Here are the best interest rates on five-year fixed deposits offered by small finance banks
Best 5-year FD rates for seniors
Latest Fixed Deposit Interest Rates for Senior Citizens from Suryoday Small Finance Bank
Suryoday Small Finance Bank offers an interest rate of 8.75% on its FDs maturing in five years.
Latest Fixed Deposit Interest Rates for Senior Citizens from Unity Small Finance Bank
Unity Small Finance Bank offers an interest rate of 8.65% on its fixed deposits with a maturity of five years.
Latest Utkarsh Small Finance Bank Senior Citizen Fixed Deposit Interest Rate
Utkarsh Small Finance Bank offers an interest rate of 8.35% on its FDs maturing in five years.
| Bank | Interest rate |
| Suryoday Small Finance Bank | 8.75% |
| Unity Small Finance Bank | 8.65% |
| Utkarsh Small Finance Bank | 8.35% |
| Small Finance Bank of Australia | 7.75% |
| Equitas Small Finance Bank | 7.75% |
| Jana Small Finance Bank | 7.75% |
| Ujjivan Small Finance Bank | 7.70% |
Source: Paisabazaar.com as of August 27, 2024
Latest Fixed Deposit Interest Rate for Senior Citizens from AU Small Finance Bank
AU Small Finance Bank offers an interest rate of 7.75% on its fixed deposits with maturity in five years.
Similarly, Equitas Small Finance Bank offers an interest rate of 7.75% on its FDs maturing in five years. In addition, Jana Small Finance Bank It also offers a 7.75% interest rate on its fixed-term deposits with a five-year maturity.
Latest Ujjivan Small Finance Bank Senior Citizen Fixed Deposit Interest Rate
Ujjivan Small Finance Bank offers 7.7% interest rate on its FDs maturing in five years.
What should seniors know before investing in bank fixed deposits?
Seniors can claim a tax deduction up to Rs 50,000 under section 80 TTB. This deduction is applicable on interest income earned from various sources including bank fixed depositsMoreover, this deduction of up to Rs 50,000 is the threshold limit for the aggregate of all interest income from banks, post offices and deposits held in a cooperative banking society (both savings and fixed deposit accounts).
Disclaimer: Due to their business model, small finance banks cannot keep up with other scheduled commercial banks. Therefore, fixed deposits of small finance banks are also not comparable in terms of risk profile to full-service banks. However, when it comes to insurance, do note that deposits in small finance banks are also insured by the Deposit Insurance Credit Guarantee Corporation (DICGC) to the tune of Rs 5 lakh. Most experts advise lay retail investors to keep their exposure limited in fixed deposits of small finance banks so that it falls within the DICGC cover of Rs 5 lakh, inclusive of principal and interest.
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