Fixed Deposit News
According to the announcement, the interest rate for Bajaj Finance FDs with a maturity of 44 months will be 8.10 per cent p.a. for senior citizens, and 7.85 per cent p.a. for customers below 60 years of age.The new rates will be applicable to all new deposits and renewals with Bajaj Finance for a tenure of 12 to 60 months.
The IOB now offers an FD rate of up to 7.3 per cent to the depositors for a tenure of 444 days and up to 7.25 per cent for a period of three years and above. Foreign currency depositors shall be paid an interest rate of up to 4.25 per cent by opening FCNR (B) term deposits with the bank. The bank said that the interest rate for IOB Tax Saver Deposit shall be at 6.5%.
SBI is offering a guaranteed return of up to 6.9% for investors. State Bank of India is offering a return of 6.1% to non-senior citizens while senior citizens can earn an interest rate of 6.6% on one year deposit. The bank is offering 6.1% return on Non-Resident External (NRE) Account Fixed Deposits for an amount up to Rs 2 crore.
For non-senior citizens, the UCO Bank now offers a return of 2.9% on FDs with a maturity tenure of 7-29 days. The bank is now offering an interest rate of 6.2% on deposits maturing in over one year to up to two years except for 444 and 666 days), 6% for above two years and up to 5 years and above. The deposits for 444 days will earn a return of 6.75% and those for 666 days will get a 7% return.
Senior Citizens often look for investment options that can yield a risk-free healthy return. Canara Bank's Ashraya Deposit Scheme for Senior Citizens is one such scheme available in the market. According to the Canara Bank, individuals who have completed the age of 60 years and above are eligible for the scheme.
Senior Citizen Fixed Deposit Interest Rate: Senior citizens often tend to invest in an instrument that is risk-free and yields a better return. Of all the traditional investment options, fixed deposit is one of the most trusted options by senior citizens. Recently, not only public sector banks but private lenders have also revised their interest rates on fixed deposits including SBI, HDFC, ICICI Bank, Bank of Baroda and Union Bank of India. While nationalised banks offer a return of up to 7.5 per cent on fixed deposits, Small Finance Banks (SFBs) offer a return of up to 9 per cent on fixed deposits. These SFBs include Ujjival Small Finance Bank, Utkarsh Small Finance Bank, Jana Small Finance Bank, and Fincare Small Finance Bank.
The average size of fixed deposits with Bajaj Finance is Rs 3.5 lakh per depositor. According to the company, it has a base of 4.25 lakh fixed depositors with more than 1 million FDs. For senior citizens, the NBFC is offering a return of 7.05 per cent on fixed deposits with a maturity period of 12-14 months.
Senior Citizens Fixed Deposit Interest Rate 2022: There is good news for Senior Citizens who want to invest in safe instruments and get a higher return. Several public sector lenders have revised their interest rates on fixed deposits and those who benefit most are senior citizens as they get an additional rate of interest compared to the general public. The interest rates are much higher than that being offered by the Post Office. At present, the post office fixed deposit interest rate is between 5.5 per cent and 6.7 per cent depending on the tenure of the deposit.