Better than Post Office! Best Fixed Deposit Interest Rates for Senior Citizens by 5 banks | The Financial Express

Better than Post Office! Best Fixed Deposit Interest Rates for Senior Citizens by 5 banks

Best Fixed Deposit Interest Rate for Senior Citizens 2022: The highest interest rate offered on Post Office Time Deposit is 6.7% on deposits of 5 years. Several banks are offering better deals.

Better than Post Office! Best Fixed Deposit Interest Rates for Senior Citizens by 5 banks
Check highest fixed deposit interest rates offered by 5 banks for senior citizens. Representational image

Best Fixed Deposit Interest Rate for Senior Citizens 2022: The highest interest rate offered on Post Office Time Deposit is 6.7% on deposits of 5 years. This interest rate is available to all account holders, including senior citizens. The post office provides a separate scheme for senior citizens, which is Senior Citizens Savings Scheme (SCSS).

The current interest rate offered on SCSS deposits is 7.6% with effect from October 1, 2022, till 31 December 2022. While SCSS and Post Office Time Deposit come with several other benefits, both schemes are currently offering lower interest rates to senior citizens than several banks. Following is the list of the top 5 banks that are offering up to 9% interest to senior citizens:

9% interest by Unity Bank

Senior Citizens can get up to a 9% interest rate on Fixed Deposits of 181 days and 501 days with Unity Small Finance Bank. Other depositors can also get up to 8.5% interest on FD with this bank.

Ujjivan Small Finance Bank

This bank is offering up to 8.75% to senior citizens. This high rate of interest is available on fixed deposits of 80 weeks (560 days). The Ujjivan Bank is also offering 8.5% interest on deposits of 990 days.

Utkarsh Small Finance Bank

The highest interest rate offered by Utkarsh Small Finance Bank to senior citizens is 8.5%. This rate is available for a term deposit of 700 days. The bank is also offering 8.25% interest on deposits of 701 days to 5 years.

Jana Small Finance Bank

This bank is offering 8.5% interest to senior citizens. This interest rate is available for fixed deposits of 2 to 3 years. Jana bank is also offering 8.45% interest on deposits of 1 to 2 years.

Fincare Small Finance Bank

The highest interest rate for senior citizens offered by Fincare Small Finance Bank is also 8.5%. This interest rate is applicable to deposits made by senior citizens for 1000 days. The bank is also offering 8.25% interest on deposits of 750 days and 8% interest on deposits for 500 days to senior citizens.

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First published on: 19-11-2022 at 01:44:57 pm
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