 percent. An investment of Rs 1 lakh will become Rs 1.23 lakh on maturity.
Opportunity to invest in these banks too
Indusind Bank offers 7.50 percent interest rate on 3-year FD. If you invest Rs 1 lakh, this amount will become Rs 1.23 lakh on maturity. DCB Bank, IDFC First Bank and Jammu and Kashmir Bank offer 7.25 percent interest rate. This means that an investment of Rs 1 lakh will become Rs 1.22 lakh on maturity.
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