After the Reserve Bank of India (RBI) reduced the repo rate three times in a row, banks have reduced the interest rate on FDs. Due to this, the return on FDs has reduced significantly. The biggest loss has been suffered by senior citizens because they are very dependent on FDs. However, it is not that the option has ended. Many banks are still giving better interest on FDs. We are telling you about such banks, which are giving 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 to senior citizens on 3-year FDs. If a senior citizen makes an FD for three years in this bank, 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, then this amount will increase to Rs 1.25 lakh on maturity.

Yes Bank is also giving better interest

Suryoday Small Finance Bank offers an interest rate of 8.15 per cent on three-year FDs. A deposit of Rs 1 lakh will become Rs 1.24 lakh on maturity. Yes Bank offers an interest rate of 7.85 per cent on three-year FDs for senior citizens. An investment of Rs 1 lakh will become Rs 1.24 lakh on maturity. Bandhan Bank, Equitas Small Finance Bank and Unity Small Finance Bank offer an interest rate of 7.75 per cent on three-year FDs for senior citizens. This means an investment of Rs 1 lakh will become Rs 1.23 lakh on maturity. Ujjivan Small Finance Bank and RBL Bank offer an interest rate of 7.70 per cent. An investment of Rs 1 lakh will become Rs 1.23 lakh on maturity.

There is an opportunity to invest in these banks as well

Indusind Bank offers 7.50 percent interest rate on 3-year FD. If you invest Rs 1 lakh, the 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.

The post Senior Citizens Best FD rates, these banks are offering up to 8.50% interest on 3-year FD first appeared on Rightsofemployees.com.