Suryoday Small Finance Bank (SSFB) has recently increased the interest rate on FDs for senior citizens to 9.6% for a tenure of 5 years. Fixed deposit calculator shows senior citizens can get Rs 4.82 lakh in 5 years by depositing Rs 3 lakh in SSFB Fixed Deposit
Fixed Deposit : In the last few months, almost every bank has increased the interest rates of fixed deposits. Many banks are now offering 9% or more returns on fixed deposits to senior citizens. At the same time, now the common citizen is also getting more than 9 percent interest on FD.
However, before opening an FD account with a bank, senior citizens as well as others must be aware of certain rules. As per the rules, only Rs 5 lakh (including principal and interest) in bank FDs is guaranteed under the rules of Deposit Insurance and Credit Guarantee Corporation (DICGC) of RBI.
9.6 percent return in SSFB
Suryoday Small Finance Bank (SSFB) has recently increased the interest rate on FDs for senior citizens to 9.6% for a tenure of 5 years. The Fixed Deposit calculator shows that senior citizens can earn Rs 4.82 lakh in 5 years by depositing Rs 3 lakh in SSFB Fixed Deposit. This is much less than the deposit insurance limit of Rs 5 lakh and hence would be guaranteed.
Here we have told how much return a senior citizen can get on a fixed deposit of Rs 50,000 to Rs 10 lakh with SSFB in 5 years.
Rs 50,000 deposit: Will grow to Rs 80,347 in 5 years at 9.6 per cent interest.
Rs 1 lakh: Will grow to Rs 1.6 lakh in 5 years at 9.6 per cent interest.
Rs 2 lakh: Will increase to Rs 3.2 lakh in 5 years at 9.6 per cent interest.
Rs 3 lakh: Will increase to Rs 4.82 lakh in 5 years at 9.6 per cent interest.
Rs 4 lakh: Will increase to Rs 6.42 lakh in 5 years at 9.6% interest.
Rs 5 lakh :will grow to Rs 8 lakh in 5 years at 9.6% interest.
Rs 6 lakh :will grow to Rs 9.6 lakh in 5 years at 9.6% interest.
Rs 7 lakh :will grow to Rs 11.24 lakh in 5 years at 9.6% interest.
Rs 8 lakh :will grow to Rs 12.85 lakh in 5 years at 9.6% interest.
Rs 9 lakh :will grow to Rs 14.46 lakh in 5 years at 9.6% interest.
Rs 10 lakh: will grow to Rs 16 lakh in 5 years at 9.6% interest.
How much return is being received in other banks
Apart from SSFB, Unity Small Finance Bank is also offering 9.5 per cent FD interest to senior citizens. At the same time, SBI, Axis Bank and HDFC Bank are offering FD interest of over 7.5% to senior citizens. Up to 8.25% interest is being offered on FD to senior citizens in IDFC Bank.
