Due to banks’ willingness to raise their interest rates on fixed deposits, senior citizens may be reaping the rewards of their fixed deposit investments. Along with the increase in the Reserve Bank of India repo rate, several big banks are raising the interest rates on their fixed deposits, passing the advantage on to their customers. But to attract more customers, small finance banks are offering even higher rates.
Banks and FD for senior citizens
The reasoning behind this move by big banks is to retain their existing customer base and potentially attract new customers. By increasing their fixed deposit rates, they aim to provide a better return on investment and thereby incentivize individuals to park their funds with them. This strategy is particularly effective for customers seeking stability and security for their savings, as fixed deposits offer a guaranteed interest rate over a fixed period.
However, amidst this competitive environment, a unique development has taken place.
Small finance banks, known for their agility and flexibility, have taken advantage of the situation by offering even higher interest rates up to 9%* per annum on their fixed deposit schemes. These relatively smaller players in the banking industry are using this opportunity to attract customers who are willing to explore alternative banking options to maximise their earnings.
Where big banks offer interest rates of up to 8% returns on FD per annum.
Small finance banks such as Equitas offer high interest rates of up to 9% per annum for senior citizens on tenure of 444 or 888 days and up to 8.5% per annum for individuals, NRE, and NRO on tenure of 444 or 888 days.
How you can book an FD in Equitas small finance bank?
You can open a savings account in minutes, complete your video KYC from the comfort of your home, and book an FD directly from your smart phone using your mobile banking app to earn up to 9%* p.a. for a period of 444 or 888 days for senior citizens and up to 8.5%* p.a. for individuals, NREs, and NRos.
Or, you can also book an FD seamlessly with their new product feature called Selfe FD directly without even opening a savings account with their bank, but you cannot deposit more than 90,000 rupees and your tenure period cannot be more than a year.
If you are planning to book an FD, this is the right time and an option to reap the maximum benefit out of your hard-earned money.
Know more about Equitas small finance bank.
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