Bank of Maharashtra, Kotak Mahindra Bank, Suryodaya Small Finance Bank, and Shivalik Small Finance Bank revised their fixed deposit (FD) rates in the week ending March 2, 2024. Those aged 60 and above get an additional 50 basis points (bps) on FDs from banks.

Bank Of Maharashtra:

The Bank of Maharashtra revised its rates on February 28, 2024. It offers its highest FD rate of 7.50 per cent to senior citizens, including an additional 0.50 bps over the general public. For one year, it provides 7.0 per cent to seniors; for above one year to three years, it is 6.75 per cent; and for over three years to up to 10 years, it is 6.50 per cent. The highest rate of 7.5 per cent is for a special FD of 200 days. For the 400-day tenure, it offers 7.25 per cent.

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Kotak Mahindra Bank:

Kotak Mahindra Bank offers a maximum of 7.90 per cent to senior citizens. It offers 7.60 per cent interest on FDs of 365 days to 389 days and the highest 7.90 per cent for 390 days to less than 23 months. Further, the rate is 7.85 per cent for 23 months to less than two years, 7.65 per cent for two years to less than three years, 7.60 per cent for three years to less than five years, and 6.70 per cent for five years to up to 10 years. The bank revised the rate on February 27.

Suryoday Small Finance Bank:

Senior citizens can avail of a maximum of 9.25 per cent interest after its March 1, 2024 rate revision. It provides 7.35 per cent for one year, 8.75 per cent for above one year to 15 months, and 9.0 per cent for above 15 months to two years. For more than two years to less than 25 months, the interest is 9.10 per cent. For longer durations, such as 25 months, the highest rate is 9.25 per cent, giving an annualised yield of 9.58 per cent. For more than 25 months to three years, the bank provides 9.10 per cent; for over three years to less than five years, it is 7.25 per cent; for five years, it is 8.75 per cent; and for over five years to 10 years, the interest is 7.75 per cent for senior citizens.

Also Read: South Indian Bank Revises FD Rates: Know How Much Senior Citizens Can Gain

Shivalik Small Finance Bank:

The bank offers a maximum of 9.20 per cent to senior citizens. It revised rates on March 2, 2024, and provides the highest 9.20 per cent for 12 to 18 months. The rate is 8.30 per cent for 18 months one day to 24 months, 8.0 per cent for 24 months one day to 36 months, 7.0 per cent for 36 months one day to 60 months, and 6.75 per cent for 60 months one day to 120 months.

Note: The last application date for ‘SBI WeCare FD’ is March 31, 2024. It offers senior citizens 7.5 per cent for a tenure of 5 years to 10 years. SBI’s other FD scheme ‘Amrit Kalash’, has a tenure of 400 days, and its last date is March 31, 2024. It offers a 7.6 per cent interest to senior citizens.

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