After four consecutive repo rate hikes by the Reserve Bank of India (RBI) from May 2022, which gave rise to a rise in FD interest rates, fixed deposits have gained popularity among retail investors, especially older individuals. Investors can now generate returns that beat inflation amid rising interest rates. India’s Consumer Price Index (CPI) data showed that retail price inflation fell to 6.77 per cent in October 2022 from a five-month high of 7.41 per cent in September. Investing in instruments with returns that exceed the rate of inflation will help you earn real returns instead of seeing the value of your investment. Amid rising interest rates, some small finance and private sector banks are now promising inflation-beating returns for senior citizens in the long term. In light of this, we have compiled here 7 small finance banks that offer highest returns on FDs to elderly residents ranging from 8.50% to 9%.
Ekta Small Finance Bank
The fixed deposit interest rate of the bank is revised from 21 November 2022. After the adjustment, deposits maturing in 181 days and 501 days respectively can now earn senior citizens a maximum interest rate of 9.00%. The bank is offering an interest rate of 8.50% to the general public for the same tenure.
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Utkarsh Small Finance Bank
Utkarsh Small Finance Bank Fixed Deposit interest rates are effective till November 21, 2022. The bank promises senior citizens a maximum interest rate of 8.75% on deposits maturing in 700 days, while non-senior citizens can get returns that beat inflation. 8.00% on the same tenure.
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Ujjivan Small Finance Bank
Ujjivan Small Finance Bank fixed deposit interest rates are effective from November 5, 2022. The bank promises senior residents a maximum interest rate of 8.75% on deposits maturing in 80 weeks (560 days), while non-senior citizens can get 8.00%. on the same term.
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People’s Small Finance Bank
Fixed deposit interest rates of Jana Small Finance Bank are effective from October 14, 2022. The bank currently offers a maximum interest rate of 8.50% to senior residents on deposits maturing in 2-3 years, while also offering a standard rate of 7.55%. % on the said tenure.
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Fincare Small Finance Bank
Fincare Small Finance Bank Fixed Deposit interest rates are effective from November 9, 2022. The bank now guarantees senior residents a maximum interest rate of 8.50% on deposits payable in 1000 days, while also offering a regular rate of 8%.
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ESAF Small Finance Bank
ESAF Small Finance Bank Fixed Deposit interest rates are effective from 01/11/2022. In addition to offering a regular rate of 8%, the bank is now offering senior citizens a guaranteed maximum interest rate of 8.50% on deposits maturing in 999 (2 years 8 months and 26 days).
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North East Small Finance Bank
Fixed Deposit interest rates of North East Small Finance Bank are effective from September 16, 2022. The bank now guarantees a maximum interest rate of 8.50% to senior citizens on deposits maturing in 1111 days, while also offering a regular rate of 7.75%.
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