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Suspense crime, Digital Desk : For senior citizens looking to make their savings work harder, finding safe investments with high returns is a top priority. While traditional banks are a common choice, a number of Small Finance Banks (SFBs) are currently offering significantly higher interest rates on Fixed Deposits (FDs), providing a powerful way to boost retirement income.

Fixed Deposits are a preferred investment for many retirees due to their safety and predictable returns. For senior citizens, banks typically offer an additional interest rate of 0.50% over the rates for the general public. Several SFBs are leveraging this to provide returns that are hard to find elsewhere.

If you are a senior citizen planning to invest in an FD, here are some of the top-paying Small Finance Banks to consider right now:

  1. Utkarsh Small Finance Bank: Leading the pack, this bank offers an impressive 8.85% interest rate for senior citizens on FDs with a tenure of 2 to 3 years.
  2. Suryoday Small Finance Bank: This bank provides a highly competitive rate of 8.75% for senior citizens on deposits made for a 2-year and 2-day period.
  3. ESAF Small Finance Bank: Offering the same high return, ESAF provides senior citizens with an 8.75% interest rate on FDs with a tenure ranging from 2 to 3 years.
  4. Jana Small Finance Bank: Also in the top tier, Jana SFB offers a rate of 8.75% for its senior citizen customers on FDs with a 365-day (1-year) tenure.

Is My Money Safe in a Small Finance Bank?

A common concern about investing in smaller banks is the safety of the deposit. It's important to know that Small Finance Banks are regulated by the Reserve Bank of India (RBI), just like larger commercial banks. Furthermore, all deposits are protected by the Deposit Insurance and Credit Guarantee Corporation (DICGC). This means your deposits, including both principal and interest, are insured up to a limit of ₹5 lakh per person, per bank.

For senior citizens seeking to maximize their interest income without taking on market risks, these high-yield FDs from Small Finance Banks present a compelling and secure opportunity.


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