FD Rates: 9.50 percent interest for seniors in these 4 banks.. How much will it cost to deposit 5 lakhs?
Samayam October 31, 2024 11:19 AM
FD Rates: Usually senior citizens deposit their money in banks. They want to get good returns without any risk. It can be said that this is the best option for all such people. Because these 4 banks together are getting more than 9 percent interest. This will result in additional income and how much will it be if you deposit Rs.5 lakhs in this? Let us find out now.
FD Rates: Fixed deposits are one of the investment avenues that provide steady income. Mainly suitable for risk averse senior citizens. It is also easy to invest. It is said to be the best option for senior citizens as it offers stable returns. Almost all banks offer higher interest rates ranging from 0.50 percent to 0.75 percent for those above 60 years of age. However, it varies from bank to bank. They also provide low interest loans on fixed deposits. Additional returns can be earned by depositing in banks that earn high interest.
However, many senior citizens prefer to keep their money in big banks like SBI. But, their interest rates are low. The maximum interest rates offered through special schemes are not more than 8 percent, but these 4 small finance banks are offering more than 9 percent interest to senior citizens. It includes North East Small Finance Bank, Suryodaya, Unity and Utkarsh Small Finance Banks. And if you deposit Rs. 5 lakhs along with details like maximum interest rates and tenure, how much will you get after maturity? Let's find out.
North East Small Finance Bank..
This bank is offering a maximum of 9.50 percent interest to senior citizens on tenure deposits of 546 days to 1111 days. These interest rates are being implemented from June 25, 2024. If you deposit Rs.5 lakhs on tenure of 1111 days, after maturity Rs. 6,44,550 will come up.
Suryodaya Small Finance Bank
In this bank, senior citizens are getting a maximum interest of 9.10 percent on deposits of 2 years to 3 years. These rates are effective from September 4, 2024. In this, if you deposit Rs.5 lakh, after the maturity period of 3 years, you will get Rs. 6,33,600 will be received.
Unity Small Finance Bank
This small bank is giving maximum interest of 9.50 percent to seniors with a tenure of 1001 days. After that it is offering 9.25 percent interest on 701 days deposits. These rates are effective from October 7, 2024. If you deposit Rs.5 lakhs on 1001 days scheme, after maturity Rs. 6,27,500 will be available.
Utkarsh Small Finance Bank..
Maximum 9.10 percent interest is available on tenure deposits of 1001 days in this bank. And 9.25 percent interest is being given on tenures of 1500 days. If a fixed deposit of Rs.5 lakhs is made for 1001 days then after maturity Rs. 6,24,150 will be available.
