Senior Citizen FD Rates: SFBs that offer up to 9.50% interest on fixed deposits

SFBs – financial institutions providing banking services to unserved and unbanked areas of India – are offering a Interest FDs as high as 9.50 per cent to woo depositors, data compiled by BankBazaar shows.

Below are the six top small finance banks in which you can invest,

1) Ekta Small Finance Bank: The bank gives an interest rate of 9.00 per cent to the general public and 9.50 per cent to senior citizens on FD of 1001 days.

2) People’s Small Finance Bank: The bank gives an interest rate of 8.10 per cent to the general public and 8.80 per cent to senior citizens on FD of 1001 days.

3) Suryoday Small Finance Bank: The bank gives an interest rate of 8.51 per cent to the general public and 8.76 per cent to senior citizens on 1001 days FD.

4) Ujjivan Small Finance Bank: The bank gives an interest rate of 8.00 per cent to the general public and 8.75 per cent to senior citizens on 1001 days FD.

5) Utkarsh Small Finance Bank: The bank gives an interest rate of 8.00 per cent to the general public and 8.75 per cent to senior citizens on 1001 days FD.

6) North East Small Finance Bank: The bank gives an interest rate of 8.00 per cent to the general public and 8.75 per cent to senior citizens on 1001 days FD.

SFB is registered as a public entity under the Companies Act 2013. The major reason behind the introduction of these financial institutions was to have an alternative player in the market and to provide basic financial services.

Senior citizens generally invest a part of their savings in FDs, which provide liquidity and ensure periodic interest income. In addition, savings are also useful for building an emergency fund.