Top 5 Banks Promising More Than 7% Returns On FDs For Senior Citizens
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North East Small Finance Bank
North East Small Finance Bank is guaranteeing a maximum interest rate of 7.50 percent to elderly persons on deposits maturing in 777 days for deposits less than Rs 2 Cr. The current interest rates on fixed deposits for senior citizens are provided below.
| Tenure | Senior Citizen Rate (Per Annum) In % |
|---|---|
| 7-14 Days | 3.5 |
| 15-29 Days | 3.5 |
| 30-45 Days | 3.5 |
| 46-90 Days | 4 |
| 91-180 Days | 4.5 |
| 181-365 Days | 5.5 |
| 366 days to 729 days | 7.25 |
| 730 days to less than 1095 | 7.25 |
| 777 days | 7.5 |
| 1096 days to less than 1825 days | 7 |
| 1826 days to less than 3650 days | 6.75 |
| Source: Bank Website, Effective from 19th April 2021 |
Suryoday Small Finance Bank
For deposits maturing in less than 3 years, Suryoday Small Finance Bank is promising the highest interest rate of 7.30% to senior citizens. The most recent interest rates on fixed deposits for senior citizens are as follows.
| Period | Senior Citizen Rate (Per Annum) |
|---|---|
| 7 days to 14 days | 3.25% |
| 15 days to 45 days | 3.25% |
| 46 days to 90 days | 4.25% |
| 91 days to 6 months | 4.75% |
| Above 6 months to 9 months | 5.25% |
| Above 9 months to less than 1 Year | 5.75% |
| 1 Year to 1 Year 6 Months | 6.75% |
| Above 1 Year 6 Months to 2 Years | 6.75% |
| Above 2 Years to less than 3 Years | 6.50% |
| 3 Years | 7.30% |
| Above 3 Years to less than 5 Years | 6.50% |
| 5 Years | 7.00% |
| Above 5 years to 10 years | 6.00% |
| Source: Bank Website, ( Effective: From September 09, 2021 ) |
Utkarsh Small Finance Bank
Utkarsh Small Finance Bank is guaranteeing elderly residents 7.25 percent returns on deposits maturing in 700 days. Here are the bank’s latest fixed deposit interest rates for deposits of less than Rs 2 Cr.
| Tenure | Senior Citizens |
|---|---|
| 7 Days to 45 Days | 3.50% |
| 46 Days to 90 Days | 3.75% |
| 91 Days to 180 Days | 4.50% |
| 181 Days to 364 Days | 6.25% |
| 365 Days to 699 Days | 6.75% |
| 700 Days | 7.25% |
| 701 Days to 3652 Days | 6.50% |
| Source: Bank Website, W.E.F. July 01, 2021 |
Jana Small Finance Bank
Jana Small Finance Bank promises a maximum interest rate of 7.25 percent to senior citizens on deposits maturing in 3 to less than 5 years for deposits of less than Rs 2 Cr. The latest interest rates on fixed deposits for senior citizens are as follows.
| Period | Senior Citizen FD Interest Rate (p.a.) |
|---|---|
| 7-14 days | 3.00% |
| 15-60 days | 3.50% |
| 61-90 days | 4.25% |
| 91-180 days | 5.00% |
| 181-364 days | 6.00% |
| 1 Year[365 Days] | 6.75% |
| > 1 Year – 2 Years | 7.00% |
| >2 Years-3 Years | 7.00% |
| > 3 Year- | 7.25% |
| 5 Years[1825 Days] | 7.00% |
| > 5 Years – 10 Years | 6.50% |
| Source: Bank Website, Effective Date 07/05/2021 |
Yes Bank
Yes Bank is currently the only private sector bank offering a 7.25 percent interest rate on domestic deposits of elderly persons maturing in 5 years to less than 10 years. The bank’s fixed deposit interest rates were last updated on August 5, 2021, and are as follows.
| Period | Senior Citizen FD Interest Rate (p.a.) |
|---|---|
| 7 to 14 days | 3.75% |
| 15 to 45 days | 4.00% |
| 46 to 90 days | 4.50% |
| 3 months to | 5.00% |
| 6 months to | 5.50% |
| 9 months to | 5.75% |
| 1 year | 6.25% |
| 18 Months to | 6.50% |
| 3 Years to | 7.00% |
| 5 Years to | 7.25% |
| Source: Bank Website, w.e.f 5th August 2021 |
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