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7 Fixed Deposits With 7.00 To 7.50% Returns For Senior Citizens

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Investing in fixed deposits is one of the finest and safest investment instruments under the debt category for satisfying all forms of personal financial goals, whether short-term or long-term. The best part is built-in flexibility, which allows you to invest for 7 days for as long as 10 years, and the key flavourings of fixed deposit are the power of compounding, guaranteed returns, monthly or quarterly interest pay-outs, and tax exemptions under Section 80c of the Income Tax Act.

 

Although the RBI has opted not to modify the repo and reverse repo rates in its bi-monthly monetary policy review, as a consequence of which banks are still in their low-interest rate regime stage. However, some banks are still giving more than 7% returns on fixed deposits and apart from liquidity and high-interest rates, these banks also provide deposit insurance coverage guaranteed by DICGC, which is little more than a cheesy topping on your dough. As a consequence, elderly folks who want to invest in fixed deposits to earn returns of more than 7% must have a look at these banks.

Note: The applicable interest rates of 7.00% to 7.50% for senior citizens are marked in bold.

North East Small Finance Bank

North East Small Finance Bank

This small finance bank is on top of our list as it offers an interest rate of up to 7.50% to senior citizens. On deposits maturing in 366 days to 729 days and 730 days to less than 1095 the bank offers an interest rate of 7.25% to senior citizens. Whereas on term deposits maturing in 777 days the offers the highest rate of 7.50% to senior citizens and 7.00% to the general public. On fixed deposits maturing in 7 days to less than 3650 days, the bank provides an interest rate of 3% to 6.25% to regular customers and 3.50% to 6.75% to senior citizens.

TENURERegularSenior Citizen
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 days to 729 days6.757.25
730 days to less than 10956.757.25
777 days77.5
1096 days to less than 1825 days6.57
1826 days to less than 3650 days6.256.75
Source: Bank Website

Yes Bank
 

Yes Bank

This bank's fixed deposit interest rates were last updated on November 3, 2021. Senior citizens can earn a 7% interest rate by opening a fixed deposit account for 3 to 10 years, while normal customers can earn a 6.25 percent interest rate over the same period. The bank is giving the highest rate of interest on terms ranging from three to ten years. Yes Bank offers the following rate of interest on fixed deposits for deposits of less than Rs. 2 Cr.

PeriodRegularSenior Citizen
7 to 14 days3.25%3.75%
15 to 45 days3.50%4.00%
46 to 90 days4.00%4.50%
3 months to < 6 months4.50%5.00%
6 months to < 9 months5.00%5.50%
9 months to < 1 Year5.25%5.75%
1 Year < 3 years6.00%6.50%
3 Years to <= 10 years6.25%7.00%
Source: Bank Website

Ujjivan Small Finance Bank

Ujjivan Small Finance Bank

Ujjivan Small Finance Bank has recently revised its interest rates on fixed deposits and as per the bank's website, the new rates are in force from 9th December 2021. On deposits maturing in 1 year the bank is offering an interest rate of 7.25%, whereas, on deposits maturing in 19 Months and 1 Day to 24 Months, the bank is offering a pretty decent return of 7.35%. Senior citizens will also get an interest rate of 7.25% and 7% on their deposits maturing in 2 Years and 1 Day to 3 years and 3 Years and 1 Day to 5 Years. Senior citizens are eligible to get an additional rate of 0.75% on their deposits across all tenors, which is a good bet for them under the debt category in order to enjoy the regular income.

TENURERegularSenior Citizen
7 Days to 29 Days2.90%3.65%
30 Days to 89 Days3.50%4.25%
90 Days to 179 Days4.25%5.00%
180 Days to 364 Days4.75%5.50%
12 Months6.50%7.25%
12 Months and 1 Day to 19 Months6.00%6.75%
19 Months and 1 Day to 24 Months6.60%7.35%
2 Years and 1 Day to 3 years6.50%7.25%
3 Years and 1 Day to 5 Years6.25%7.00%
5 Years and 1 Day to 10 Years6.00%6.75%
Source: Bank Websites. W.e.f. 9th December 2021

Jana Small Finance Bank

Jana Small Finance Bank

This small finance bank last revised its fixed deposit interest rates on 07/05/2021. On deposits maturing in 1 Year to 3 years, the bank offers an interest rate of 7% to senior citizens. Whereas on deposits maturing in 3 years to 5 years, the bank offers an interest rate of 7,25% to senior citizens. On deposit tenor of 3 to 5 years, the bank offers the highest rate of 6.75% to the general public and 7.25% to senior citizens. For deposits of less than Rs. 2 Cr, here are the bank's most recent interest rates on fixed deposits.

