Bank of Maharashtra and Suryodya Small Finance Bank revised their fixed deposit (FD) interest rates in the final week of FY2023-24. As per a finance ministry notification on March 8, 2024, the rates for all small savings schemes in the first quarter of FY2024-25 will remain the same as in the fourth quarter of FY2023-24. Currently, the Senior Citizen Small Savings Scheme (SCSS) offers the highest interest rates seniors, with a maximum investment limit of Rs 30 lakh.

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Let’s look at the bank rate revisions.

Bank Of Maharashtra:

This public sector bank revised its fixed deposit rates on March 27, 2024, offering a maximum of 6.5 per cent. Senior citizens can avail a maximum of 7.0 per cent (6.50 per cent plus an additional 0.50 per cent) on specific FDs. For seniors, the rates are 6.25 per cent for 271 to 364 days, 7.00 per cent for one year, 6.75 per cent for above one year to two years, and 6.25 per cent for all tenures above two years. On special FDs of 200 days and 400 days, seniors can get 6.50 per cent and 6.75 per cent, respectively. Unlike other FDs, special FDs cannot be auto-renewed.

Also Read: Know The Interest Rates Of Small Savings Schemes For Next Quarter; Axis Bank, Ujjivan SFB Revise FD Rates

Suryodya Small Finance Bank:

This small finance bank (SFB) offers the highest 9.10 per cent interest to senior citizens. After its FD rate revision on Mach 27, 2024, Suryodya offers 7.35 per cent to seniors for one year FDs. There is no penalty on pre-mature withdrawal for FDs booked for a year. It offers 8.75 per cent for FDs of above one year to 15 months, 9.0 per cent for above 15 months to two years, and the highest 9.10 per cent for tenures of more than two years to three years. For above three years to less than five years, the interest is 7.25 per cent, for five years, it is 8.75 per cent, and for above five years to 10 years, it offers 7.75 per cent interest to senior citizens.

Also Read: Tax-Saver Fixed Deposits (FDs): Should Seniors Invest In Them?