FD Rates: Fixed deposits (FDs) have always been a trustworthy investment option for senior citizens who seek safety and stable returns on their money. Presently, several small finance banks in India have come with attractive interest rates for FDs, with some offering as much as 9.5% per annum.
Such rates are much higher than those posed by traditional banks, making them a perfect option for retirees who want to earn interest on their savings.
These banks are offering the highest interest rates
Here is a brief overview of the best small finance banks with maximum FD interest rates for the elderly:
1. Northeast Small Finance Bank
- Interest Rate: 9.00%
- Tenure: 1 to 3 years
- Why Invest? Ideal for short-term investments, this bank offers one of the highest returns for FDs maturing within three years.
2. Suryoday Small Finance Bank
- Interest Rate: 9.10%
- Tenure: 5 years
- Why Invest? Perfect for long-term investors, this FD ensures stable and high returns over five years.
3. Unity Small Finance Bank
- Interest Rate: 9.50% (1001 days) | 8.65% (3 years)
- Why Invest? With one of the highest interest rates in the market, Unity Bank is a top choice for those seeking exceptional returns on medium-term FDs.
4. Jana Small Finance Bank
- Interest Rate: 8.75%
- Tenure: 1 to 3 years
- Why Invest? A great option for short and medium-term investors, Jana Bank provides competitive returns with added safety.
5. Equitas Small Finance Bank
- Interest Rate: 8.60% (1 year) | 8.50% (3 years)
- Why Invest? Known for its reliability, Equitas Bank offers safe and attractive returns, making it a preferred choice for risk-averse investors.
6. Ujjivan Small Finance Bank
- Interest Rate: 8.60%
- Tenure: 18 months
- Why Invest? This FD is tailored for medium-term investors, providing a balanced mix of returns and security.
Why Small Finance Banks for FD?
So, small finance banks like Northeast (9.00% ), Suryoday (9.10% ), and Unity Bank (9.50%) are going to be amazing deals compared to big banks for FD. So, what an opportunity to reap huge returns from these for a senior citizen, while having the assurance of security for his or her hard-earned money.