New Delhi: Nowadays, people are looking to invest their money in various schemes instead of just keeping it in the bank account. However, the invested money does not grow at the same pace for every scheme. Hence, it is important to choose the investment option wisely.
In recent years, the Fixed Deposit (FD) has emerged as one of the most reliable investment opportunities, especially for those who do not want to take any risk, like senior citizens. For them, the FD has become an easy investment option which is bound to give them stable returns.
What is a fixed deposit?
The Fixed Deposit or FD is an investment where a person invests a lump sum amount for a specific time with a bank. The amount that the person deposits in the FD account earns a fixed rate of interest which is set at the time of opening the account. The owner of the FD account can choose to receive the interest earned either monthly, quarterly, half-yearly or annually as per their preference.
As has been mentioned above, FD has become an easy and risk-free investment option for senior citizens. There are many banks that offer senior citizens aged 60 and above an extra annual interest rate of 0.50% to 0.75% on FD. Several factors like interest rates and tenure determined the best FD for the senior citizens. Therefore, before investing in Fixed Deposit, senior citizens must check the interest rates and features of different banks issuing FD. In this article, we will take a look at the banks that are giving more than a 9 per cent rate of interest for senior citizens.
Banks giving more than 9 per cent FD interest rate for senior citizens
Suryoday Small Finance Bank
From September 4, 2024, the Suryoday Small Finance Bank is giving a 9.10 per cent interest rate on tenure between 2 years to 3 years for senior citizens.
NorthEast Small Finance Bank
From June 25, 2024, the NorthEast Small Finance Bank is giving an interest rate of 9.50 per cent on the tenure of 1 year 6 months 1 day to 3 years 16 days on callable deposits below Rs 5 crore.
Utkarsh Small Finance Bank
The Utkarsh Small Finance Bank is giving a 9.10 per cent interest rate on tenure of 1001 days and a 9.25 per cent interest rate on tenure of 1500 days. The rates are applicable from June 7, 2024.
Unity Small Finance Bank
Effective from October 7, 2024, the Unity Small Finance Bank is giving a 9.50 per cent interest rate on tenure of 1001 days and a 9.25 per cent interest rate on tenure of 701 days.
