Senior citizens get more interest on deposits than the general public. Especially in Fixed Deposit (FD Rates). Almost all banks offer higher interest rates to senior citizen account holders. In recent times, after the increase in the repo rate, the FD rate is seeing an increase.
Senior citizens can earn the benefit of higher interest on FDs maturing in 7 days to 10 years. Even if there is no desire to invest for a long time, then even two years FD is earning well. There are 5 banks that are giving interest from 7.50 percent to 8.25 percent on FD to senior citizens.
1- Utkarsh Small Finance Bank
Utkarsh Small Finance Bank has changed the FD rate on August 12, 2022. The new rates are applicable for new FD and old FD. This bank runs FDs of 2 years or 730 days for senior citizens and 8.25 percent interest is being given on it. The benefit of 7.50 percent interest is being given to the general public on FD and 8.25% to senior citizens.
2-Jan Small Finance Bank
The new FD rates of Jana Small Finance Bank are applicable from June 15, 2022. The benefit of the new rates is being given on deposits of less than 2 crores. Jana Small Finance Bank is offering interest at the rate of 8.05 percent to senior citizens. 8.05 percent interest is being given to senior citizen customers on FDs maturing in 1 to 2 years.
The FD rate of Bandhan Bank has been changed with effect from August 22, 2022. The benefit of new rates is being given on retail accounts of less than Rs 2 crore. Bandhan Bank is giving 7.50 percent interest to senior citizens on FDs maturing in more than 18 months but less than 2 years. The same rate is also being given on FDs with tenures ranging from 2 years to 3 years and 3 years to more than 5 years.
The FD rate of IndusInd Bank is effective from August 12, 2022. 7.50 percent interest is being given to senior citizens on FDs of less than 2 crores and FDs maturing in less than 2 years from 1 year 7 months. The same rate is also being given on FDs from 2 years 6 months to 2 years 9 months, FDs of 2 years 9 months to less than 3 years, FDs of less than 3 years to 61 months, FDs of more than 61 months.
The interest rates for Yes Bank FD are effective from August 10, 2022. A minimum deposit of Rs 10,000 is mandatory to open an FD in Yes Bank, and reinvestment is allowed for a minimum tenure of 6 months and 1 day. Yes Bank has promised an interest rate of 7.50% to senior citizens on FDs maturing in 18 months to less than 3 years.