2 Banks Offering 8.5%, 9% Interest Rates On Fixed Deposits For Senior Citizens: Check Details

2 banks have hiked interest rates on their fixed deposits (FDs) for senior citizens. These two banks are Jana Small Finance Bank and Unity Bank. Jana Small Finance Bank is offering 8.50% interest rate on FDs to senior citizens after interest revision on November 15, 2022. Meanwhile, Unity Small Finance Bank is offering an interest rate of 9% to senior citizens on its fixed deposits. Check key takeaways below:

Jana Small Finance Bank FD Interest Rate: Jana Small Finance Bank has increased interest rates of saving accounts and fixed deposits on November 15, 2022. According to the bank's statement, general citizens will now get an interest rate of 8.35% on deposits above Rs 15 lakh to Rs 2 crores for 1 to 2 years tenure under the "Fixed Deposit Plus Scheme".

It is worth noting that Fixed Deposit Plus Scheme falls under non-callable FD plan that has a minimum investment limit of Rs 15 lakh and there is no premature redemption.

Senior citizens will now get the highest interest rate of up to 8.50% on FDs with the tenor of 2 to 3 years while general citizens will get an interest rate of 7.55% for 2 to 3 years tenor FD.

Check the interest rates below:

Period	Regular FD Interest Rate (p.a.)	Senior Citizen FD Interest Rate (p.a.)*
7-14 days	2.50%	3.45%
15-60 days	3.00%	3.95%
61-90 days	3.75%	4.70%
91-180 days	4.50%	5.45%
181-364 days	7.00%	7.95%
1 Year[365 Days]	7.00%	7.95%
> 1 Year - 2 Years	7.50%	8.45%
>2 Years-3 Years	7.55%	8.50%
> 3 Year-	7.35%	8.30%
5 Years[1825 Days]	7.25%	8.20%
> 5 Years - 10 Years	6.00%	6.95%

2. Unity Small Finance Bank FD Interest Rates: The bank offers attractive interest rate of 9% per annum to senior citizens on fixed deposits for the tenures of 181 and 501 days. For regular citizens, the bank is offering an interest rate of 8.50% for fixed deposits for 181- and 501-days tenors.

It is worth mentioning that the bank has hiked interest rates for the second time in November month only thus allowing investors to earn higher interest rates on fixed deposits. The bank has hiked interest rates on Callable as well as Non-Callable Bulk Deposits (Deposits above Rs 2 crore).

In case of premature withdrawal, the bank stated, "For premature withdrawal of a fixed deposit, the interest rate payable would be the corresponding FD rate minus 1.00% for the tenor for which the deposit has actually run."

Check interest rates below:

Tenure	General FD Rates% p.a.	Senior Citizen FD Rates% p.a.
7-14 Days	4.50%	4.50%
15-45 Days	4.75%	4.75%
46-60 Days	5.25%	5.75%
61-90 Days	5.50%	6.00%
91-180 Days	5.75%	6.25%
181 Days	8.50%	9.00%
182 Days - 364 Days	6.75%	7.25%
365 Days(1 Year)	7.35%	7.85%
1Year 1 day	7.80%	8.30%
>1Year 1 day - 500 days	7.35%	7.85%
501 Days	8.50%	9.00%