For investors who want to build long-term wealth without relying on market-based returns and have low risk tolerance, fixed deposit investments are the best loan option. Fixed deposits are year-round investments that offer a host of benefits to investors, including tax benefits, liquidity, flexible maturities that can vary from seven days to ten years, low-cost investment options and specials for senior citizens. Benefits are included. RBI has increased interest rates on fixed deposits since the repo rate hike in its MPC meeting in June. As a result, older adults can now get returns on fixed deposits that outweigh inflation in their golden years. Retail inflation as determined by the Consumer Price Index (CPI) declined to 7.01 per cent in June. In this article, we will discuss three fixed deposits from banks that are not only DICGC-insured, but also offer returns of up to 8.15 per cent to senior citizens, which have a significant impact on inflation and enable them to earn real returns on their fixed deposits. enables to. Deposit investment.
Jana Small Finance Bank
The bank recently updated its fixed deposit interest rates on June 15, 2022, and as a result, it currently offers senior citizens with fixed deposits ranging from seven days to ten years at interest rates ranging from 3.30 per cent to 6.80 per cent. providing maturity period. , The bank is offering an interest rate of 8.05% to senior citizens on deposits maturing in 1 to 3 years, and fixed deposits maturing in 3 to 5 years to senior citizens will get a maximum interest rate of 8.15% which is not only Much higher than the inflation level, but also the highest interest rate among bank fixed deposits for senior citizens.
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North East Small Finance Bank
Recurring deposits (RDs) are another version of fixed deposits where investors can make monthly deposits instead of investing a lump sum amount, and RDs offer rates similar to fixed deposits. On RD, North East Small Finance Bank is offering an interest rate of up to 8% to older persons on deposits maturing in 2 years. It is the only small finance bank in the financial sector that offers the highest interest rate on RDs up to 8% to elderly persons. The bank had last changed the interest rates on its deposit accounts on April 1, 2022.
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Suryoday Small Finance Bank
Suryoday Small Finance Bank had last revised the interest rates on its fixed deposits on 6 June 2022. The bank promises interest rates between 3.75 per cent to 6.50 per cent on fixed deposits with maturities ranging from 7 days to 10 years. However, on fixed deposits maturing in 999 days, the bank offers the highest interest rate of 7.99 per cent to senior residents, which is roughly equivalent to the interest rate of 8 per cent with our Subject 3 bank deposits.
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