Senior Citizen Fixed Deposit: If you come under the category of senior citizens and are planning to invest in FD schemes. So you some banks are giving you good returns on fixed deposit schemes to senior citizens with higher interest rates.
By investing in which you can create a very big fund. Let us tell you that many banks in India are currently offering high-interest rates on Fixed Deposits (FDs), especially for senior citizens.
According to a media report, the increase in the repo rate by the Reserve Bank of India has led to an increase in FD interest rates, with some banks offering rates up to 9.50 per cent to senior citizens. While most major banks in the country offer interest rates on fixed deposits ranging from 3.50 per cent to 8 per cent, there are some small finance banks that offer higher rates.
Small banks are giving this much interest
For example, Utkarsh Small Finance Bank is paying the highest interest rate of 9 per cent to senior citizens for a tenure of 700 days, while 8.25 per cent is offered to ordinary citizens. Similarly, Unity Small Finance Bank offers 9 percent interest to general citizens and 9.50 percent interest to senior citizens with a tenure of 1001 days and 9.25 percent interest to senior citizens with a tenure of 501 days.
Pay special attention to this
You must keep in mind that before investing in Fixed Deposits of any bank, one should do due diligence to understand the level of safety and risk associated with the investment. It is recommended that investors take appropriate decisions only after thoroughly reviewing the financial position and credibility of the bank. Senior citizens who are planning to invest in Fixed Deposits should explore the various options available and choose the bank that offers the best returns while ensuring the safety of their investments.
