There are still several banks that are now offering interest rates of 9% and more on fixed deposits (FDs) to senior citizens. The interest rates are available on FDs of less than Rs 2 crore.
Here's the list of banks offering FDs with interest rates more of than 9% and more:
Unity Small Finance Bank FD's latest interest rates
Unity Small Finance Bank offers an interest rate of 9.5% on FDs maturing in 1001 days to senior citizens.
Also read: What happens to your FD's deposit insurance when two banks merge
Fincare Small Finance Bank senior citizen FD rates
Fincare Small Finance Bank offers an interest rate of 9.21% to senior citizens on FDs maturing in 750 days
Utkarsh Small Finance Bank senior citizen FD rates
Utkarsh Small Finance Bank offers an interest rate of 9.1% to senior citizens on FDs maturing between two and three years.
| Bank Name | Tenure | Interest Rate |
| Unity Small Finance Bank | 1001 days | 9.50% |
| Utkarsh Small Finance Bank | 2 years to 3 years | 9.10% |
| Equitas Small Finance Bank | 444 days | 9% |
| ESAF Small Finance Bank | 2 years to less than 3 years | 9% |
| Fincare Small Finance Bank | 750 days | 9.21% |
| Jana Small Finance Bank | Above 2 years to 3 years | 9% |
Source: All the data is sourced from Paisabazar.com as of December 13, 2023.
Equitas Small Finance Bank senior citizen FD rates
Equitas Small Finance Bank offers an interest rate of 9% on FDs maturing in 444 days to senior citizens.
ESAF Small Finance Bank senior citizen FD rates
ESAF Small Finance Bank offers an interest rate of 9% on FDs maturing between two and three years to senior citizens.
Jana Small Finance Bank senior citizen FD rates
Jana Small Finance Bank offers an interest rate of 9% on FDs maturing between more than two years to less than three years.
Do remember that deposits in deposits in small finance banks are also insured by the Deposit Insurance Credit Guarantee Corporation (DICGC) to the tune of Rs 5 lakh.
"All commercial banks including branches of foreign banks functioning in India, local area banks, and regional rural banks are insured by the DICGC. All State, Central, and Primary co-operative banks, also called urban co-operative banks, functioning in States / Union Territories that have amended the local Cooperative Societies Act empowering the Reserve Bank of India (RBI) to order the Registrar of Co-operative Societies of the State / Union Territory to wind up a co-operative bank or to supersede its committee of management and requiring the Registrar not to take any action regarding winding up, amalgamation or reconstruction of a co-operative bank without prior sanction in writing from the RBI are covered under the Deposit Insurance Scheme. At present all co-operative banks are covered by the DICGC. Primary cooperative societies are not insured by the DICGC," said the DICGC on their website.
Most of the experts advise FD investors to keep their exposure limited to FDs of SFBs so that it is well within the DICGC cover of Rs 5 lakh including principal and interest.
