Good News for Senior Citizens: Banks offering more than 8% annual returns on Fixed Deposits

BusinessGood News for Senior Citizens: Banks offering more than 8% annual returns...

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Most of the national and private banks are offering a higher rate of interest on Fixed Deposit schemes to senior citizens, providing them with added benefits.

Citizens above 60 years of age can now go for fixed deposits with more than 8% annual interest rate.

Sharing below the list of the banks offering this percentage:

Suryoday Small Finance Bank

Suryoday Small Finance Bank, may sound a like a lesser-known bank but offers great interest. The bank recently raised interest rates on fixed deposits from November onwards.

As per the new rate of interest, the bank is now allowing fixed deposits of less than Rs 2 crore maturing between 7 days to 10 years at an interest rate of 4.00 percent to 8.01 percent to the regular citizens and 4.50 percent to 8.26 percent to seniors.

For a tenure of more than 999 days, 8.01 percent is the rate being offered, while senior citizens can get an 8.26 percent interest rate. This is the highest interest rate that the bank offers to its customers.

Unity Small Finance Bank

With Unity Small Finance Bank, senior citizens can get up to on deposits of 366 days tenure. The bank recently started a new scheme called Shagun 366 in which a 1-year, 1-day Fixed deposit scheme is offering retail customers an attractive return of 7.80% per annum and goes upto 8.3% for senior citizens.

AU Small Finance Bank

AU Small Finance Bank also recently increased fixed deposit interest rates from 6.9 percent to 7.5 percent for regular customers and from 7.4 percent to 8 per cent for senior citizens.

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