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For investors who wish to build long-term wealth without relying on market-based returns and have a low-risk tolerance capacity, 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, and special advantages for senior citizens. Since the RBI increased the repo rate at its MPC meeting in June, interest rates on fixed deposits have been on the rise. As a result, older adults can now receive returns on fixed deposits that outpace inflation over their golden years. Retail inflation, as determined by the Consumer Price Index (CPI), decreased to 7.01 per cent in June. In this article, we’ll discuss three fixed deposits from banks that are not only DICGC-insured but also offer senior citizens returns of up to 8.15 per cent, which is a significant impact on inflation and enables them to earn real returns on their fixed deposit investments.
Jana Small Finance Bank
The bank recently updated its fixed deposit interest rates on June 15, 2022, and as a result, it is currently providing senior citizens with fixed deposits with maturities ranging from seven days to ten years at interest rates ranging from 3.30 per cent to 6.80 per cent. On deposits maturing in 1 to 3 years, the bank is offering an interest rate of 8.05% to senior citizens, and on term deposits maturing in 3 to 5 years, senior citizens will get a maximum interest rate of 8.15% which is not only much higher than the inflation level but is also the highest interest rate among bank fixed deposits for senior citizens.
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North East Small Finance Bank
Recurring deposits (RD) are another version of fixed deposits where investors can make monthly deposits rather than investing a lump sum amount, and RDs offer similar rates to that of fixed deposits. On RD, North East Small Finance Bank is giving older persons an interest rate of up to 8% on deposits that mature in 2 years. This is the only small finance bank in the financial sector that provides elderly persons with 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.
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Suryoday Small Finance Bank
On June 6, 2022, Suryoday Small Finance Bank last modified the interest rates on its fixed deposits. The bank promises older people interest rates between 3.75 per cent and 6.50 per cent on fixed deposits with maturities ranging from 7 days to 10 years. However, on term deposits maturing in 999 days, the bank gives senior residents the highest interest rate of 7.99 per cent, which is comparable to our topic 3 bank deposits with interest rates of around 8 per cent.
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