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New Delhi: Senior citizen investors looking for high returns on fixed deposits (FDs) can still secure interest rates of up to 8.75 per cent on one-year deposits with select small finance banks. This competitive rate is available on deposits below Rs 3 crore, providing senior citizens with attractive returns during times of fluctuating interest rates.
Top FD Rates 2024
Here’s a look at the top rates offered by small finance banks:
Jana Small Finance Bank FD Rates 2024
The bank offers the highest rate of 8.75 per cent on one-year FDs for senior citizens.
Ujjivan Small Finance Bank FD Rates 2024
The small finance bank provides an 8.75 per cent rate on one-year FDs for senior citizens.
Equitas Small Finance Bank FD Rates 2024
The small finance bank offers an 8.6 per cent interest rate for the same tenure.
Utkarsh Small Finance Bank FD Rates 2024
Utkarsh Small Finance Bank offers a similar return of 8.6 per cent rate on one-year deposits for senior citizens.
Suryoday Small Finance Bank FD Rates 2024
the small bank offers an 8.55 per cent return on FDs maturing in one year.
Unity Small Finance Bank FD Rates 2024
The bank provides an 8.35 per cent interest rate on one-year FDs for senior citizens.
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Total Deduction Limit
Additionally, under the old tax regime, senior citizens can claim a tax deduction of up to Rs 50,000 on interest income through Section 80TTB. This deduction applies to interest earnings from savings, FD accounts, and other deposits held in banks, post offices, and cooperative banks, with Rs 50,000 being the total deduction limit.
How FD Rate Is Calculated?
According to Jana Small Finance Bank, as of November 9, 2024, interest on FDs is calculated based on the actual days in a year, with 365 days used for non-leap years and 366 days for leap years, with the deposit tenure measured in days.
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Latest Senior Citizen Fixed Deposit Rates 2024: Compare Before Investing