Senior Citizens FD Rate: This bank is giving huge interest of 9.21% on FD…money will have to be invested for 750 days
Senior Citizens FD Rate: To get 9.21 percent interest on fixed deposits, senior citizens will have to make FD in the bank for 750 days. After the changes by the bank, the new interest rates on FD have become effective from 28 October 2023. The change in FD rates has been made for investments less than Rs 2 crore. One such bank is Fincare Small Finance Bank which is giving more than 9 percent interest on FD to its customers.
In today's time, everyone wants to save some part of their earnings and invest it in a place where their money is safe and they also get strong returns. In this case, fixed deposit schemes of many banks have become a popular option. Last year, when the repo rate was increased one after another after inflation reached its peak, Fincare Small Finance Bank provided relief to the customers by increasing FD rates and this trend is continuing.
Tremendous benefits for senior citizens
Although there are many banks which are giving 9 percent interest on Fixed Deposit to their customers, by offering a 9.21 percent interest rate, Fincare Small Finance Bank has joined the list of banks offering the highest interest. Keep in mind here that this high-interest rate on FD is being given for senior citizens, whereas for ordinary citizens, a maximum interest of 8.61 percent is being given on investment. Recently, Fincare Small Finance Bank gave a gift to its customers by announcing changes in interest rates on FD.
You will get a profit on an investment of 750 days
To get this huge interest of 9.21 percent on Fixed Deposits, senior citizens will have to make an FD of 750 days in the bank. After the changes by the bank, the new interest rates on FD have become effective from 28 October 2023. The change in FD rates has been made for investments less than Rs 2 crore. If we look at the interest rates currently being given to general and senior citizens in Fincare Small Finance Bank, interest ranging from 3 to 8.61 percent is being given to general customers on fixed deposits of 7 days to 10 days. At the same time, for senior citizens, interest rates on FDs of different tenures range from 3.60 percent to 9.21 percent.
New interest rates after Senior Citizens FD Rate change
After the recent changes made by the bank, if we look at the interest rates being offered on FDs of different durations in Fincare Small Finance Bank, then common citizens can get 3 percent on fixed deposits of 7 to 14 days, 15 days on FD. But you can get 3 percent interest! For 30 days! The bank is offering 4.50 percent interest, 5.25 percent interest on deposits of 31 to 45 days, and 5.76 percent interest on FDs of 46 days to 90 days. Fincare Small Finance Bank is offering 6.25 percent interest on FDs of 91 to 180 days, 6.50 percent interest on FDs of 181 days to one year i.e. 365 days, and 7.50 percent interest on investments of 12 to 15 months.
These banks are also giving high interest on FD
Apart from Fincare Small Finance Bank, many banks are offering strong interest rates on FD to their customers. At the top among these is Unity Small Finance Bank which is giving interest up to 9.5 percent to senior citizens. Whereas Suryoday Small Finance Bank is included in the list by giving 9.1 percent, Fixed Deposit DCB Bank 8.50 percent, RBL Bank 8.30 percent, and IDFC First Bank 8.25 percent.