 "These banks are offering over 8% yearly returns to senior citizens on FDs, check list")
Several banks have hiked their interest rates on fixed deposits recently and are offering attractive returns. Senior citizens are now able to book fixed deposits with over 8 per cent annual interest rate at several banks. Senior account holders also get to enjoy an extra 0.5 per cent interest offered by most lenders. For instance, Suryoday Small Finance Bank (SSFB) has recently hiked interest rates on fixed deposits with effect from 2 November. Interest rates across all tenors were raised by 25 to 52 basis points (bps). Following the revision, the bank is now providing deposits below Rs 2 crore with interest rated ranging 4 to 8.01 per cent for the general public and 4.5 per cent to 8.26 per cent for senior citizens.
Regular customers can now earn an 8.01 per cent interest on 999 days deposits, while senior citizens will receive 8.26 per cent interest. This is the highest interest rate that the bank provides to its customers.
Here are the other banks which are offering more than 8 per cent annual returns:
STFC
Shriram Transport Finance Company Limited (STFC) is giving fixed deposits with up to 8.9 per cent interest for female senior citizen depositors. Male senior citizen depositors can earn up to 8.8 per cent interest, effective from 14 October, 2022. However, the fixed deposit schemes of STFC do not come with Rs 5 lakh deposit insurance guarantee offered by banks.
Unity SFB
Senior citizens can earn up to 8.3 per cent interest on FD with Unity Small Finance Bank (Unity SFB). This interest rate is applied on deposits of 366 days.
Unity Bank recently introduced Shagun 366, a 1-year 1-day fixed deposit scheme providing retail customers an attractive return of 7.8 per annum whereas senior citizens will earn 8.3 per cent per annum for the 366-day tenure. Unity bank’s offer is going to be valid only up to 30 November 2022.
AU Small Finance Bank
AU Small Finance Bank has also recently hiked the FD interest rates to help customers in getting maximum investment returns. The bank has raised FD rates by up to 60 basis points for retail deposits, from 6.9 per cent to 7.5 per cent for regular customers and from 7.4 per cent to 8 per cent for senior customers.
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