Small Finance Banks (SFBs) offer lucrative interest rates compared to commercial banks to boost their deposits. From Unity Small Finance Bank, North East Small Finance Bank to Suryoday Small Finance Bank, Equitas Small Finance Bank, check out 8 banks offering 9% or higher interest rates to senior citizens on fixed deposits (FDs).
Fixed deposits have once again become attractive investment areas due to the rising interest rates. The Reserve Bank of India (RBI) has increased the repo rate by 250 basis points (bps) since May 2022. Banks have also hiked the interest rates on fixed deposits in a bid to lure investors. aaa
The interest rate varies from 3% to 8.41% for normal individuals, and from 3.60% to 9.01% for senior citizens for tenures starting from 7 days to a maximum of 84 months.