Since reserve Bank of India (RBI) started hike in key policy rates in May 2022, banks are increasing interest rates Fixed deposit (FD). Some banks have raised interest rates so much that they have risen from decade lows to close to 8% for senior citizens.

senior citizens

Many banks offer higher interest rates to senior citizens. Despite high interest rates, large banks such as

, , and offer the highest interest rate of 6.45 percent, 6.60 percent and 6.60 percent respectively. Whereas the interest rates offered by the banks listed below are close to or above 8%.

Jana Small Finance Bank

Jana Small Finance Bank offers an interest rate between 3.30 per cent to 8.15 per cent with tenures ranging from 7 days to 10 years. The bank offers a high interest rate of 8.15 per cent on a tenure of 3 years to 5 years. For senior citizens, the bank offers 8.05 per cent for a tenure of 1- 3 years.

According to the bank, “The interest is calculated on the basis of the actual number of days in a year, i.e. 365 days for a non-leap year and 366 days for a leap year. The period of deposit is calculated in number of days.

Fincare Small Finance Bank

Fincare Small Finance Bank (SFB) has announced a hike in interest rates on fixed deposits. 2 crores. The higher interest rates will be effective from August 21, 2022. After the amendment, the bank now offers a maximum interest rate of 8% to the general public for fixed deposits maturing in 1000 days.

Suryoday Small Finance Bank

The bank offers senior citizens the highest interest rate of 7.99% on fixed deposits maturing in 999 days, which is close to 8%.