These Banks Are Promising Up To 7.55% Returns On FDs For Senior Citizens

In its bi-monthly monetary policy review, the Reserve Bank of India (RBI) maintained the repo and reverse repo rates steady, indicating that banks may no longer slash rates further. As a result, senior citizens should invest their hard-earned money in a safe instrument such as a fixed deposit (FD). Senior citizens typically receive a 0.50 percent additional rate over and above the card rate applicable to the general public, allowing them to encounter monthly incomes and offering them to create a secure wealth in their golden years.

Senior citizens who invest in fixed deposits can opt to earn returns on maturity and on a regular basis, as well as greater yields with tax benefits under section 80C if they stay invested for a longer period of time. Because this debt investment strategy allows them to prosper their investments without being affected by market fluctuations, here are the top 5 small finance banks currently offering 8% returns on which senior citizens should look for higher interest rates as well as DICGC deposit safety up to Rs 5 lakhs on both principal and accrued interest.

Jana Small Finance Bank

Senior folks can earn 3.30 percent to 6.80 percent interest on deposits maturing in 7 days to 10 years at Jana Small Finance Bank. On domestic fixed deposits of less than Rs 2 crore maturing in 1 year [365 days] to 5 years [1825 days], senior folks would receive the maximum rate of 7.55 percent. Jana Small Finance Bank is giving the following interest rates on fixed deposits as of January 11, 2022.

Tenure	Interest rate in % p.a.
7-14 days	3.30%
15-60 days	3.80%
61-90 days	4.55%
91-180 days	5.30%
181-364 days	6.30%
1 Year [365 Days]	7.55%
> 1 Year - 2 Years	7.55%
>2 Years - 3 Years	7.55%
> 3 Year - < 5 Years	7.55%
5 Years [1825 Days]	7.55%
> 5 Years - 10 Years	6.80%
Source: Bank Website

North East Small Finance Bank

On FDs maturing in 7 days to 3650 days, North East Small Finance Bank is providing senior citizens an interest rate of 3.50 percent to 6.75 percent. Senior citizens can get the maximum interest rate of 7.50% percent on domestic fixed deposits of less than Rs 2 crore that mature in 777 days. The bank's fixed deposit interest rates were recently amended on January 27, 2022, and senior citizens can now get the following rates on their FDs.

Tenure	Interest rate in % p.a.
7 - 14 Days	3.5
15 - 29 Days	3.5
30 - 45 Days	3.5
46 - 90 Days	4
91 - 180 Days	4.5
181 - 365 Days	5.5
366 - 729 Days	7.25
730 - 1095 Days	7.25
777 Days	7.5
1096 - 1825 Days	7
1826 - 3650 Days	6.75
Source: Bank Website

Ujjivan Small Finance Bank

Senior citizens can earn 3.65 percent to 6.75 percent on fixed deposits that mature in 7 days to 10 years at Ujjivan Small Finance Bank. On FDs maturing in 990 days, the bank is giving a maximum rate of 7.50 percent to elderly adults. With effect from December 31, 2021, Ujjivan Small Finance Bank is offering the following rates on fixed deposits of less than Rs 2 crore to senior citizens.

Tenure	Interest rate in % p.a.
7 Days to 29 Days	3.65%
30 Days to 89 Days	4.25%
90 Days to 179 Days	5.00%
180 Days to 364 Days	5.50%
12 Months	7.25%
12 Months and 1 Day to 19 Months	6.75%
19 Months and 1 Day to 24 Months	7.35%
24 Months and 1 Day to 989 Days	7.25%
990 Days	7.50%
991 Days to 3 Years	7.25%
3 Years and 1 Day to 5 Years	7.00%
5 Years and 1 Day to 10 Years	6.75%
Source: Bank Website

Suryoday Small Finance Bank

The bank is providing older folks an interest rate of 3.25 percent to 6.00 percent on domestic fixed deposits of less than Rs 2 crore maturing in 7 days to 10 years. On 3-year FDs, the bank is giving the maximum interest rate of 7.30 percent to elderly folks. The bank is giving the below-mentioned interest rates on FDs for elderly persons as of September 9, 2021.

Tenure	Interest rate in % p.a.
7 days to 14 days	3.25%
15 days to 45 days	3.25%
46 days to 90 days	4.25%
91 days to 6 months	4.75%
Above 6 months to 9 months	5.25%
Above 9 months to less than 1 Year	5.75%
1 Year to 1 Year 6 Months	6.75%
Above 1 Year 6 Months to 2 Years	6.75%
Above 2 Years to less than 3 Years	6.50%
3 Years	7.30%
Above 3 Years to less than 5 Years	6.50%
5 Years	7.00%
Above 5 years to 10 years	6.00%
Source: Bank Website

Utkarsh Small Finance Bank

Senior folks can earn 3.50 percent to 6.50 percent on deposits of less than Rs. 2 crore with maturities ranging from 7 days to 10 years. On FDs maturing in 1000 days, senior citizens will receive the maximum rate of 7.40 percent from the bank. On deposits of less than Rs 2 crore, the bank is giving the following interest rates to elderly persons as of January 20, 2022.

Tenure	Interest rate in % p.a.
7 Days to 45 Days	3.50%
46 Days to 90 Days	3.75%
91 Days to 180 Days	4.50%
181 Days to 364 Days	6.25%
365 Days to 699 Days	7.00%
700 Days to 999 Days	7.25%
1000 Days	7.40%
1001 Days upto 5 Years	7.25%
Above 5 Years to 10 Years	6.50%
Source: Bank Website