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7 banks offering returns on FD spanning from 8.50% to 9% for senior citizens


After four consecutive repo rate hikes by the Reserve Bank of India (RBI) from May 2022, which gave rise to escalating FD interest rates, fixed deposits have regained popularity among retail investors, particularly older individuals. Investors may now produce returns that outpace inflation amid rising interest rates. Consumer Price Index (CPI) data for India show that retail price inflation fell to 6.77 per cent in October 2022 from a five-month high of 7.41 per cent in September. Investing in instruments with returns that are higher than inflation rates will help you earn real returns rather than seeing your investment forfeit value. Amid the rising interest rates, some small finance and private sector banks are now promising inflation-beating returns for senior citizens in the long term. In light of this, we have compiled 7 small finance banks here that provide elderly residents with the highest returns on FDs, ranging from 8.50% to 9%.

Unity Small Finance Bank

The fixed deposit interest rate of the bank stands revised from 21st November 2022. Since the adjustment, deposits maturing in 181 days and 501 days, respectively, can now earn senior citizens a maximum interest rate of 9.00%. For the same tenors, the bank is giving the general public an interest rate of 8.50%.

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Unity Small Finance Bank FD Rates (theunitybank.com)

Utkarsh Small Finance Bank

The fixed deposit interest rates of Utkarsh Small Finance Bank are effective as of November 21, 2022. The bank promises senior citizens a maximum interest rate of 8.75% on deposits maturing in 700 days, while non-senior citizens can receive an inflation-beating return of 8.00% on the same tenor.

Utkarsh Small Finance Bank FD Rates

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Utkarsh Small Finance Bank FD Rates (utkarsh.bank)

Ujjivan Small Finance Bank

Ujjivan Small Finance Bank’s fixed deposit interest rates are in effect as of November 5, 2022. The bank promises senior residents a maximum interest rate of 8.75% on deposits maturing in 80 Weeks (560 Days), while non-senior citizens can receive 8.00% on the same tenor.

Ujjivan Small Finance Bank FD Rates

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Ujjivan Small Finance Bank FD Rates (ujjivansfb.in)

Jana Small Finance Bank

The Jana Small Finance Bank’s fixed deposit interest rates are in effect as of October 14th, 2022. The bank currently offers elderly residents a maximum interest rate of 8.50% on deposits that mature in 2–3 years, while also offering a standard rate of 7.55% on the said tenure.

Jana Small Finance Bank FD Rates

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Jana Small Finance Bank FD Rates (janabank.com)

Fincare Small Finance Bank

The Fincare Small Finance Bank’s fixed deposit interest rates are in effect as of November 9th, 2022. The bank now guarantees elderly residents a maximum interest rate of 8.50% on deposits due in 1000 days, while also offering a regular rate of 8%.

Fincare Small Finance Bank FD Rates

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Fincare Small Finance Bank FD Rates (fincarebank.com)

ESAF Small Finance Bank

The ESAF Small Finance Bank’s fixed deposit interest rates are in effect as of 01/11/2022. In addition to offering a regular rate of 8%, the bank is now guaranteeing senior citizens a maximum interest rate of 8.50% on deposits due in 999(2 years 8 months & 26 days).

ESAF Small Finance Bank FD Rates

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ESAF Small Finance Bank FD Rates (esafbank.com)

North East Small Finance Bank

The North East Small Finance Bank’s fixed deposit interest rates are in effect as of September 16, 2022. The bank now guarantees elderly people a maximum interest rate of 8.50% on deposits maturing in 1111 days while also offering a regular rate of 7.75%.

North East Small Finance Bank FD Rates

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North East Small Finance Bank FD Rates (nesfb.com)

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