Interest rates on fixed deposits have been rising since the MPC meeting held in August when the RBI increased the repo rate. Retail inflation in India decreased slightly from 7.01% in June and 6.95% in March to a four-month low of 6.71% in July 2022. In the midst of bank interest rate hikes, several banks are now offering both non-senior and senior citizens fixed deposit returns that will outpace inflation. Fixed deposits are ideal for conservative debt investors who want flexible maturity terms with a fixed rate of return. For investors seeking assured returns in the midst of a turbulent equity market brought on by macroeconomic covariates and geopolitical concerns, fixed deposits might be a great choice right now, especially for older persons who tend to have lower risk tolerance. As a consequence, we have chosen three fixed deposits for older adults that can guarantee them interest rates of above 8% to 8.75%.
Also Read : This DICGC-insured SFB hikes fixed deposit interest rates: Now get up to 8%
Shriram Transport Finance Fixed Deposit
Before discussing interest rates, I’d like to remind fixed deposit customers, particularly elderly citizens, that Shriram Transport Finance Fixed Deposit has received the highest possible safety rating of “[ICRA]AA+ (Stable)” from ICRA and “IND AA+/Stable” from India Ratings and Research. A maximum interest rate of 8.25% for the general public and 8.75% for senior citizens are currently being offered on fixed deposits maturing in 60 months under the non-cumulative category since the company’s most recent modification on August 10, 2022. Senior citizens are eligible to get an additional rate of 0.50% over and above the regular rate, across all maturity terms at Shriram Transport Finance Company Ltd.
Utkarsh Small Finance Bank FD
Utkarsh Small Finance Bank recently changed the interest rates on fixed deposits below ₹2 Cr on August 12, 2022. The bank is now providing a maximum interest rate of 7.50% for the general public and 8.25% for senior citizens on fixed deposits maturing in 700 days up to 5 years. Utkarsh Small Finance Bank is promising an additional interest rate of 0.75% or 75 bps over and above the standard rate for senior citizens across all maturity tenors.
Jana Small Finance Bank
Jana Small Finance Bank’s most recent fixed deposit interest rates are in effect as of June 15, 2022. The bank now guarantees a maximum interest rate of 8.15% for elderly people and 7.35% for the general public on fixed deposits maturing in 3 to 5 years. For elderly people across all maturity tenors, Jana Small Finance Bank is providing an additional interest rate of 0.80% or 80 bps over and above the regular rate.