HomeNATIONSmall Finance Banks Offer up to 9.6% Interest on Fixed Deposit Schemes...

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

Maximize Your Earnings: Secure High-Interest Senior Citizen FD Rates with Top SFBs in India

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.

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