Senior Citizen Saving Scheme! Get 9.5% bank FD return from this bank; are you eligible for the benefit?

Bank FD or fixed deposit is the most suitable investment option for senior citizens as they don't want to take any kind of investment risk at this stage of their life.

Bank fixed deposits for the period of 24 months one day to 36 months, the interest rate offered to the investors above 60 years of age by this SFB is whopping 9.5 per cent. Photo: Reuters

Bank FD or fixed deposit is the most suitable investment option for senior citizens as they don't want to afford any kind of investment risk at this stage of their life. However, even when they are not working, they deserve to get higher returns on their investment. Since bank fixed deposit is one of the most preferred investment options for elderly citizens, various Indian banks are coming up with lucrative Senior Citizen FD interest rate offers to the 60 plus age group of investors. Fincare Small Finance Bank is one such bank that is giving up to 9.5 per cent returns to the Senior Citizens FD rate. According to the official website of the Fincare Small Finance Bank, the SFB is giving Senior Citizen FD interest rate from 4.5 per cent to staggering 9.5 per cent to the senior citizen investors.

Source: Official website of Fincare Small Finance Bank

As per the official website of Fincare Small Finance Bank — fincarebank.com/interest-rate — the small banking company is offering 4.5 per cent Senior Citizen FD interest rate on all Bank FD from 7 days to 90 days; on 91 to 180 days Senior Citizen FD rate offered is 6.5 per cent; on Senior Citizen FD scheme from 181 days to 364 days interest rate offered is 7.5 per cent; from 12 month to 18 month Bank FD interest rate offered to senior citizens is 8.5 per cent; for Bank FD for the period of 18 month one day to 21 months interest rate offered to the elderly clientele is 8.75 per cent; for 21 months one day to 24 months fixed deposit 9.0 per cent interest rate. However, for Fincare Small Finance Bank fixed deposits for the period of 24 months one day to 36 months interest rate offered to the investors above 60 years of age is whopping 9.5 per cent.

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There are some other small finance banks that are also giving around 9 per cent returns to senior citizen investors. Utkarsh Small Finance Bank is one such bank that is giving 9 per cent returns to its senior citizen customers on its bank fixed deposits. For Senior Citizen FD interest from 456 days to less than 2 years is 9.0 per cent. Similarly, there is another small finance bank called Suryodaya Small Finance Bank which is giving 9 per cent return to the senior citizen customers for their fixed deposit from above one year six months to two years period. Suryodaya Small Finance Bank is giving 9.25 per cent FD returns to its senior citizen customers if the fixed deposit is done for above two years to three years.

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