What else to think when seniors get up to 8.30% interest | Look at this bank for fixed deposits

What else to think when seniors get up to 8.30% interest | Look at this bank for fixed deposits, As senior citizens prefer safe and risk-free investments. Bank fixed deposits are relatively low risk and provide fixed income due to strong monitoring and regulation by the Reserve Bank. Even though the interest rates were low during the Covid period, as the Reserve Bank continued to raise the repo rate, the interest rates on bank deposits also increased. In this way, you can get acquainted with a private bank that offers 8.30 percent interest to senior citizens for fixed deposits.

RBL Bank Deposit

Mumbai-headquartered RBL Bank has recently hiked interest rates on fixed deposits. The interest rate earned on the deposit ranges from 3.75 percent to 8.05 percent. A special category of senior citizens will get an additional rate of 0.75 percent on the deposit. In this way, 8.30 percent interest will be earned on fixed deposits.

What else to think when seniors get up to 8.30% interest;  This bank is for fixed deposits

interest rate

8.05 percent interest is earned on fixed deposits with a tenure of 453 days to 725 days. Senior citizens will get 7.50 percent interest for 12 months to 15 months and 7.50 percent interest for 762 days to 60 months. The bank pays 6.75 percent interest for 60 months to 240 months. A tax saving fixed deposit with a lock-in period of 5 years will fetch the same rate of interest.

* 7 days to 14 days – 3.75%

* 15 days to 45 days- 4.25%

* 46 days to 90 days- 4.50%

* 91 days to 180 days- 5%

* 181 days to 240 days- 5.50%

* 241 days to 364 days- 6.35%

8.30 percent interest

The super senior citizen category above 80 years of age will get the highest interest rate of 8.30 percent. This rate of interest is given for deposits of 453 days to 725 days. People aged 60 to 80 years are considered as senior citizens and those above 80 years are considered as super senior citizens.

Super Senior Citizen category will get 7.75% interest for 12 months to 15 months. 7.30 percent interest for 36 months to 60 months and 7 percent for 60 months to 240 months.

Banks paying above 8 percent

Ujjivan Small Finance Bank offers 0.75% more interest than general depositors for senior citizens. The bank offers 8.75 percent interest on fixed deposits of senior citizens for 80 weeks (560 days). In the same FD scheme, 8 percent interest is given to other categories of investors.

Fincare Small Finance Bank Bank offers 0.50% more interest than general category depositors for senior citizens. 1,000 days FD deposits from various FD schemes offer the highest interest. In this scheme, senior citizen investors will get 8.50 percent interest and others will get 8 percent interest.

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