Senior citizen FDs sometimes provide more alluring interest rates than those offered to normal investors. They receive better returns on their assets as a result of this increased rate of return.
Senior Citizen FD Schemes provide senior citizens with an ideal way to grow and protect their investments while meeting their financial demands, guaranteeing a safe and pleasant retirement. Note that senior citizens can benefit from a Rs 50,000 deduction on the income received from these programs under Section 80TTB of the Income Tax Act, which makes them more tax-efficient.
Here's a look at small finance banks that provide higher interest rates on senior citizens' fixed deposits.
Equitas Small Finance Bank FD interest rate
Equitas Small Finance Bank offers FD interest rates ranging from 4% to 9% for deposit tenures between 7 days and 10 years to general citizens. The highest interest rate of 9% is offered on FDs maturing in 444 Days. Senior citizens get an 0.50% extra over and above rates offered to general investors. The rates are effective from August 21, 2023.
Fincare Small Finance Bank FD interest rate
Fincare Small Finance Bank offers FD interest rates ranging from 3.60% to 9.21% for tenures between 7 days and 10 years to senior citizens. The highest interest rate of 9.21% is offered on FDs maturing in 750 days. The rates are effective from October 28, 2023.
Jana Small Finance Bank FD interest rate
Jana Small Finance Bank offers FD interest rates ranging from 3.50% and 9% for tenure between 7 days to 10 years to senior citizens. The highest interest rate of 9% is offered on FDs maturing in 365 days. The FD rates are effective from January 2, 2024.
Suryoday Small Finance Bank FD interest rate
Suryoday Small Finance Bank offers FD interest rates ranging from 4.50% to 9.10% for tenure between 7 days and 10 years to senior citizens. The highest interest rate of 9.10% is offered on FDs maturing in two years and two days. These fixed deposit rates are effective from December 22, 2023.
Unity Small Finance Bank FD interest rate
Unity Small Finance Bank offers FD interest rates ranging from 4.50% to 9.50% for tenures maturing between 7 days and 10 years to senior citizens. The highest interest rate of 9% is offered on FDs maturing in 1001 Days. The rates are effective from February 2, 2024.
Utkarsh Small Finance Bank FD interest rate
Utkarsh Small Finance Bank offers FD interest rates ranging from 4.60% to 9.10% for tenures between 7 days to 10 years to senior citizens. The highest interest rate of 9.10% is offered on FDs maturing between two years and up to three Years. These fixed deposit rates are effective from August 21, 2023.
FAQs
Unity Small Finance Bank offers FD interest rates ranging from 4.50% to 9% for tenures maturing between 7 days and 10 years to general citizens. The highest interest rate of 9% is offered on FDs maturing in 1001 Days. The rates are effective from October 9, 2023.
Which bank gives 9% interest rate on FD? ›
Unity Small Finance Bank offers FD interest rates ranging from 4.50% to 9% for tenures maturing between 7 days and 10 years to general citizens. The highest interest rate of 9% is offered on FDs maturing in 1001 Days. The rates are effective from October 9, 2023.
Which bank has the highest FD interest rate for senior citizens? ›
Q. Which bank gives the best interest rates for senior citizens? A. Unity Small Finance Bank offers the highest FD interest rates to senior citizens – 9.50% p.a.; followed by 9.25% p.a. FD interest rate offered by North East Small Finance Bank. Q. Who can open a senior citizen fixed deposit account?
What is the FD limit for senior citizens? ›
What is the tax deduction on FD interest for senior citizens? Senior citizens can claim a tax deduction up to Rs 50,000 on FD interest income while filing their income tax return.
Which bank gives 9.5 interest on FD for senior citizens? ›
What is the highest FD rate for senior citizens in India? ›
Senior Citizen FD in India 2024. Senior Citizen Fixed Deposits (FDs) are term deposit plans with special interest rates offered to individuals who are over the age of 60. The rate of interest on senior citizen FDs in India ranges from 3.00% to 8.50% for tenures ranging from less than one year to more than five years.
