Banks in India offer higher interest rates to senior citizen (those above the age of 60) and some banks offer even higher rates for super senior citizens (above the age of 70 or 80).
Here are some banks that are offering interest rates above 7% to their senior citizen customers.
For fixed deposits with a one-year maturity date, Unity Bank seniors can receive an interest rate of 8.30%. The interest rate for FDs with maturities of between one year and a day and 18 months is 7.85 percent. For deposits maturing between 18 months and two years, Unity Bank offers an interest rate of 7.90%. For FDs maturing between more than two years and five years, senior citizens might receive an interest rate of 8.15%. These rates are effective from November 1, 2022.
RBL Bank senior citizens will receive 7.50% for the same period. A senior citizen will be paid 7% annually for tenure of 53 to 459 days (15 months). The revised FD interest rates are effective from November 1, 2022.
The private sector bank is offering the highest interest rate of 7.75 per cent per annum on an FD tenure of 725 days. Super senior citizens, or those who are 80 years of age or more, will receive an extra 0.75 percent in interest on top of the domestic FD interest rate. Retail deposits under Rs 2 crore are eligible for the interest rate.
ESAF Small Finance Bank
The bank is now offering interest rates in the range of 4.50% to 8.50% for senior citizens on FD tenures from 7 days to 10-years. The bank will now pay an interest rate of 7.75% on fixed deposits maturing in 2 years, 998 days, and an interest rate of 8.50% on deposits maturing in 999 days.
Deposits that mature in 1000 days to less than 3 years will now earn 7.75% interest.
For FDs with a 700-day term under this plan, the bank gives senior citizens an interest rate of 7.5%. Additionally, the institution raised the interest rate for senior citizens on fixed deposits that mature in 555 days to 7%. The revised FD interest rates are effective from November 1, 2022.
Ujjivan Small Finance Bank
While Ujjivan SFB for fixed deposits and Sampoorna Nidhi will now provide deposits with maturities between 561 and 989 days at an interest rate of 8.25 percent. Deposits with a 990-day maturity period now yield 8.5% interest, while those with a 991-day to 60-month maturity period now earn 7.95% interest. Ujjivan Small Finance Bank will charge interest at a rate of 7.25% on deposits that mature in any time frame between 60 months and a day and 120 months. The revised FD interest rates are effective from November 5, 2022.
With this increase, customers will get an interest rate of as high as 8% on deposits for a
tenure of 600 days . On terms of 1 year to 599 days and 601 days to less than 5 years, the bank is offering 7.75% interest. For FDs with terms less than a year, the Bank gives senior citizens 0.75% or 75 bps higher interest rates. The revised FD interest rates are effective from November 7, 2022.