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4 Best FDs With Good Returns Up To 8% For Senior Citizens

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Fixed deposits (FD) are the first option for elderly people when it comes to park their hard-earned capital in order to reap assured returns for their retirement life. Banks such as the State Bank of India (SBI), ICICI Bank, HDFC Bank and others offer senior citizens with higher interest rates of 50 basis points compared to the general public. But in the current scenario compared to the leading commercial banks, there are some small finance banks that offer their customers fixed deposit facilities and the interest rate provided by them is higher. Hence, considering the same below are the top 4 small finance banks that offer higher interest rates on their fixed deposits to senior citizens.

Jana Small Finance Bank FD

Jana Small Finance Bank FD

Jana Small Finance Bank offers senior citizens 3 per cent to 7.75 per cent interest on FDs spanning from 7 days to 10 years of tenure. The bank provides the maximum interest rate i.e. 7.75 per cent on deposits with maturity duration of between 3 years and less than 5 years.

Tenure Regular FD Rates Senior Citizen FD Rates
7 - 14 days 2.50% 3.00%
15 - 60 days 3.00% 3.50%
61 - 90 days 3.75% 4.25%
91 - 180 days 4.50% 5.00%
181 - 364 days 6.00% 6.50%
1 year (365 days) 6.75% 7.25%
> 1 year - 2 years 7.00% 7.50%
> 2 year - 3 years 7.00% 7.50%
> 3 year - < 5 year 7.25% 7.75%
5 years (1825 days) 7.00% 7.50%
> 5 year - 10 year 6.50% 7.00%
Utkarsh Small Finance Bank FD
 

Utkarsh Small Finance Bank FD

On FDs maturing in 7 days to 10 years, Utkarsh Small Finance Bank provides senior citizens with an interest rate ranging from 3.50 per cent to 7.50 per cent. The highest interest rate of 7.5 per cent on deposits with a maturity term of 700 days is offered by the bank to senior citizens respectively.

Tenure Regular FD Rates Senior Citizen FD Rates
7 Days to 45 Days 3.00% 3.50%
46 Days to 90 Days 3.25% 3.75%
91 Days to 180 Days 4.00% 4.50%
181 Days to 364 Days 6.00% 6.50%
365 Days to 699 Days 6.75% 7.25%
700 Days 7.00% 7.50%
701 Days to 3652 Days 6.75% 7.25%
Suryoday Small Finance Bank FD

Suryoday Small Finance Bank FD

The interest rate of Suryoday Bank FD for senior citizens varies from 4.5 per cent to 8 per cent. On deposits maturing in 5 years, the bank offers the highest interest rate of 8% to senior citizens respectively.

Tenure Regular FD Rates Senior Citizen FD Rates
7 days to 14 days 4.00% 4.50%
15 days to 45 days 4.00% 4.50%
46 days to 90 days 5.00% 5.50%
91 days to 6 months 5.50% 6.00%
Above 6 months to 9 months 6.25% 6.75%
Above 9 months to less than 1 Year 6.50% 7.00%
1 Year to 2 years 6.75% 7.25%
Above 2 Years to 3 Years 7.15% 7.65%
Above 3 Years to less than 5 Years 7.25% 7.75%
5 Years 7.50% 8.00%
Above 5 years to 10 years 7.00% 7.50%
North East Small Finance Bank FD

North East Small Finance Bank FD

On FDs maturing in 7 days to 10 years, North East Small Finance Bank offers interest rates ranging from 3.5 per cent to 8 per cent. The bank offers the highest interest rate of 8% on deposits maturing in 730 days to less than 1095 days.

Tenure Regular FD Rates Senior Citizen FD Rates
7-14 Days 3.00% 3.50%
15-29 Days 3.00% 3.50%
30-45 Days 3.25% 3.75%
46-90 Days 4.00% 4.50%
91-180 Days 4.50% 5.00%
181-364 Days 5.25% 5.75%
365 days to 729 days 7.00% 7.50%
730 days to less than 1095 days 7.50% 8.00%
1096 days to less than 1825 days 6.50% 7.00%
1826 days to less than 3650 days 6.25% 6.75%
Taxation

Taxation

If the interest amount for the entire fiscal year crosses Rs 10,000 for AY 2019-20, the TDS rate on fixed deposits (FDs) is 10 per cent. This TDS deduction cap on FD is increased to Rs. 40,000 annually in the budget speech of 2019, which is applied in AY 2020-21. The TDS limit on fixed deposit interest is 20 per cent under current income tax laws if you do not furnish the bank with your PAN Card. In FD interest tax-free, elderly people (those over the age of 60) will get up to Rs 50,000 per year and no TDS will be withheld for interest earned on them up to Rs 50,000 per annum.

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Read more about: fixed deposits
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