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Banks & NBFCs That Are Offering Above 9% Interest Rate On FD To Senior Citizens
Since May 2022, when the Reserve Bank of India (RBI) began raising the repo rate, banks including NBFCs began raising fixed deposit (FD) rates. With high-interest rates on FDs, the debt investors can earn high-interest rates of 9 percent and above 9 percent on select FDs by banks and NBFCs. In offering high-interest rates, small finance banks (SFBs) FDs including a few NBFCs look attractive as compared to large banks. Here we have listed 3 SFBs and 1 NBFC that are offering interest rates above 9 percent to senior citizens.
Unity Small Finance Bank
Unity SFB provides fixed-term deposits to senior citizens with interest rates ranging from 4.50 percent to 9.50 percent. The bank offers interest rates between 4.50 percent to 9 percent to General Public for the deposit period ranging from 7 days to 10 years.The highest interest rate of 9 percent and 9.50 percent is available for a tenure of 1001 days for the general public and senior citizens, respectively.
On FD periods of 181-201 days and 501 days, the bank offers 8.75 percent interest to the general public and 9.25 percent interest to senior citizens. These interest rates are effective from February 15, 2023, according to the bank's official website.
Fixed Deposit Rates - Retail Investors
| Tenure | General FD Rates % p.a. | Senior Citizen FD Rates % p.a. |
|---|---|---|
| 7-14 Days | 4.50% | 4.50% |
| 15-45 Days | 4.75% | 4.75% |
| 46-60 Days | 5.25% | 5.75% |
| 61-90 Days | 5.50% | 6.00% |
| 91-164 Days | 5.75% | 6.25% |
| 165-180 Days | 5.75% | 6.25% |
| 181-201 Days | 8.75% | 9.25% |
| 202-364 Days | 6.75% | 7.25% |
| 365 Days | 7.35% | 7.35% |
| 1Year 1 day | 7.35% | 7.35% |
| >1Year 1 day - 500 days | 7.35% | 7.35% |
| 501 Days | 8.75% | 9.25% |
| 502 Days - 18 M | 7.35% | 7.85% |
| >18 M -1000 Days | 7.40% | 7.90% |
| 1001 Days | 9.00% | 9.50% |
| 1002 Days -3 Year | 7.65% | 8.15% |
| >3 Year - 5 Year | 7.65% | 8.15% |
| >5 Year - 10 Year | 7.00% | 7.50% |
Source - theunitybank.com
Please note - For premature withdrawal of fixed deposits and recurring deposits, a premature penalty of 1.00% shall be charged to the rate applicable for the period the deposit has remained with the bank, or the contracted rate, whichever is lower.
Fincare Small Finance Bank
Fincare SFB is 2nd in the list that offers high FD rates of up to 9.01 percent. The bank offers FDs for balances under Rs 2 crore, with deposit period ranging from 7 days to 84 months. The bank provides FD interest rates to the general public between 3 percent to 8.41 percent whereas, for senior citizens, it is between 3.60 percent to 9.01 percent.
The highest interest rate of 8.41 percent to the general public and 9.01 percent to senior citizens is offered on a special tenure of 1001 days. According to the bank's official website, the interest rates are effective from March 24, 2023.
