Senior citizens can avail of up to 9.50 per cent on fixed deposit (FD) with Unity Small Finance Bank, one of the six banks which have revised their FD rates this week. Here are the details.

Bank of Maharashtra:

Highest Interest Rate – 7.60 per cent

The bank revised its FD rate on May 1, 2024, and offers a maximum of 7.60 per cent interest to senior citizens, including a 0.50 per cent (50 basis points) additional rate for senior citizens. It provides additional rates to seniors only for more than 91-day FDs. For one-year FDs, it offers 7.25 per cent and 7.0 per cent for all tenures over one year. For its special 200-day and 400-day FDs, the interest rate is 7.40 per cent and 7.60 per cent, respectively.

Dhanlaxmi Bank:

Highest Interest Rate – 7.75 per cent

The bank revised rates on May 1, 2024, and offers senior citizens the highest rate of 7.75 per cent. For seniors, the interest rate is 7.25 per cent for one- to two-year FDs, 7.75 per cent for 555 days, and 7.0 per cent for above two to three years. The rates for three to five years and five to 10 years are 7.75 per cent and 7.10 per cent, respectively.

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CSB Bank:

Highest Interest Rate – 7.75 per cent

The bank revised the rates for its Acharya term deposits or senior citizen FDs on May 3. After revision, seniors can avail of the highest 7.75 per cent. The rates are 5.50 per cent for one-year FDs, 6.0 per cent for above one year to less than 400 days, 7.75 per cent for 401 days, and 6.0 per cent for above 401 days to two years. 

For above two years to less than 750 days, the interest is 6.25 per cent; for 750 days, it is 7.10 per cent; for above 750 days to five years, it is 6.25 per cent; and for above five years to less than seven years, it is 6.50 per cent. For seven years and above seven years to 10 years, the rates are 7.0 per cent and 6.50 per cent for seniors.

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RBL Bank:

Highest Interest Rate – 8.50 per cent

On May 1, 2024, the bank revised rates and currently offers a maximum of 8.50 per cent to senior citizens. For tenures, 365 days to 452 days, it provides 8.0 per cent; for 453 days to 545 days, it is 8.30 per cent; for 546 days to 24 months, it is 8.50 per cent; and for 24 months, one day to 36 months, the rate is 8.0 per cent. Further, it is 7.60 per cent for 36-months-one-day to 60 months-one-day FDs, and 7.0 per cent for 60-months-two days to 120 months.

Utkarsh Small Finance Bank:

Highest Interest Rate – 9.10 per cent

After revising FD interest rates on May 1, 2024, the small finance bank offers a maximum of 9.10 per cent to senior citizens for two-year to three-year FDs, or an annualised rate of 9.42 per cent. Seniors can receive 8.60 per cent interest for 365 days to 699 days, 8.85 per cent for 700 days to less than two years, and 9.10 per cent for two to three years. 

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Unity Small Finance Bank:

Highest Interest Rate – 9.50 per cent

Unity Bank also revised rates on May 1, 2024, offering a maximum of 9.50 per cent to senior citizens. The interest is 8.40 per cent for above 18 months to 700 days, 9.45 per cent for 701 days, 8.40 per cent for 702 days to 1000 days, and 9.50 per cent for 1001 days. Further, it is 8.65 per cent for 1002 days to five years and 8.0 per cent for above five years to 10 years.

Indian Bank: 

This public sector bank extended the last date of its special FDs from May 3, 2024, to June 30, 2024. For its ‘Ind Supreme 300 days’, the bank offers 7.55 per cent; for ‘Ind Supreme 400 days’, the rate is 7.75 per cent for seniors.