Small Finance Banks Offer up to 9.6% Interest on Fixed Deposit Schemes For Senior Citizens, Is Safe to Invest?

Are you a senior citizen looking for a safe and secure investment option with good returns? Fixed Deposits (FDs) can be a great way to grow your savings while offering guaranteed income. Here's some good news – Small Finance Banks (SFBs) are now offering attractive interest rates on FDs, especially for senior citizens.

Top SFBs with High Senior Citizen FD Rates

Here's a comparison of some SFBs offering high FD rates for senior citizens:

• Suryoday Small Finance Bank: Get the highest interest rate of 9.60% on FDs for a tenure of 5 years.
• Unity Small Finance Bank: Earn up to 9.50% interest on FDs for a period of 1001 days.
• Fincare Small Finance Bank: Enjoy competitive rates of 9.11% on FDs with a tenure of 1000 days.
• Equitas Small Finance Bank: Invest in FDs for 888 days and get an interest rate of 9%.
• ESAF Small Finance Bank: Consider FDs with a tenure of 2 years to less than 3 years for an interest rate of 9%.

Benefits of Senior Citizen FD Schemes

These FD schemes come with several advantages for senior citizens:

• Higher interest rates: Compared to regular FDs, senior citizen schemes offer higher interest rates, allowing you to earn more on your savings.
• Tax benefits: You may be eligible for tax benefits on the interest earned from your FD.
• Safety and security: FDs are a safe investment option as they are insured up to a certain amount.
• Regular income: Choose an FD with regular interest payouts to receive a steady stream of income.

Important Points to Remember

• Minimum deposit amount: The minimum deposit amount may vary depending on the bank.
• Premature withdrawal penalties: There may be penalties for withdrawing your money before the maturity date.
• Lock-in period: Consider the FD tenure that best suits your financial needs.