Everyone saves some part of their earnings and plans to invest it in a place where they can get good returns. In this context, fixed deposit (FD) schemes are becoming increasingly popular, as many banks are offering attractive interest rates on investments. Additionally, there are special benefits for senior citizens; Some banks are offering them great interest rates of more than 8% on FD.
**More benefits for senior citizens**
Small finance banks are preferred over big banks for FD as they offer higher interest rates. Especially investors aged 60 years and above get the benefit of additional interest rates on their FDs.
**First Bank: Suryoday Small Finance Bank**
The first name in this list is of Suryoday Small Finance Bank, which offers interest rates up to 8.05% on FD to senior citizens. This rate is applicable to FD with a tenure of five years.
**Second Bank: Jana Small Finance Bank**
The next name in the list of banks offering attractive interest rates on FD for senior citizens is Jana Small Finance Bank, where they can earn good returns. The bank is offering 8% interest rate to senior citizens on five-year fixed deposits.
**Third Bank: Ujjivan Small Finance Bank**
The next name in the list of banks offering great interest rates on fixed deposits is Ujjivan Small Finance Bank, whose rates are more than 7%. Especially for senior citizens, the bank has fixed interest rates up to 7.7%. RBI has issued a warning on FD.
In view of the increasing popularity of fixed deposits (FD), the Reserve Bank of India has recently proposed a draft regulation.
According to recent reports, this proposal aims to make the interest on fixed deposits and bank deposits more flexible. Banks will no longer be able to set interest rates arbitrarily; Instead, they have to disclose the details of the interest rates in advance on their websites. If these rules are implemented, it will become easier for FD investors to compare the interest rates offered by different banks.