3 bank deposits with up to 8.15% interest rate for seniors

For investors who want to build long-term wealth without depending on market-based returns and who have a low tolerance for risk, fixed deposit investments are the best debt option. Fixed deposits are year-round investments that offer a variety of benefits to investors, including tax advantages, liquidity, flexible maturities that can vary from seven days to ten years, low-cost investment options cost and special benefits for seniors. Since the RBI raised the repo rate at its MPC meeting in June, interest rates on term deposits have risen. As a result, seniors can now receive returns on fixed deposits that outpace inflation during their golden years. Retail price inflation, as determined by the consumer price index (CPI), declined to 7.01% in June. In this article, we will discuss three fixed bank deposits that are not only insured by DICGC but also offer senior citizens yields of up to 8.15%, which has a significant impact on inflation and allows them to earn real returns on their fixed rate. investments on deposit.

Bank Jana Small Finance

The bank recently updated its interest rates on fixed deposits on June 15, 2022 and as a result, it is currently offering senior citizens fixed deposits with maturities ranging from seven days to ten years at interest rates ranging from 3.30% to 6.80%. . On deposits with a maturity of 1 to 3 years, the bank offers an interest rate of 8.05% to seniors, and on term deposits with a maturity of 3 to 5 years, seniors will benefit from an interest rate of maximum interest of 8.15% which is not only much higher than the level of inflation, but is also the highest interest rate among fixed bank deposits for the elderly.

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Jana Small Finance Bank FD Rates (janabank.com)

Northeast Small Finance Bank

Recurring deposits (RD) are another version of fixed deposits where investors can make monthly deposits rather than investing a lump sum, and RDs offer similar rates to fixed deposits. On RD, the North East Small Finance Bank grants senior citizens an interest rate of up to 8% on deposits maturing in 2 years. It is the only small financial bank in the financial sector that offers senior citizens the highest interest rate on RD of up to 8%. On April 1, 2022, the bank last changed the interest rates on its deposit accounts.

North East Small Finance Bank RD Rates

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North East Small Finance Bank RD Rates (nesfb.com)

Suryoday Small Finance Bank

On June 6, 2022, Suryoday Small Finance Bank last changed the interest rates on its term deposits. The bank promises senior citizens interest rates of between 3.75% and 6.50% on term deposits with maturities ranging from 7 days to 10 years. However, on term deposits maturing in 999 days, the bank offers senior residents the highest interest rate of 7.99%, which is comparable to our subject 3 bank deposits with interest rates by about 8%.

Suryoday Small Finance Bank FD Rates

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Suryoday Small Finance Bank FD Rates (suryodaybank.com)

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