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Top 5 Banks Promising More Than 7% Returns On FDs For Senior Citizens

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Among the debt investment category and fixed income investment options, fixed deposits for senior citizens, also known as Senior Citizen Fixed Deposits (FDs), are a safe location to make deposits in order to earn higher rates than the general public, both in the short and long term. Residents over the age of 60 can earn an additional 0.25 percent - 0.65 percent interest rate over standard FD rates on their deposits, which makes fixed deposits an attractive investment instrument among old folks for both retirement planning and long-term wealth creation. Senior citizens who wish to earn risk-free and inflation-beating returns on their deposits in the long run, here are the top 5 banks that are now providing more than 7% returns on fixed deposits to senior citizens, coupled with a deposit safety up to Rs 5 lakh provided by DICGC.

 

Note: The highest applicable interest rates and maturity tenure are marked in bold.

North East Small Finance Bank

North East Small Finance Bank

North East Small Finance Bank is guaranteeing a maximum interest rate of 7.50 percent to elderly persons on deposits maturing in 777 days for deposits less than Rs 2 Cr. The current interest rates on fixed deposits for senior citizens are provided below.

TenureSenior Citizen Rate (Per Annum) In %
7-14 Days3.5
15-29 Days3.5
30-45 Days3.5
46-90 Days4
91-180 Days4.5
181-365 Days5.5
366 days to 729 days7.25
730 days to less than 10957.25
777 days7.5
1096 days to less than 1825 days7
1826 days to less than 3650 days6.75
Source: Bank Website, Effective from 19th April 2021

Suryoday Small Finance Bank
 

Suryoday Small Finance Bank

For deposits maturing in less than 3 years, Suryoday Small Finance Bank is promising the highest interest rate of 7.30% to senior citizens. The most recent interest rates on fixed deposits for senior citizens are as follows.

PeriodSenior Citizen Rate (Per Annum)
7 days to 14 days3.25%
15 days to 45 days3.25%
46 days to 90 days4.25%
91 days to 6 months4.75%
Above 6 months to 9 months5.25%
Above 9 months to less than 1 Year5.75%
1 Year to 1 Year 6 Months6.75%
Above 1 Year 6 Months to 2 Years6.75%
Above 2 Years to less than 3 Years6.50%
3 Years7.30%
Above 3 Years to less than 5 Years6.50%
5 Years7.00%
Above 5 years to 10 years6.00%
Source: Bank Website, ( Effective: From September 09, 2021 )

Utkarsh Small Finance Bank

Utkarsh Small Finance Bank

Utkarsh Small Finance Bank is guaranteeing elderly residents 7.25 percent returns on deposits maturing in 700 days. Here are the bank's latest fixed deposit interest rates for deposits of less than Rs 2 Cr.

TenureSenior Citizens
7 Days to 45 Days3.50%
46 Days to 90 Days3.75%
91 Days to 180 Days4.50%
181 Days to 364 Days6.25%
365 Days to 699 Days6.75%
700 Days7.25%
701 Days to 3652 Days6.50%
Source: Bank Website, W.E.F. July 01, 2021

Jana Small Finance Bank

Jana Small Finance Bank

Jana Small Finance Bank promises a maximum interest rate of 7.25 percent to senior citizens on deposits maturing in 3 to less than 5 years for deposits of less than Rs 2 Cr. The latest interest rates on fixed deposits for senior citizens are as follows.

PeriodSenior Citizen FD Interest Rate (p.a.)
7-14 days3.00%
15-60 days3.50%
61-90 days4.25%
91-180 days5.00%
181-364 days6.00%
1 Year[365 Days]6.75%
> 1 Year - 2 Years7.00%
>2 Years-3 Years7.00%
> 3 Year- < 5 Years7.25%
5 Years[1825 Days]7.00%
> 5 Years - 10 Years6.50%
Source: Bank Website, Effective Date 07/05/2021

Yes Bank

Yes Bank

Yes Bank is currently the only private sector bank offering a 7.25 percent interest rate on domestic deposits of elderly persons maturing in 5 years to less than 10 years. The bank's fixed deposit interest rates were last updated on August 5, 2021, and are as follows.

PeriodSenior Citizen FD Interest Rate (p.a.)
7 to 14 days3.75%
15 to 45 days4.00%
46 to 90 days4.50%
3 months to < 6 months5.00%
6 months to < 9 months5.50%
9 months to < 1 Year5.75%
1 year < 18 Months6.25%
18 Months to < 3 years6.50%
3 Years to < 5 years7.00%
5 Years to <= 10 years7.25%
Source: Bank Website, w.e.f 5th August 2021

Story first published: Thursday, October 14, 2021, 10:43 [IST]
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