Highest Fixed Deposit interest rate for senior citizens inches closer to 10%. 12 banks compared

Fixed Deposit rate hike in 2023: The highest interest rates on some bank Fixed Deposits have reached nearly 10% for senior citizens and around 9% for general citizens in the new repo rate regime steered by the Reserve Bank of India (RBI) since last year. The higher interest rates provide a good opportunity to senior citizens and others to book FDs.

This month Suryoday Small Finance Bank (SSFB) announced 9.6% interest on 5-year Fixed Deposits for senior citizens, which is almost 10%. The Unity Small Finance Bank is also offering 9.5% Fixed Deposit interest rate to senior citizens. Interestingly, the highest Fixed Deposit interest rate for general citizens is also around 9% in these two banks.

Here’s a comparison of the highest Fixed Deposit interest rates offered by 12 banks.

Suryoday Small Finance Bank (SSFB) FD

The highest FD interest rate offered to senior citizens by Suryoday Small Finance Bank (SSFB) is 9.6% interest on 5-year deposits. Others can get 9.1% interest on FD. A Fixed Deposit of Rs 1 lakh by a senior citizen in this bank will grow to approx. Rs 1.6 lakh in 5 years.

Unity Small Finance Bank (Unity Bank) FD

The highest FD interest rate offered to senior citizens by Unity Small Finance Bank (Unity Bank) is 9.5% on deposits of 1001 days. Others can get 9% interest on this FD. A Fixed Deposit of Rs 1 lakh by a senior citizen in this bank will grow to approx. Rs 1.3 lakh in 1001 days.

Also Read: Senior Citizen Recurring Deposit (RD) interest rate jumps near 10% in new rate regime. 5 banks compared

Ujjivan Small Finance Bank FD

The highest FD interest rate offered to senior citizens by Ujjivan Small Finance Bank is 8.75% on 560-day deposits. Others can get 8.25% interest on FD.

ESAF Small Finance Bank FD

The highest FD interest rate offered to senior citizens by ESAF Small Finance Bank is 9% on 2 years to less than 3 years deposits. Others can get 8.5% interest on this FD

Utkarsh Small Finance Bank FD

The highest FD interest rate offered to senior citizens by Utkarsh Small Finance Bank is 9% interest on 700-day deposits. Others can get 8.25% interest on this FD.

Also Read: Fixed Deposit interest rate for senior citizens jumps again: How much should you invest in a bank?

Equitas Small Finance Bank FD

The highest FD interest rate offered to senior citizens by Equitas Small Finance Bank is 9% interest on 888 days of deposits. Others can get 8.5% interest on this FD.

Fincare Small Finance Bank FD

The highest FD interest rate offered to senior citizens by Fincare Small Finance Bank is 9.01% on 1000 days deposits. Others can get 8.41% interest on this FD.

Bandhan Bank

The highest FD interest rate offered to senior citizens by Bandhan Bank is 8.5% on 600 days deposits. Others can get 8% interest on this FD.

RBL Bank

The highest FD interest rate offered to senior citizens by RBL Bank is 8.3% interest on deposits of 453 days to 725 days. Others can get 7.8% interest on these FDs.

Also Read: Disadvantages of Fixed Deposit: 5 reasons not to invest

Yes Bank, IndusInd Bank and IDFC First Bank FDs

The highest FD interest rate offered by these banks to senior citizens is 8.25%. While Yes Bank is providing 8.25 FD interest on deposits of 18 months to 36 months, IndusInd Bank is providing this rate on various tenors between 1 year 6 months to 3 years and 3 months. IDFC Bank is providing 8.25 interest rate to senior citizens on deposits of 18 months 1 day to 3 years.

(Disclaimer: The above content is for information purposes only. Interest rates mentioned have been taken from the respective bank websites on May 22, 2023. Please confirm the latest rates with the bank as they are subject to change)