Nowadays Fixed Deposits (FDs) are in great demand among the public since people feel that their money is secure and they will get a fixed return on investment. FDs are a safer option to invest in and watch your money grow. It is now easier for senior citizens to get better interest rates on FDs as compared to earlier days.
List of banks that are giving senior citizens fantastic FD rates: Suryoday Small Finance Bank, Unity Small Finance Bank, Utkarsh Small Finance Bank, AU Small Finance Bank and Ujjivan Small Finance Bank.
1. Suryoday Small Finance Bank
Regarding the FD for seniors, Suryoday gives 7.35% on a one-year Fixed Deposit. On 2-year FD, you are offered 9.10% while for a 5-year FD, the rate given is 8.75%. Deposit ₹1 lakh for five years, and you will receive ₹1,54, 154 at maturity.
2. Unity Small Finance Bank
Unity Small Finance Bank gives 8.35% on a one-year fixed deposit. For 2 years of FD, it will be 8.40% and for 5 years or more, it will be 8.65%. Invest ₹1 lakh in 5-year FD and it will be ₹1,53,402 at maturity.
3. Utkarsh Small Finance Bank
Utkarsh Small Finance Bank provides 8.60% on a 1-Year Fixed Deposit. For a 2-year FD, it is 9.10% while for a 5-year FD, it is 8.35%. Invest ₹1 lakh for 5 years and your amount will be ₹1,51,165.
4. AU Small Finance Bank
AU Small Finance Bank offers 8.25% on a one-year fixed deposit. For a 2-year fixed deposit, it is 7.75% and the same goes for a 5-year fixed deposit. Your initial investment of ₹1 lakh will be worth ₹1,46,784 in the next 5 years.
5. Ujjivan Small Finance Bank
Ujjivan Small Finance Bank offers 8.75% on a 1-year Fixed Deposit or FD. The interest rate for the 2-year FD is 8.25% and 7.70% for the 5-year FD. An investment of ₹1 lakh for 5 years will fetch ₹1,46,425.
Conclusion
Fixed Deposits are very wisely suited for senior citizens as the Investment is safe as well as secure. Thus, having such high rates, you may guarantee that your savings are being accumulated and protected effectively.
Looking for guaranteed growth? These FD schemes give seniors higher returns, worry-free. Suryoday Small Finance Bank, Unity Small Finance Bank, Utkarsh Small Finance Bank, AU Small Finance Bank and Ujjivan Small Finance Bank are giving good returns on their FD schemes. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
