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Banks woo senior citizens and customers with more interest on fixed deposits

Banks woo senior citizens and customers with more interest on fixed deposits

Banks woo senior citizens and customers with more interest on fixed deposits
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By CNBCTV18.com Apr 2, 2022 4:22:33 PM IST (Published)

A fixed deposit or term deposit is one of the simplest forms of investment. You can create a fixed deposit with a bank or NBFC (Non-Banking Financial Institution) as per your convenience.

Banks have come up with increased interest rates for fixed deposits (FDs). Now, customers can earn up to 6.75 percent interest on deposits of less than Rs 2 crores for one-year.

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The banks are particularly wooing senior citizens with the hiked rates. Jana Small Bank is offering 7.55 percent interest for senior citizens, while it is just 6.75 percent for regular customers.
ESAF Small Finance Bank, Utkarsh Small Finance Bank and Repco Banks are giving 7 percent interest on  one-year deposits (less than Rs 2 crore) for senior citizens and 6.50 percent for others.
For FDs with two-year tenure, Utkarsh Small Finance Bank is offering 7.25 percent interest for senior citizens, while it is just 6.75 percent for others for a two-year term. IndusInd Bank and RBL Bank have kept interest rates at 7 percent for seniors and 6.50 percent for others.
Here is a list of some top banks offering the highest interest rates on Fixed Deposits for their regular as well as senior citizen customers.
Banks offering highest interest on 1-year FDs of less than Rs 2 crore
BankInterest rate for regular customersInterest rate for regular customers
Jana Small Finance Bank6.75%7.55%
ESAF Small Finance Bank6.5%7%
Utkarsh Small Finance Bank6.5%7%
Repco Bank6.5%7%
RBL Bank6.25%6.75%
IndusInd Bank6%6.5%
Banks offering highest interest on 2-year FDs of less than Rs 2 crore
BankInterest rate for regular customersInterest rate for regular customers
Utkarsh Small Finance Bank6.75%7.25%
IndusInd Bank6.5%7%
RBL Bank6.5%7%
ESAF Small Finance Bank6.25%6.75%
Bandhan Bank6.25%7%
IDFC Bank6%6.25%
 
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