Although Rate of interest Feather Fixed deposit Banks have started increasing gradually, due to increase in key rates by RBI FD Interest Rates, Some banks offer interest rates higher than inflation level for senior citizens over certain tenors Banks offer higher interest rates on fixed deposits to senior citizens.
What is the latest inflation rate in India?
The annual percentage change in the value of the Wholesale Price Index (WPI) is known as inflation. It accurately estimates how much the prices of goods and services vary over the course of a year. In India, WPI is used as a benchmark to calculate inflation. The retail inflation rate for June 2022 is 7.01 percent. Read also:
These 5 bank FDs give returns beating inflation
Here’s a look at some of the banks that offer to beat inflation FD Returns For senior citizens.
Ujjivan Small Finance Bank offers an interest rate of 7.30 per cent for tenures ranging from 18 months to 1 day to less than 24 months and 7.70 per cent for tenures of 15 months and 1 day to 18 months. The bank offers the highest interest rate of 7.20 per cent for tenures of 24 months, 1 day to 989 days and 7.80 per cent for tenures of 24 months.
The bank offers an interest rate of 7.40 per cent for tenures of 990 days and 42 months, 1 day to 60 months. The table below is for regular citizens, and for senior citizens, add 0.50 to the rates given below.
Utkarsh Small Finance Bank
For a tenure of 700 to 1000 days, the bank offers the highest interest rate of 7.75 per cent. It offers 7.40 per cent for tenures ranging from 365 to 699 days and 7.25 per cent for tenures ranging from 1001 to 5 years.
Suryoday Small Finance Bank
The bank offers the highest interest rate of 7.99 per cent for a tenure of 999 days. Suryoday offers 7.50 percent on tenures ranging from 2 years to 998 days and 1000 days to 3 years. For a tenure of 5 years, the bank offers an interest rate of 7.25 per cent.
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ESAF Small Finance Bank
The bank offers the highest interest rate of 7.75 per cent for a tenure of two to three years. The bank offers 7.10 percent on tenures ranging from 1 year, 1 day to less than 2 years.
Fincare Small Finance Bank
Fincare Small Finance Bank offers an interest rate of 7.50 per cent for tenures between 59 months to 66 months and 36 months from 1 day to 42 months. Banks offer 7.25 per cent interest rates over a period of 42 to 59 months.
The bank offers the highest interest rate of 7.50 per cent for a tenure of 888 days. It offers 7.40% on tenures ranging from 889 days to 3 years. The bank offers 7.10 percent interest rate for tenures ranging from one year to 18 months. This table is for regular citizens, and for senior citizens, add 0.50 to the rates given below.
The bank offers the highest interest rate of 7.40 per cent for tenures of 24 to 45 months and 60 to 120 months. It offers 7.10% on terms ranging from 12 months and 1 day to 15 months.
(Interest rates till July 21, 2022; Source: Bank website)