5 banks where seniors can get 9 percent or more interest, see the full list here

Check whether you or your parents are eligible for this and benefit from the best interest rates.

Check whether you or your parents are eligible for this and benefit from the best interest rates. (representative image: Pixabay)

New Delhi: In a world where the value of your money is constantly falling, taking into account the staggering inflation, a senior citizen can still earn an interest of more than 9 percent. Yes! Here is a list of banks where a citizen over 60 can earn more than or equal to an interest rate of 9 percent. This way you can check whether you or your parents are eligible for this and you benefit from the best interest rates.

1. Small finance unit bank

Unity Small Finance Bank offers an interest rate of 9.50 percent on seniors’ fixed deposits of various maturities.

2. Suryoday small financial bank

Suryoday Small Finance Bank gives seniors an interest rate of 9.6 percent on fixed deposits maturing in five years.

3. North Eastern Small Finance Bank

North East Small Finance Bank gives seniors an interest rate of 9.25 percent on fixed deposits.

4. Fincare Small financial bank

Fincare Small Finance Bank offered seniors an interest rate of 9.11 percent on fixed deposits.

5. Equitas Small Financial Bank

Equitas Small Finance Bank offered senior citizens a 9 percent interest rate on fixed deposits.

Suitability for seniors fixed deposit

Residents 60 and older can book FDs at discounted interest rates. In addition, certain banks and NBFCs offer higher interest rates to super-senior citizens aged 80 and over. Indian Overseas Bank, Indian Bank and RBL Bank, for example, offer super seniors an additional 0.75 percent interest on top of the usual fixed deposit rates. In addition, super senior FD depositors receive an additional interest of 0.80 percent per annum from the Punjab National Bank, the report said.

Documents Required to Open a Senior Citizen FD Account

If a depositor wants to open an FD with the same bank where he or she already has a savings or checking account, he or she can log in to internet banking or mobile banking and open an account directly, or simply go to the branch with the required documents.