Bank Fixed Deposit (FD) rates at above 9 percent: Fixed Deposits or Term Deposits are ideal for those who are looking at high liquidity with fewer risks. However, General and renowned Banks are offering interest rates ranging from 8% to 9.5% on fixed deposits (FDs).
State Bank of India (SBI), ICICI, HDFC Axis and other Banks which falls in the category of Top Lenders offer FDs ranging from 7 days to 10 years. Some Small Finance Banks are offering more than 8.5% interest to general customers, and more than 9% to senior citizens across select maturities.
For senior citizens, fixed deposit (FD) is one of the most common financial instruments to invest their money. They prefer to invest a large amount of their money in bank FDs because the principal investment amount is considered safer as compared to investments in equity and the former also offers assured return in the form of interest income.
- Interest rate
Senior citizens are usually offered higher interest rates as compared to the general public. Generally, banks offer a 0.50 percent higher interest rate. Senior citizens can choose whether they wish to receive regular interest payouts (non-cumulative option) to meet their expenses or at the time of maturity (cumulative) along with the principal amount.
Jana Small Finance Bank latest FD interest rates
Jana Small Finance Bank gives 5% to 8.50% interest on FDs ranging from 7 days to 10 years. Senior citizens get an additional 60 basis points on these deposits. These deposits will fetch interest rate ranging from 5.6% to 9.10% for senior citizens.
The bank gives the highest rate of interest on deposits with maturity period 499 days. These deposits will fetch an interest rate of 8.50% and 9.10% to general customers and senior citizens respectively. For deposits maturing in 3 years, Jana Small Finance Bank will give 8.40% to general customers and 9% to senior citizens. Jana Small Finance Bank latest FD interest rates are with effect from 20 December 2019
Suryoday Small Finance Bank latest FD interest rates
Suryoday Small Finance Bank provides regular fixed deposits to its customers with a minimum deposit amount of ₹1000. Suryoday Bank FD rate ranges from 4% to 9% for general customers and 4.5% to 9.5% for senior citizens depending upon the tenure.
The bank gives the highest rate of interest on deposits maturing in 5 years. These deposits will fetch interests 9%, 9.5% to general people and senior citizens respectively. For deposits maturing in more than 2 years to 3 years, Suryoday Small Finance Bank gives 8.50% to general customers and 9% to senior citizens. Suryoday Bank latest FD interest rates are with effect from 1 December 2019
Utkarsh Small Finance Bank latest FD interest rates
Utkarsh Small Finance Bank gives interest rates ranging from 5.25% to 9% to senior citizens and 4.75% to 8.50% to general public on FDs maturing in 7 days to 10 years. The bank gives the highest rate of interest on deposits with a maturity period of 456 days to less than 2 years.
These deposits will fetch senior citizens 9% interest. For general customers, the rate of interest will be 8.50%. For FDs maturing in 5 years, the bank gives 8.35% to general public and 8.85 to senior citizens. These deposits are with effect from 18 October.
