Interest rates on fixed deposits have been rising since the MPC meeting held in August when the RBI increased the repo rate. Retail inflation in India declined to a four-month low of 6.71% in July 2022 from 7.01% in June and 6.95% in March. Amid hike in bank interest rates, many banks are now offering both non-senior and senior citizens fixed deposit returns that will beat inflation. Fixed deposits are ideal for conservative loan investors who want flexible maturity terms with a fixed rate. For investors looking for assured returns amidst a turbulent equity market brought on by macroeconomic covariates and geopolitical concerns, fixed deposits may be a great option right now, especially for older individuals with low risk tolerance. As a result, we have handpicked three fixed deposits for older adults that can guarantee them interest rates ranging from 8% to over 8.75%.
Shriram Transport Finance Fixed Deposit
Before discussing the interest rates, I would like to remind the fixed deposit customers, especially the elderly citizens, that Shriram Transport Finance Fixed Deposit has got the highest possible safety rating”[ICRA]“AA+ (Stable)” from ICRA and “IND AA+/Stable” from India Ratings & Research. The maximum interest rate of 8.25% for general public and 8.75% for senior citizens is currently being offered on fixed deposits maturing in 60 months. Non-cumulative category since the company’s most recent revision on August 10, 2022. Senior citizens are eligible to get an additional rate of 0.50% over and above the regular rate on all maturity terms in Shriram Transport Finance Company Limited.
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Utkarsh Small Finance Bank FD
Utkarsh Small Finance Bank has recently changed the interest rates on fixed deposits: 2 crore on 12 August 2022. The bank is now offering a maximum interest rate of 7.50% for general public and 8.25% for senior citizens on fixed deposits maturing in 700 days up to 5 years. Utkarsh Small Finance Bank is promising an additional interest rate of 0.75% or 75 bps over the standard rate for senior citizens for all maturities.
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Jana Small Finance Bank
The most recent fixed deposit interest rates of Jana Small Finance Bank are effective as on June 15, 2022. The bank now guarantees a maximum interest rate of 8.15% for old people and 7.35% for general public on fixed deposits maturing in 3 to 5 years. , For elderly people of all maturities, Jana Small Finance Bank is offering an additional interest rate of 0.80% or 80 bps over the regular rate.
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