Over the past year, following the reduction in repo rates, leading public and private sector banks have cut interest rates on fixed deposits. This has increased concerns among general investors as well as senior citizens. This is because a large section of senior citizens depend on FDs for their savings. Due to lower interest rates, returns will be reduced compared to earlier.
For fixed deposits below ₹3 crore, various banks offer senior citizens interest rates that are 0.50 percent higher than what they offer to general citizens. However, due to the reduction in interest rates over the past year, interest rates at most banks have come down to around 7 percent. But even in this situation, several small finance banks in the country are offering senior citizens interest rates close to 8 percent. Let's see which banks offer this benefit to senior citizens for FDs.
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Interest rates at various banks for 5-year term fixed deposits.
AU Small Finance Bank: 7.25 percent
Equitas Small Finance Bank: 7.50 percent
ESAF Small Finance Bank: 6.25 percent
Jana Small Finance Bank: 7.77 percent
Shivalik Small Finance Bank: 6.75 percent
Slice Small Finance Bank: 7.25 percent
Suryoday Small Finance Bank: 8 percent
Ujjivan Small Finance Bank: 7.70 percent
Utkarsh Small Finance Bank: 7.50 percent
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