Amid the rising number of Covid-19 cases due to the new variant, fixed deposits may be the safest option. It offers liquidity and ensures interest income periodically. As the RBI has kept the repo rate unchanged for last six months, most banks have reduced interest rates on FDs. Despite falling interest rates, small finance banks and smaller private banks offer interest rates of up to 7.3% on three-year FDs for senior citizens as per data compiled by BankBazaar.
Suryoday small finance bank offer 7.30% interest on three-year FDs for senior citizens. Among small finance banks, this bank offers the best interest rates. A sum of ₹1lakh infused grows to ₹1.24lakhs in three years.
Ujjivan small finance bank offers 7.25% interest in three-year FDs for senior citizens. ₹1 lakh infused grows to ₹1.24lakh in three years.
YES bank offer 7% interest rates on FDs for senior citizens. A sum of ₹1 lakh infused grows to ₹1.23lakh in three years.
RBL bank offers 6.80% interest in three-year FDs. ₹1lakh infused grows to ₹1.22 lakh in three years.
AU small finance bank offers 6.75% interest in three-year FDs. ₹1 lakh grows to ₹1.22 lakh in three years. The small finance banks and smaller banks are offering higher interest rates to garner newer deposits.