Following multiple increases in the repo rate by the Reserve Bank of India, many banks have increased the interest rates on loans and fixed deposits. Small finance banks in particular are offering high interest rates on fixed deposits to both common citizens and senior citizens. Here we will discuss four small finance banks that are offering up to 9.5 per cent interest rates on FDs to senior citizens.
Suryoday Small Finance Bank is offering interest rates of 4 per cent to 6 per cent on tenure ranging from 7 days to 10 years to common people. Senior citizens, on the other hand, can avail themselves of interest rates of 4.50 per cent to 6.50 per cent during the same period. Additionally, under the Special FD scheme, the bank is offering interest rates of 7.51 per cent and 8.51 per cent to common people on FDs of 2 to 998 days, and 8.01 per cent and 8.76 per cent to senior citizens during the same tenure.
Unity Small Finance Bank has introduced three special FD plans, offering interest rates of 8.75 per cent to common people and 9.25 per cent to senior citizens on FDs of 181-201 days. On FDs of 501 days and 1001 days, the bank is offering interest rates of 8.75 per cent and 9 per cent, respectively, to common people, and 9.25 per cent and 9.5 per cent, respectively, to senior citizens.
Jana Small Finance Bank is giving 8.10 per cent interest to its general customers on FDs with tenure between 2 and 3 years, while senior citizens can avail themselves of interest rates of 8.80 per cent.
Lastly, the North East Small Finance Bank is offering interest rates of 8.75 per cent to senior citizens on 1111-day FDs, while common people can avail themselves of interest rates of 8 per cent.
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