If you are a Fixed deposit (FD) investor then there is great news for you out there. For the last two years, banks are continuously increasing their interest rates and certain banks are even offering interest rates that are even higher than 9 per cent.
Here’s a list of small finance banks offering up to 9.5% return on senior citizen FDs for the amount above Rs 3 crore, that will definitely leave you in awe.
Unity Small Finance Bank FD rate for senior citizen
Senior citizens can earn an 8.65% interest rate on a three-year fixed deposit with Unity Small Finance Bank.
Suryoday Small Finance Bank latest FD rate for senior citizens
Senior citizens can earn a 9.1% interest rate on a three-year fixed deposit with Suryoday Small Finance Bank
Bank
Interest Rate (3-Year FD)
TDS Deduction
Unity Small Finance Bank
8.65%
10% TDS if interest exceeds Rs. 50,000 per year
Suryoday Small Finance Bank
9.1%
10% TDS if interest exceeds Rs. 50,000 per year
Utkarsh Small Finance Bank
9.1%
10% TDS if interest exceeds Rs. 50,000 per year
Equitas Small Finance Bank
8.5%
10% TDS if interest exceeds Rs. 50,000 per year
North East Small Finance Bank
9.5%
10% TDS if interest exceeds Rs. 50,000 per year
Jana Small Finance Bank
8.75%
10% TDS if interest exceeds Rs. 50,000 per year
AU Small Finance Bank
8%
10% TDS if interest exceeds Rs. 50,000 per year
North East Small Finance Bank FD rate for senior citizen
Senior citizens can earn a 9.5% interest rate on a three-year fixed deposit with North East Small Finance Bank
Utkarsh Small Finance Bank FD rate for senior citizen
Senior citizens can earn a 9.1% interest rate on a three-year fixed deposit with Utkarsh Small Finance Bank.
Jana Small Finance Bank FD rate for senior citizen
Senior citizens can earn an 8.75% interest rate on a three-year fixed deposit with Jana Small Finance Bank.
Equitas Small Finance Bank FD rate for senior citizen
Senior citizens can earn an 8.5% interest rate on a three-year fixed deposit with Equitas Small Finance Bank
AU Small Finance Bank FD rate for senior citizen
Senior citizens can earn an 8% interest rate on a three-year fixed deposit with AU Small Finance Bank
Details on the TDS Deduction
TDS is paid on the interest earned on bank FDs where the interest is more than Rs 40,000 in a year for an individual. In the case of senior citizens, TDS at 10% is deducted only if the interest amount exceeds fifty thousand rupees.
Keep in mind that Small finance banks sail in a different boat altogether due to their business model; the risk profile of their fixed deposits (FDs) is not comparable with full-service banks. However, the depositor’s money in small finance banks is protected by the DICGC up to the tune of Rs 5 lakh only. It is actually advisable for retail investors to keep their exposure in the FDs with Small finance banks low so that this amount does not exceed the DICGC insurance ceiling of Rs 5 lakh which includes interest as well as the principal amount.
Explore mind blowing FD interest rates for senior citizens, offered by Small Finance Banks, including Unity Small Finance Bank, Suryoday Small Finance Bank, Jana Small Finance Bank and others. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