TENURERegularSenior Citizen
7-14 days2.50%3.00%
15-60 days3.00%3.50%
61-90 days3.75%4.25%
91-180 days4.50%5.00%
181-364 days5.50%6.00%
1 Year (365 Days)6.25%6.75%
> 1 Year - 2 Years6.50%7.00%
>2 Years-3 Years6.50%7.00%
> 3 Year- < 5 Years6.75%7.25%
5 Years[1825 Days]6.50%7.00%
> 5 Years - 10 Years6.00%6.50%
Source: Bank Website

Utkarsh Small Finance Bank

Utkarsh Small Finance Bank

On deposits of less than Rs. 2 Cr maturing in 700 Days, Utkarsh SFB offers the highest interest rate of 6.75% to regular citizens and 7.25% to senior citizens. On deposits maturing in 7 days to 3652 days, the bank offers an interest rate of 3.50% to 6.50% to senior citizens. These rates are effective as of July 01, 2021. The latest interest rates applicable on fixed deposits of less than Rs. 2 Cr are stated below.

TENURERegularSenior Citizen
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 Days6.25%6.75%
700 Days6.75%7.25%
701 Days to 3652 Days6.00%6.50%
Source: Bank Website

Suryoday Small Finance Bank

Suryoday Small Finance Bank

This small finance bank also offers more than 7% returns to senior citizens on their deposits. Senior citizens will get an interest rate of 7.30% on their deposits maturing in 3 years and regular customers will get an interest rate of 3% respectively. On deposits maturing in 7 days to 10 years, the bank offers an interest rate of 3.25% to 6.00% to the general public and 3.25% to 6.00% to senior citizens. These rates are effective as of September 09, 2021.

TENURERegularSenior Citizen
7 days to 14 days3.25%3.25%
15 days to 45 days3.25%3.25%
46 days to 90 days4.25%4.25%
91 days to 6 months4.75%4.75%
Above 6 months to 9 months5.25%5.25%
Above 9 months to less than 1 Year5.75%5.75%
1 Year to 1 Year 6 Months6.50%6.75%
Above 1 Year 6 Months to 2 Years6.50%6.75%
Above 2 Years to less than 3 Years6.25%6.50%
3 Years7.00%7.30%
Above 3 Years to less than 5 Years6.50%6.50%
5 Years6.75%7.00%
Above 5 years to 10 years6.00%6.00%
Source: Bank Website

Fincare Small Finance Bank

Fincare Small Finance Bank

On deposits maturing in 59 months 1 day to 66 months, the bank offers an interest rate of 7.25% to senior citizens and 6.75% to the general public. These rates are effective as of 25th October 2021.

TenureInterest rates for regular customersInterest rates for senior citizens
7 days to 45 days3.00%3.50%
46 days to 90 days3.25%3.75%
91 days to 180 days3.50%4.00%
181 days to 364 days5.00%5.50%
12 months to 15 months6.00%6.50%
15 months 1 day to 18 months6.00%6.50%
18 months 1 day to 21 months6.00%6.50%
21 months 1 day to 24 months6.00%6.50%
24 months 1 day to 30 months6.50%7.00%
30 months 1 day to 36 months6.25%6.75%
36 months 1 day to 42 months6.50%7.00%
42 months 1 day to 48 months6.25%6.75%
48 months 1 day to 59 months6.25%6.75%
59 months 1 day to 66 months6.75%7.25%
66 months 1 day to 84 months5.50%6.00%
Source: Bank Website, w.e.f. 25th October 2021

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