FD Interest Rates: Bank-run Fixed Deposit (FD) programmes for elderly citizens yield higher interest rates than those for ordinary investors. This essentially means that you receive better profits on your investments if you make FDs in the name of a senior person. Senior citizens have a terrific choice to increase and safeguard their savings with Senior Citizen FD programmes. It also assists in providing for the elderly’s financial requirements through these.
Leveraging Section 80TTB for Senior Citizens
Older adults may deduct up to Rs 50,000 from their income under Section 80TTB of the Income Tax Act. This increases its advantages even further. Banks have been offering good interest on FDs for a while now. However, we will inform you about a few small finance institutions if you want an even greater interest rate than this. Seniors who invest in this get competitive interest on FD.
Equitos Small Finance Bank’s FD Interest Spectrum
For deposits made for seven days to ten years, Equitos Small Finance Bank offers regular people interest rates ranging from 4% to 9%. 9% is the maximum interest rate offered on FDs that mature in 444 days. Seniors who invest receive 0.50% more interest than other investors do. These prices will be in effect starting on August 21, 2023.
Interest Rates Tailored for Senior Investors
Senior people at Fincare Small Finance Bank are eligible to receive interest rates ranging from 3.60% to 9.21% for terms ranging from seven days to ten years. This bank offers the highest interest rate, 9.21%, on FDs with 750-day maturities. These rates are effective as of October 28, 2023, according to the bank.
Maximum Interest at 9% for Strategic Investment
Seniors can deposit money with Jana Small Finance Bank and earn between 3.50% and 9% interest throughout terms of seven days to ten years. The maximum interest rate, attainable on FD maturing in 365 days, is 9%. These rates are effective as of January 2, 2024, according to the bank.
A Comprehensive Interest Range for Senior Depositors
Seniors who deposit money with this bank can earn interest ranging from 4.50% to 9.10% for a duration of seven days to ten years. The bank’s maximum interest rate, 9.10%, is offered on FDs that mature in two years and two days. The aforementioned rates came into effect on December 22, 2023.
A Range of Interest Rates Tailored for Seniors
Seniors can deposit money with Unity Small Finance Bank and earn between 4.50% and 9.50% interest during terms of seven days to ten years. On FDs maturing in 1001 days, the maximum interest rate that is currently offered is 9.50%. These rates were put into effect by the bank on February 2, 2024.
Unlocking the Highest 9.10% Interest Rate for Strategic Investments
Seniors can deposit money with Utkarsh Small Finance Bank and earn between 4.60% and 9.10% interest during terms of seven days to ten years. 9.10% is the highest interest rate. With a two- to three-year duration, it is offered on FD. These rates are effective as of August 21, 2023, according to the bank.
Disclaimer: This information is intended for general knowledge only. Any financial decisions should be made in consultation with a qualified professional. DNP News Network Private Limited is not liable for any financial losses incurred based on the information provided here.