Resident Fixed Deposit (Less Than Rs 2 Cr.) - With Premature Withdrawal Facility
| Tenure | General FD Rates % p.a. | Senior Citizen FD Rates % p.a. |
|---|---|---|
| 7 Days - 45 days | 3.00% | 3.60% |
| 46 days - 90 days | 4.50% | 5.10% |
| 91 days - 180 days | 5.50% | 6.10% |
| 181 days - 365 days | 6.25% | 6.85% |
| 12 months - 15 months | 7.50% | 8.10% |
| 15 months 1 day - 499 days | 7.50% | 8.10% |
| 500 days | 7.75% | 8.35% |
| 501 day - 18 months | 7.50% | 8.10% |
| 18 months 1 day 21 months | 7.80% | 8.10% |
| 21 months 1 day 24 months | 7.80% | 8.40% |
| 24 months 1 day - 749 days | 7.90% | 8.50% |
| 750 days | 8.11% | 8.71% |
| 750 days - 30 months | 7.90% | 8.50% |
| 30 months 1 day - 999 days | 8.00% | 8.60% |
| 1000 days | 8.41% | 9.01% |
| 1001 days - 36 months | 8.00% | 8.60% |
| 36 months 1 day - 42 months | 8.25% | 8.85% |
| 42 months 1 day- 48 months | 7.50% | 8.10% |
| 48 months 1 day - 59 months | 7.50% | 8.10% |
| 59 months 1 day - 66 months | 8.00% | 8.60% |
| 66 months 1 day - 84 months | 7.00% | 7.60% |
Source - fincarebank.com
Utkarsh Small Finance Bank
Utkarsh SFB provides fixed deposits to the general public with interest rates ranging from 4 percent to 8.25 percent. While for senior citizens, the bank provides interest rates ranging from 4.75 percent to 9 percent for the deposit period ranging from 7 days to 10 years. The general customers can earn a maximum of 8.25 percent and senior citizens up to 9 percent on a 700 days special tenure FD. The FD rates are effective from February 27, 2023, according to the bank's official website.
Interest Rates on Domestic FD For Less Than 2 Cr - With Premature Withdrawal Facility
| Tenure | General FD Rates % p.a. | Senior Citizen FD Rates % p.a. |
|---|---|---|
| 7 Days to 45 Days | 4.00% | 4.75% |
| 46 Days to 90 Days | 4.75% | 5.50% |
| 91 Days to 180 Days | 5.50% | 6.25% |
| 181 Days to 364 Days | 6.50% | 7.25% |
| 365 Days to 699 Days | 7.75% | 8.50% |
| 700 Days | 8.25% | 9.00% |
| 701 Days upto 5 Years | 7.50% | 8.25% |
| Above 5 Years to 10 Years | 7.00% | 7.75% |
Source - utkarsh.bank
Please Note - Penalty on premature withdrawal is 1 % (not applicable for closure within 7 days) i.e. 1% less than the card rate as on the date of deposit, for the period for which the deposit has remained with the Bank or 1% less than the contracted rate, whichever is lower
Shriram Finance
Shriram Finance, a Retail NBFC, has recently announced a hike in fixed deposit (FD) rates. The NBFC offers FDs under Cumulative and Non-Cumulative options. The interest rate ranges from 7.60 percent p.a. to 9.10 percent p.a. (With additional interest rates applicable) for a deposit period between 12 months to 60 months. The new rates are effective from March 10, 2023, according to the NBFC.
According to the NBFC, senior citizens (above 60 years age) will receive an additional 0.50 percent interest per year, while women will receive 0.10 percent more interest per year. In addition, all renewals will be subject to an additional 0.25 percent. The deposit will be accepted in multiples of Rs 1000 subject to a minimum amount of Rs 5000, according to NBFC.
Interest Rates On Fixed Deposit/Renewals
Cumulative Deposit
| Period (Months) | Rate % (p.a at monthly rests) |
|---|---|
| 12 | 7.34 |
| 18 | 7.48 |
| 24 | 7.76 |
| 30 | 7.9 |
| 36 | 7.95 |
| 42 | 8 |
| 48 | 8.04 |
| 60 | 8.18 |
Non-Cumulative Deposit
| Period (Months) | Monthly % p.a. | Quarterly % p.a. | Half-Yearly % p.a. | Yearly % p.a. |
|---|---|---|---|---|
| 12 | 7.34 | 7.39 | 7.46 | 7.6 |
| 18 | 7.48 | 7.53 | 7.6 | 7.75 |
| 24 | 7.76 | 7.82 | 7.89 | 8.05 |
| 30 | 7.9 | 7.96 | 8.04 | 8.2 |
| 36 | 7.95 | 8.01 | 8.09 | 8.25 |
| 42 | 8 | 8.06 | 8.14 | 8.3 |
| 48 | 8.04 | 8.1 | 8.18 | 8.35 |
| 60 | 8.18 | 8.24 | 8.33 | 8.5 |
Source - Shriramfinance.in
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