Banks woo seniors and customers with more interest on fixed deposits


Banks offered increased interest rates for fixed deposits (FD). Now, customers can earn up to 6.75% interest on deposits of less than Rs 2 crores for one year.

Banks are particularly courting seniors with the rise in rates. Jana Small Bank offers an interest rate of 7.55% for senior citizens, while it is only 6.75% for regular customers.

ESAF Small Finance Bank, Utkarsh Small Finance Bank and Repco Banks give 7% interest on one-year deposits (less than Rs 2 crore) for seniors and 6.50% for others.

For FDs with a two-year term, Utkarsh Small Finance Bank offers 7.25% interest for seniors, while it is only 6.75% for others with a two-year term. IndusInd Bank and RBL Bank kept interest rates at 7% for seniors and 6.50% for others.

Here is a list of some of the best banks offering the highest interest rates on term deposits for their regular and senior customers.

Banks offering the highest interest on 1-year FDs below Rs 2 crore

Bank Interest rate for regular customers Interest rate for regular customers
Bank Jana Small Finance 6.75% 7.55%
Small Corporate Bank ESAF 6.5% 7%
Utkarsh Small Finance Bank 6.5% 7%
Repco Bank 6.5% 7%
RBL Bank 6.25% 6.75%
IndusInd Bank 6% 6.5%

Banks offering the highest interest on 2-year FDs below Rs 2 crore

Bank Interest rate for regular customers Interest rate for regular customers
Utkarsh Small Finance Bank 6.75% 7.25%
IndusInd Bank 6.5% 7%
RBL Bank 6.5% 7%
Small Corporate Bank ESAF 6.25% 6.75%
Bandhan Bank 6.25% 7%
IDFC Bank 6% 6.25%

(Edited by : Sudarsanan Mani)


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