look news india
FD Interest Rate: Fixed deposit (FD) schemes run by banks for senior citizens offer higher interest than the schemes run for general investors. This simply means that if you invest in FD in the name of a senior citizen, you get higher returns on your money. Senior citizen FD schemes provide a great option for senior citizens to grow and protect their investments. Through these, it also helps in meeting the financial needs of the elderly.
Under Section 80TTB of the Income Tax Act, elderly people can avail a deduction of up to Rs 50,000 on this income. This makes it even more beneficial. For some time now, banks have been giving good interest on FD. But if you want even higher interest than this then we will tell you about some small finance banks. By investing in these, senior citizens get good interest on FD.
Interest on FD of Iquitos Small Finance Bank
Iquitos Small Finance Bank offers 4% to 9% interest to the common people on deposits of 7 days to 10 years. Maximum 9% interest is given on FD maturing in 444 days. Senior citizens get 0.50% additional interest over the rates offered to general investors. These rates are applicable from 21 August 2023.
Fincare Small Finance Bank
In Fincare Small Finance Bank, interest ranging from 3.60% to 9.21% is payable to senior citizens for tenures ranging from 7 days to 10 years. The highest interest rate in this bank is 9.21%, which is available on FD maturing in 750 days. The bank has implemented these rates from 28 October 2023.
Jana Small Finance Bank
Jana Small Finance Bank offers 3.50% to 9% interest to senior citizens on deposits for tenures ranging from 7 days to 10 years. The highest interest rate is 9%, which is available on FD maturing in 365 days. The bank has implemented these rates from January 2, 2024.
Suryoday Small Finance Bank
This bank gives 4.50% to 9.10% interest on deposits to senior citizens for a period of 7 days to 10 years. The highest interest rate of the bank is 9.10%, which is offered on FD maturing in two years and two days. These rates have been implemented from 22 December 2023.
Unity Small Finance Bank
Unity Small Finance Bank offers senior citizens interest ranging from 4.50% to 9.50% on deposits for tenures ranging from 7 days to 10 years. The highest interest rate available on FD maturing in 1001 days is 9.50%. The bank has implemented these rates from 2 February 2024.
Utkarsh Small Finance Bank
Utkarsh Small Finance Bank offers 4.60% to 9.10% interest to senior citizens on deposits for tenures ranging from 7 days to 10 years. The highest interest rate is 9.10%. It is available on FD for a tenure of two to three years. The bank has implemented these rates from August 21, 2023.