Senior citizen: Senior citizens are having a great time, these banks have announced bumper interest on 5-year FD..

FD Rates: Big news for senior citizens. If you want good returns by keeping your money safe, then some small finance banks are giving tremendous interest of up to 9.1% on 5-year FD. These rates are higher than ordinary citizens, making it a great opportunity to invest. Grow your money and keep it safe.

Savings Account: Which bank is giving the highest interest on a savings account, check the new interest rates.

Which banks are getting more interest?

Small Finance Bank interest rates-

Suryoday Small Finance Bank – 9.1% interest on 5-year FD

Unity Small Finance Bank – 8.65% interest

Northeast Small Finance Bank – 8.5% interest

Utkarsh Small Finance Bank – 8.35% interest

Jan Small Finance Bank – 8.2% interest

All these interest rates are for senior citizens and will be applicable on deposit amounts up to Rs 3 crore.

Tax exemption also possible-

If you choose the old tax system, a 5-year tax saving FD gets a rebate of up to Rs 1.5 lakh under Section 80C. Senior citizens get an additional rebate of up to Rs 50,000 on interest income under Section 80TTB. If the interest income exceeds Rs 1 lakh, TDS (tax) can be deducted. However, if your total income is not taxable, you can avoid TDS by submitting Form 15H.

Caution is necessary-

DICGC gives insurance on deposits up to Rs 5 lakh, so keep your deposit within this limit while investing in FD. This is a good opportunity for senior citizens to invest their money in a safe and profitable option. However, before investing, it is important to consider the credibility of the bank and your needs.

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