Highest Fixed Deposit Interest Rate for Senior Citizens: Banks offering more than 8% annual returns | The Financial Express

Highest Fixed Deposit Interest Rate for Senior Citizens: Banks offering more than 8% annual returns

Several banks are offering 8% interest on FD to senior citizens. Senior account holders also enjoy an extra 0.5% interest offered by most banks.

Highest Fixed Deposit Interest Rate for Senior Citizens: Banks offering more than 8% annual returns
Senior citizens get over 8% interest on FD at several banks. Representational image

Senior citizens can now book fixed deposits with over 8% annual interest rate at several banks. Senior account holders also enjoy an extra 0.5% interest offered by most banks. Here’s a look at some banks providing over 8% interest to senior citizens.

Bandhan Bank offers 8% interest on FD

Bandhan Bank has launched a special limited-period offer of higher interest rates on fixed deposits. These rates are applicable for retail deposits of up to Rs 2 crores and are effective from November 7, 2022. This will be applicable to fresh deposits as well as renewals of maturing deposits.

With this new offer, Bandhan Bank is offering one of the highest interest rates on Fixed Deposits. With this increase, customers will get an interest rate of as high as 7.5% on deposits for a tenure of 600 days. Senior Citizens can reap the benefit of 0.50% or 50 bps more, which will take their returns to as high as 8% for a 600-day tenure FD. The Bank offers 0.75% or 75 bps higher interest rates to senior citizens for FDs of tenure less than 1 year.

SSFB offers up to 8.26% interest

Suryoday Small Finance Bank (SSFB) recently hiked interest rates on fixed deposits w.e.f November 02, 2022. Interest rates across all tenors were hiked by 25 to 52 basis points (bps).

Following the revision, the bank is now accepting deposits of less than Rs 2 crore maturing in 7 days to 10 years at an interest rate of 4.00 per cent to 8.01 per cent to the general public and 4.50 per cent to 8.26 per cent to senior persons.

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Even regular customers can now get an 8.01 per cent interest rate on 999 days deposits, while senior citizens can get an 8.26 per cent interest rate. This is the highest interest rate that the bank offers to its customers, Also, the fixed deposits are backed by DICGC bank.

Unity SFB offers 8.3% interest

Senior citizens can get up to 8.3% interest on FD with Unity Small Finance Bank. This interest rate is applicable on deposits of 366 days for senior citizens.

Unity Bank recently launched Shagun 366, a 1-year, 1-day Fixed deposit scheme offering retail customers an attractive return of 7.80% per annum whereas senior citizens will earn 8.30% per annum for a 366 days tenure.

Unity bank’s offer will be valid only up to 30th November 2022.

AU Bank offers 8% interest

AU Small Finance Bank also recently increased fixed deposit interest rates to help customers get maximum investment returns. AU bank hiked the 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 citizens.

Company FD with up to 8.9% interest for senior citizens

Meanwhile, Shriram City, Shriram Transport Finance Company Limited (STFC) is offering fixed deposits with up to 8.9% interest for female senior citizen depositors. Male senior citizen depositors can get up to 8.8% interest, effective from October 14, 2022. However, the Fixed Deposit schemes of STFC do not come with Rs 5 lakh deposit insurance guarantee provided by banks. 

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First published on: 07-11-2022 at 09:58 IST