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5 Small Finance Banks Offering Over 7% Returns On 1 Year FDs To Senior Citizens

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Senior citizens not only want to secure their golden years after retirement by investing, but they also want to assure the safety of their deposits. And, when it comes to guaranteed deposit safety and high returns, fixed deposits are a wise debt instrument for all sorts of financial goals, whether they are short, mid, or long term. As we all know, banks have started to raise interest rates on fixed deposits, but there is still some confusion about which bank to choose. As we all know, small finance banks typically offer higher interest rates than public and private sector banks.

 

Deposits in small finance banks are also insured by the DICGC up to Rs 5 lakhs. On the other hand, it is usually better to avoid long-term fixed deposits because any financial crisis may require you to pay a penalty if you withdraw your deposits prematurely. As a consequence, investing in short-term deposits is always preferable because they can be renewed at maturity and allow you to counter interest rate risk. For short-term investors, particularly senior citizens, we have selected five small finance banks that are giving more than 7% returns on term deposits of less than Rs 2 crore maturing in 1 year.

Note: Interest rates on 1 year FDs are marked in bold.

Ujjivan Small Finance Bank

Ujjivan Small Finance Bank

This small finance bank provides a one-of-a-kind deposit scheme known as Platina Deposit, which is a retail non-callable deposit product that does not allow for part closure or pre-closure. This deposit can be registered for a minimum of 12 months and a maximum of 60 months with a minimum deposit of Rs.20 lakhs and a maximum deposit of Rs.2 crores. The bank provides a 6.65 percent interest rate on deposits maturing in 12 months to the general public and a 7.40 percent interest rate to senior citizens. These rates are effective as of 7th January 2022.

TENUREInterest Rate (p.a.) (Under Rs. 2 Crores)
12 Months6.65%
12 Months and 1 Day to 19 Months6.15%
19 Months and 1 Day to 24 Months6.75%
24 Months and 1 Day to 989 Days6.65%
990 Days6.90%
991 Days to 36 Months6.65%
3 Years and 1 Day to 5 Years6.40%
Additional Interest Rate for Resident Senior Citizens0.75%
Source: Bank Website 
Jana Small Finance Bank
 

Jana Small Finance Bank

Effective from 11th January 2022, Jana Small Finance Bank is offering an interest rate of 6.75% to regular customers and 7.55% to senior citizens on deposits maturing in 1 year or 12 months. These rates are applicable on deposits of less than Rs 2 Cr.

TenorsRegular FD Interest Rate (p.a.)Senior Citizen FD Interest Rate (p.a.)
7-14 days2.50%3.30%
15-60 days3.00%3.80%
61-90 days3.75%4.55%
91-180 days4.50%5.30%
181-364 days5.50%6.30%
1 Year [365 Days]6.75%7.55%
> 1 Year - 2 Years6.75%7.55%
>2 Years - 3 Years6.75%7.55%
> 3 Year - < 5 Years6.75%7.55%
5 Years [1825 Days]6.75%7.55%
> 5 Years - 10 Years6.00%6.80%
Source: Bank Website  
North East Small Finance Bank

North East Small Finance Bank

North East Small Finance Bank is giving an interest rate of 6.75 percent to the general public and 7.25 percent to senior people on deposits maturing in one year beginning from January 27, 2022. These rates apply to deposits maturing between 366 - 729 days.

TenorsRegular FD Interest Rate (p.a.)Senior Citizen FD Interest Rate (p.a.)
7 - 14 Days33.5
15 - 29 Days33.5
30 - 45 Days33.5
46 - 90 Days3.54
91 - 180 Days44.5
181 - 365 Days55.5
366 - 729 Days6.757.25
730 - 1095 Days6.757.25
777 Days77.5
1096 - 1825 Days6.57
1826 - 3650 Days6.256.75
Source: Bank Website  
Utkarsh Small Finance Bank

Utkarsh Small Finance Bank

Utkarsh Small Finance Bank is giving an interest rate of 6.50 percent to the general public and 7.00 percent to senior citizens on deposits maturing in 365 days to 699 days starting from January 20, 2022.

TenorsRegular FD Interest Rate (p.a.)Senior Citizen FD Interest Rate (p.a.)
7 Days to 45 Days3.00%3.50%
46 Days to 90 Days3.25%3.75%
91 Days to 180 Days4.00%4.50%
181 Days to 364 Days5.75%6.25%
365 Days to 699 Days6.50%7.00%
700 Days to 999 Days6.75%7.25%
1000 Days6.90%7.40%
1001 Days upto 5 Years6.75%7.25%
Above 5 Years to 10 Years6.00%6.50%
Source: Bank Website  
ESAF Small Finance Bank

ESAF Small Finance Bank

With effect from 20/12/2021, ESAF Small Finance Bank is giving a 6.50 percent interest rate to the general public and a 7 percent interest rate to senior citizens on deposits of less than Rs 2 crore maturing in 365 days and 366 days, respectively.

TenorsRegular FD Interest Rate (p.a.)Senior Citizen FD Interest Rate (p.a.)
7 days to 14 days4.00%4.50%
15 days to 59 days4.50%5.00%
60 days to 90 days5.25%5.75%
91 days to 181 days5.50%6.00%
182 days5.00%5.50%
183 days to 363 days5.75%6.25%
364 days5.25%5.75%
365 days & 366 days6.50%7.00%
367 days to 545 days6.00%6.50%
546 days5.00%5.50%
547 days to 727 days6.00%6.50%
728 days5.25%5.75%
729 days to 909 days6.25%6.75%
910 days5.25%5.75%
911 days to 1091 days6.25%6.75%
1092 days5.25%5.75%
1093 days to 1273 days5.75%6.25%
1274 days5.25%5.75%
1275 days -1455 days5.75%6.25%
1456 days5.25%5.75%
1457 days-1637 days5.75%6.25%
1638 days5.25%5.75%
1639 days-1819 days5.75%6.25%
1820 days5.25%5.75%
1821 days to 3653 days5.25%5.75%
Source: Bank Website  

Read more about: fd fixed deposit interest rates
Story first published: Tuesday, March 8, 2022, 13:35 [IST]
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