8 Banks Offering FD Rates Up to 9.5% On Fixed Deposits for Senior Citizens

Fixed deposits (FDs) have long been a preferred investment avenue for senior citizens, offering them a secure option to grow their savings while ensuring a steady income stream during retirement. FDs offered by Small Finance Banks (SFBs) have gained prominence among the various options available due to their attractive interest rates and safety features. This article delves into the nuances of FDs in SFBs, highlighting their benefits and why they are considered a prudent choice for senior citizens. Below are some of the banks offering competitive interest rates on senior citizen accounts:

1. Au Small Finance Bank Limited
2. Capital Small Finance Bank Limited
3. Equitas Small Finance Bank Limited
4. Suryoday Small Finance Bank Limited
5. Ujjivan Small Finance Bank Limited
6. Utkarsh Small Finance Bank Limited
7. ESAF Small Finance Bank Limited
8. Fincare Small Finance Bank Limited
9. Jana Small Finance Bank Limited
10. North East Small Finance Bank Limited
11. Shivalik Small Finance Bank Limited
12. Unity Small Finance Bank Limited

Safety of Principal and Higher Interest Rates:

One primary reason senior citizens opt for FDs in SFBs is the safety of their principal amount. SFBs are regulated entities governed by the Reserve Bank of India (RBI) and are mandated to adhere to strict operational guidelines. Additionally, FDs in SFBs offer higher interest rates than those offered by traditional banks, providing senior citizens with an opportunity to maximize their returns on savings.

Senior citizen fixed deposit rate