Bandhan Bank, Equitas Small Finance Bank and Unity Small Finance Bank are offering 7.75% interest on 3-year FDs for senior citizens.
Mumbai: After the Reserve Bank of India (RBI) reduced the repo rate three times in a row, banks have reduced the interest on FDs. Due to this, the returns on FDs have come down significantly. The biggest loser has been senior citizens as they are heavily dependent on FDs. In fact, it is not that the option is over. Many banks are still offering good interest on FDs. We are telling you about such banks, which are offering interest up to 8.50% on 3-year FDs.
Opportunities in Small Finance Banks: Utkarsh Small Finance Bank is offering 8.50 percent interest rate on 3-year FD to senior citizens. If a senior citizen invests Rs 1 lakh in this bank for three years, the amount will increase to Rs 1.26 lakh. Jana Small Finance Bank offers 8.25 percent interest rate on FD for three years. If a senior citizen invests Rs 1 lakh, the amount at maturity will be Rs 1.25 lakh.
Yes Bank is also offering good interest rates: Suryoday Small Finance Bank offers an interest rate of 8.15 percent on three-year FDs. A deposit of Rs 1 lakh will become Rs 1.24 lakh on maturity. Yes Bank offers an interest rate of 7.85 percent on three-year FDs for senior citizens. An investment of Rs 1 lakh will become Rs 1.24 lakh on maturity.
Bandhan Bank, Equitas Small Finance Bank and Unity Small Finance Bank offer an interest rate of 7.75 per cent on three-year FDs for senior citizens. This means an investment of Rs 1 lakh will become Rs 1.23 lakh at maturity. Ujjivan Small Finance Bank and RBL Bank offer an interest rate of 7.70 per cent. An investment of Rs 1 lakh will become Rs 1.23 lakh at maturity.
Opportunity to invest in these banks too: IndusInd Bank offers an interest rate of 7.50 percent on 3-year FD. If you invest Rs 1 lakh, this amount will become Rs 1.23 lakh at maturity. DCB Bank, IDFC First Bank and Jammu and Kashmir Bank offer an interest rate of 7.25 percent. This means that an investment of Rs 1 lakh will become Rs 1.22 lakh at maturity.
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