As they can earn higher rates than the general public and have their deposits covered by the DICGC up to ₹5 lakhs, fixed deposits are the safest and finest alternative for senior citizens. As some banks have begun giving returns that outpace inflation, senior citizens are choosing fixed deposits as their first choice of fixed income instrument for their golden years in the context of rising interest rates. Elderly individuals can pick from a variety of interest pay-out alternatives such as monthly, quarterly, half-yearly, and annual payouts based on their requirements for golden years. As the maturity period for fixed deposits ranges from 7 days to 10 years, they are the most flexible option in the debt category. As a result, for senior citizens who want to invest in a fixed deposit scheme for 2 years, here are the 5 banks that are offering an interest rate ranging from 7.50% to 8.25%.
Utkarsh Small Finance Bank
On August 12, 2022, the bank last modified the interest rates on its fixed deposits. The new rates are effective for both new fixed deposits and renewals of existing fixed deposits. The bank provides senior citizens fixed deposits with a term of 2 years or 730 days at an interest rate of 8.25 per cent. The bank provides 7.50% for the general public and 8.25% for senior citizens on fixed deposits maturing in 700 days to five years, which is not only the highest rate in the banking industry but also significantly higher than the current rate of retail inflation.
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Jana Small Finance Bank
The interest rates on fixed deposits offered by Jana Small Finance Bank are effective as of June 15, 2022, and the new card rates are applicable to deposits under INR 2 crore. Currently, Jana Small Finance Bank is giving elderly people an interest rate of 8.05% on fixed deposits with maturities between 1 and 2 years.
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Bandhan Bank
As of August 22, 2022, Bandhan Bank’s fixed deposit interest rates are in effect; the new rates are applicable to retail accounts below ₹2 crore. Bandhan Bank promises older citizens an interest rate of 7.50% on fixed deposits maturing in more than 18 months but less than two years.
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IndusInd Bank
The interest rates for IndusInd Bank’s fixed deposits are in effect as of August 12th, 2022. IndusInd Bank is giving an interest rate of 7.50% on premature withdrawal allowed fixed deposits of less than ₹2 Crs maturing in 1 year 7 months to below 2 years.
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Yes Bank
The interest rates for Yes Bank’s fixed deposits are in effect as of August 10, 2022. Yes Bank mandates a minimum deposit of INR 10,000 to open an FD, and reinvestment is permitted for a minimum of 6 months and 1-day tenure. Yes Bank promises senior citizens an interest rate of 7.50% on fixed deposits maturing in 18 months to less than 3 years.
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