The Reserve Bank of India (RBI) cut its repo rate from 6.50% to 6.25%, a 25 basis point decrease. This presents a problem for investors in Fixed Deposits (FDs) because a decrease in the repo rate usually indicates a future decrease in bank interest rates. This is the last chance for FD investors, particularly senior citizens, to lock in higher rates before banks start cutting them.
Small finance banks often offer attractive interest rates on Fixed Deposits (FDs) for senior citizens, typically higher than those of major commercial banks. These banks focus on serving underserved sectors and may offer better rates as part of their strategy to attract deposits.
Unity Small Finance Bank latest FD rates
Unity Small Finance Bank offers attractive Fixed Deposit (FD) rates, ranging from 4.50% to 9.50% for the general public and 4.50% to 9.50% for senior citizens, depending on the tenure. These rates apply to FDs maturing in 7 days to 10 years. The revised deposit interest rates came into effect on 12 February.
In the following scenarios, the interest rates for senior citizens exceed 9%: For deposits of 501 days, the rate is 9.00%; for 1001 days, it is 9.50%.
Suryoday Small Finance Bank latest FD rates
Suryoday Small Finance Bank offers the following Fixed Deposit rates effective from February 1, 2025:
The interest rate on 5-year deposits is 8.60% for the general public and 9.10% for senior citizens.
For deposits with tenures ranging from 7 days to 10 years, the rates vary from 4.00% to 8.60% for general depositors and 4.50% to 9.10% for senior citizens.
Utkarsh Small Finance Bank latest FD rates
Utkarsh Small Finance Bank offers the following Fixed Deposit rates effective from June 7, 2024:
The interest rate for 1500-day deposits is 8.50% for the general public and 9.10% for senior citizens.
For deposits maturing in 7 days to 10 years, the rates range from 4.00% to 8.50% for general depositors and 4.60% to 9.10% for senior citizens.
Before investing, always compare the rates and terms offered by various small finance banks and consider the bank’s credibility and financial stability.
