These 6 banks offering more than 7% interest on FDs for seniors

Most lenders, including public sector banks, have revised their interest rates on fixed deposits to match the Reserve Bank’s repo rate hikes in recent months. To attract new customers, banks have also come up with FD plans with new mandates and special deposits with short validity periods.

Lenders are particularly looking to attract seniors (those over 60) with good rates and some banks offer even higher rates for super seniors (over 70 or 80).

Look at the names of some banks that offer yields above 7% on FDs to seniors.

Unit Bank

For FDs with a one-year maturity, Unity Bank seniors can receive an interest rate of 8.30%. The interest rate for FDs with maturities between one year and one day and 18 months is 7.85%. For deposits with a maturity between 18 months and two years, it offers an interest rate of 7.90%. For FDs maturing between more than two and five years, seniors could receive an interest rate of 8.15%.

RBL Bank

In RBL Bank FD plans, senior citizens will receive 7.50% for the same period. A senior will be paid 7 percent per year for a term of 53 to 459 days (15 months). The revised FD interest rates come into effect on November 1, 2022. The private sector bank offers the highest interest rate of 7.75% per annum on a 725-day FD term.

Small Corporate Bank ESAF

The bank now offers interest rates between 4.50% and 8.50% for seniors on FD terms of 7 days to 10 years. The bank will now pay an interest rate of 7.75% on term deposits maturing in 2 years, 998 days, and an interest rate of 8.50% on deposits maturing in 999 days. Deposits that mature in 1,000 days to less than 3 years will now earn 7.75% interest.

IDBI Bank

For FDs with a term of 700 days under this plan, the bank grants seniors an interest rate of 7.5%. In addition, the institution raised the interest rate for seniors on fixed deposits that mature in 555 days to 7%. The revised FD interest rates come into effect on November 1, 2022.

Ujjivan Small Finance Bank

While Ujjivan SFB for fixed deposits and Sampoorna Nidhi will now provide deposits with maturities between 561 and 989 days at an interest rate of 8.25%. Deposits with a maturity of 990 days now earn 8.5% interest, while those with a maturity of 991 days to 60 months now earn 7.95% interest.

Bandhan Bank

Customers will earn an interest rate of up to 8% on deposits for a term of 600 days. On terms of 1 year to 599 days and 601 days to less than 5 years, the bank offers an interest of 7.75%.

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