Fixed deposits: These banks are offering up to 9.5% interest on FDs

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In the wake of a series of rate hikes by the RBI since May this year, lenders started increasing fixed deposit (FD) interest rates. The FD rates of many banks are now in the range of 5-8 percent. Banks have made FD rates even better for senior citizens. There are some small finance banks offering even better returns on FDs for senior citizens.

Here are two banks offering 9% interest rate to senior citizens.

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Unity Small Finance Bank

This bank offers FD interest rates between 4.5% and 9% to senior citizens. It currently provides senior citizens with an interest rate of 9% per annum on fixed deposits invested for terms of 181 and 501 days, respectively. The bank offers retail investors 8.50% for the same terms, according to the bank website.

Suryoday Small Finance Bank

Suryoday Small Finance Bank has revised the interest rates on fixed deposits of less than Rs 2 crore. According to the bank’s official website, the new rates will be effective from December 6, 2022.

The bank has raised its interest rates across all tenors as a result of the modification. The bank provides fixed deposits with maturities ranging from seven days to ten years at interest rates for the general public of 4% to 9% and for senior citizens 4.5% to 9.59%.

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Other Small Finance Banks

Utkarsh Small Finance Bank (SFB) is offering a minimum rate of 8% to the general public and a maximum rate of 8.75% to senior citizens.

Ujjivan Small Finance Bank (SFB) offers a maximum rate of 8% to the general public and 8.75% to senior citizens.

Shivalik Small Finance Bank (SFB) offers a maximum rate of 7.50% to the general public and a maximum rate of 8.00% to senior citizens.

Shivalik Small Finance Bank (SFB) offers a maximum rate of 7.50% to the general public and a maximum rate of 8% to senior citizens.

Just like the commercial banks, small finance banks (SFB) are subject to Reserve Bank of India regulations.

Deposits made with such small finance banks are covered up to Rs 5 lakh under the Deposit Insurance Credit Guarantee Corporation (DICGC). The DICGC offers deposit insurance as well as savings, current, recurring, and other types of deposits. Deposits are therefore covered up to Rs 5 lakhs.