Senior Citizen FD: Several banks in India are currently offering high-interest rates on fixed deposits (FDs), particularly for senior citizens. The increase in the repo rate by the Reserve Bank of India has led to an uptick in FD interest rates, with some banks providing rates of up to 9.50 per cent to senior citizens.
While most major banks in the country offer interest rates ranging from 3.50 per cent to 8 per cent on fixed deposits, there are a few small finance banks that offer higher rates. For example, Utkarsh Small Finance Bank is paying a high-interest rate of 9 per cent for a tenure of 700 days to senior citizens, while common citizens are offered 8.25 per cent. Similarly, Unity Small Finance Bank offers 9 per cent interest to common citizens and 9.50 per cent interest to senior citizens on a tenure of 1001 days, and 9.25 per cent interest on a tenure of 501 days for senior citizens.
It is important to note that before investing in any bank's fixed deposit, one should conduct due diligence to understand the level of risk and safety associated with the investment. It is recommended that investors only make informed decisions after thoroughly reviewing the bank's financial position and credibility.
Senior citizens who are planning to invest in fixed deposits should explore the various options available and choose the bank that offers the best returns while also ensuring the safety of their investments.
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