When compared to Small Finance Banks (SFBs), private banks and public sector banks lag far behind in terms of offering competitive interest rates. Heres a look at banks that are offering 9% and over to senior citizens.
Unity Small Finance Bank (SFB) has revised its interest rates on fixed deposits of less than Rs 2 crore. According to the Unity Small Finance Bank website, the new rates will be effective from June 14, 2023.
According to a report by SBI Research, senior citizen fixed deposit schemes may not see any more hikes anytime soon. FD interest in some banks has gone up over 9 per cent in the last two years.