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 period of three years.
Mumbai: After the RBI reduced the repo rate, many banks have reduced interest rates on FDs. Also, there are still some banks that are offering higher interest rates of up to 9.1% on three-year fixed deposits to senior citizens.
Given that the Reserve Bank of India (RBI) has cut the repo rate and many banks have reduced their FD and savings account interest rates, this is a good time to invest in FDs for medium term like three years. Keep in mind that these interest rates are for FDs worth less than Rs 3 crore.
Utkarsh Small Finance Bank: Utkarsh Small Finance Bank is offering senior citizens an interest rate of up to 9.1% on FDs for a period of three years.
Northeast Small Finance Bank: Northeast Small Finance Bank is offering senior citizens an interest rate of up to 9% on three-year fixed deposits.
Jana Small Finance Bank and Suryoday Small Finance Bank: Both Jana Small Finance Bank and Suryoday Small Finance Bank are offering senior citizens an interest rate of up to 8.75% on FDs for a period of three years.
Unity Small Finance Bank: Unity Small Finance Bank is offering senior citizens an interest rate of up to 8.65% on FDs for a period of three years.
Equitas Small Finance Bank: Equitas Small Finance Bank is offering senior citizens an interest rate of up to 8.25% on FDs for a period of three years.
Returns should beat inflation: Remember that the returns on your investments should be higher than the inflation rate. If this does not happen, the value of your money will continue to decrease in the long run. Even if you do an FD, make sure that the interest rate is higher than the inflation rate.
