Senior Citizen FD interest rate goes up again. Here are the banks that have raised rates

Kotak Mahindra Bank and Jana Small Finance Bank have raised their Fixed Deposit interest rates.

senior citizen fixed deposit interest rate
Two banks have raised fixed deposit rates for customers, including senior citizens

Kotak Mahindra Bank and Jana Small Finance Bank have raised their Fixed Deposit interest rates. With the latest rate hikes, senior citizens can get up to 8.8% interest with Jana Small Finance Bank and up to 7.5% with Kotak Mahindra Bank.

Following are the details of the latest FD rates offered by Jana Small Finance Bank and Kotak Mahindra Bank

Latest FD rates by Jana Small Finance Bank

Jana Small Finance Bank has announced a hike of interest rates on regular fixed deposits from 15th December 2022 onwards. With this increase, the bank is now offering one of the highest interest rates on fixed deposits.

In a statement, Jana Small Finance Bank said that customers will now get an interest rate as high as 7.85% on deposits for a tenure of 2-3 years. Senior Citizens can reap the benefit of 8.80% on an FD for a tenure of 2-3 years.

Commenting on the rate hike, Shrinivas Murty, President and Head of Branch Banking and Marketing, said: “We believe that with our superior customer experience, sharp turn-around-time of delivery & extremely competitive interest rates on deposits, we are well placed to meet the ever-growing Banking products & services needs of customers we serve. This increase in interest rates across tenures would directly help our customers to plan their investments better & help further align returns to their financial goals.”

Also Read: Can you do Fixed Deposit with Digital Rupee (e₹-R) issued by RBI?

The bank is offering 8.8% interest to senior citizens on deposits of 2-3 years. For deposits of 1 year, the bank is offering 8.20% interest to senior citizens.

Also for deposits of 5 years, Jana bank is offering 8.2% interest and 8.45% interest on deposits of 1-2 years. For deposits of 3-5 years, Jana Bank is offering 8.3% interest.

FD rates by Kotak Mahindra Bank

Kotak Mahindra Bank has increased fixed deposit interest rates across various tenors. The bank is now offering an interest rate of 7% in the 390 Days (12 months 25 days), 391 Days-Less than 23 Months and the 23 Months tenors from 15th December 2022.

Commenting on the rate hike, Virat Diwanji, Group President and Head, Consumer Bank, Kotak Mahindra Bank said, “With the RBI increasing key interest rates, we have passed on the benefit to our valuable customers. This is a savers’ market! Locking money in fixed deposits will help customers earn higher return on their savings.”

Also Read: Senior Citizen Fixed Deposit interest rate jumps to 9%: Know how much return is guaranteed

The Kotak Mahindra Bank is offering 7.5% interest to senior citizens on deposits of 390 days, 391 days and 23 months. For deposits of 365-389 days, the bank is offering 7.25% interest to senior citizens.

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First published on: 15-12-2022 at 11:51 IST