Where can I make 10% interest on my money? ›
Where can I get 10 percent return on investment?
- Invest in stocks for the short term. ...
- Real estate. ...
- Investing in fine art. ...
- Starting your own business. ...
- Investing in wine. ...
- Peer-to-peer lending. ...
- Invest in REITs. ...
- Invest in gold, silver, and other precious metals.
7% Interest Savings Accounts: What You Need To Know
- As of May 2024, no banks are offering 7% interest rates on savings accounts.
- Two credit unions have high-interest checking accounts: Landmark Credit Union Premium Checking with 7.50% APY and OnPath Credit Union High Yield Checking with 7.00% APY.
Best FD Interest Rates in India 2024
| Name | Bank / NBFC | Regular FD Rates |
|---|
| Union Bank | Bank | 7.25% |
| Citibank | Bank | 7.20% |
| RBL Bank | Bank | 8.10% |
| Indian Bank | Bank | 7.25% |
13 more rowsTop 5 banks offering highest interest rates on FDs:
- HDFC Bank. HDFC Bank offers 7.10 percent to senior citizens on deposits of one year to 15 months. ...
- ICICI Bank. ICICI Bank offers interest in the range of 7 to 7.25 per cent depending on the tenure. ...
- State Bank of India. ...
- Bank of Baroda.
Benefits of FD for Senior Citizen
It allows you to save tax on earnings under Section 80C of the Income Tax Act. Regular interest payout is the biggest boon of Senior Citizen FD Account as it can act as a regular income source. Once you retire, you will need to continue investing in order to ensure regular income.
Which bank gives 8.5 interest on FD? ›
Utkarsh Small Finance Bank offers up to 8.5% interest on FDs for general citizen. Utkarsh Small Finance Bank offers interest rates ranging from 4% to 8.50% for regular citizens for fixed deposits maturing between seven days and 10 years.
Is FD tax free for senior citizens? ›
Moreover, banks will not deduct any tax deducted at source (TDS) as the amount is within the threshold for TDS. (For senior citizens, no TDS is levied if the interest amount from the fixed deposit is within Rs 50,000 in a financial year.)
Do senior citizens get more interest on FD? ›
Fixed Deposits are one of the most preferred forms of investment as it's a safe option that offers guaranteed returns. Senior citizens have the privilege to earn a slightly higher interest rate than general citizens with Senior Citizen Fixed deposit schemes.
How much FD is tax free? ›
As per the current Income Tax rules, the exemption limits vary based on the age and taxable income of the depositor. The exemption limit for TDS on FDs is Rs 40,000 for individuals excluding senior citizens. This means TDS will not be deducted if the interest earned on an FD in a financial year is below Rs 40,000.
Which bank is giving 8% on FD? ›
Top 20 Scheduled Banks offering Best FD Rates
| Banks | Highest FD rate (% p.a.) | 1-year FD rate (% p.a.) |
|---|
| AU Small Finance Bank | 8.00 | 6.50 |
| Fincare Small Finance Bank | 8.00 | 6.50 |
| DCB Bank | 8.00 | 7.15 |
| IDFC First Bank | 7.90 | 6.50 |
16 more rowsComparison of FD rates
- AXIS Bank. 5.75% - 7.00%
- SBI Bank. 4.75% - 6.50%
- Equitas Bank. 3.50% - 7.25%
- HDFC Bank. 4.50% - 7.00%
- ICICI Bank. 4.50% - 6.90%
- Canara Bank. 5.50% - 6.70%
- Bank of Baroda. 5.50% - 6.50%
- Punjab National Bank. 4.50% - 6.50%
A credit card APR below 10% is definitely good, but you may have to go to a local bank or credit union to find it. The Federal Reserve tracks credit card interest rates, and an APR below the average would also be considered good.
Is 9 interest good? ›
Yes, 9% is a good personal loan interest rate for people with good credit. Applicants with a credit score of 660+ could qualify for a personal loan with a 9.00% APR if they choose the right lender and have enough income to afford the loan.
