Both Jana Small Finance Bank and Suryoday Small Finance Bank are offering senior citizens interest rates of up to 8.75% on FDs for a tenure of three years.
After the RBI cut the repo rate, many banks have reduced the interest rates on FDs. However, there are still some banks that are offering senior citizens interest rates as high as 9.1% on FDs with a tenure of three years. Considering the fact that the Reserve Bank of India (RBI) has cut the repo rates and many banks have reduced their FD and savings account interest rates, now is a good time to invest in FDs for medium tenures like three years. Note that these interest rates are for FDs of less than Rs 3 crore.
Utkarsh Small Finance Bank
Utkarsh Small Finance Bank is offering senior citizens interest rates of up to 9.1% on FDs with a tenure of three years.
Northeast Small Finance Bank
Northeast Small Finance Bank is offering senior citizens interest rates up to 9% on FDs for a period of three years.
Jana Small Finance Bank and Suryodaya Small Finance Bank
Jana Small Finance Bank and Suryodaya Small Finance Bank are both offering senior citizens interest rates up to 8.75% on FDs for a period of three years.
Unity Small Finance Bank
Unity Small Finance Bank is offering senior citizens interest rates up to 8.65% on FDs for a period of three years.
Equitas Small Finance Bank
Equitas Small Finance Bank is offering senior citizens interest rates up to 8.25% on FDs for a period of three years.
Returns should beat inflation
Keep in mind that the return on your investment should be higher than the inflation rate. If this does not happen, then the value of your money will keep decreasing in the long term. Even if you get an FD done, make sure that the interest rate is higher than the inflation rate.
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