Senior citizens can now avail fixed deposit interest rates of up to 8.3% from small finance banks like Unity SFB and Shivalik SFB, offering a lucrative opportunity for savings.
Senior citizens can find competitive fixed deposit rates across PSU, private, and small finance banks, offering stable income with additional benefits and higher exemption limits for TDS.
Small finance banks in India are offering FD interest rates up to 8.05% for senior citizens on 3-year terms, with Jana Small Finance Bank at 8% and Utkarsh Small Finance Bank at 8.05%. Banks deduct TDS on FD interest exceeding Rs 1 lakh annually, but senior citizens with zero tax liability can submit Form 15H to avoid this deduction. Deposits are insured by DICGC up to Rs 5 lakh.
