Shriram Transport Finance Company Limited is an FAAA rated non-banking finance company. It offers attractive interest rates to seniors on their term deposits. The minimum interest rate offered to seniors will be for FDs for the 12 month term. Senior citizens can get a rate of 6.90% per year while the maximum interest rate is 8.40% per year for 60 months.
Thus, if seniors invest an amount of Rs 100,000, for 60 months, they will obtain a return of approximately Rs 51,973 at maturity at the rate of 8.40%.
2. RBL Bank
The bank has also revised its interest rate effective June 8, 2022. Now seniors can get a minimum interest rate of 3.75% on their FDs for 7-14 days. RBL offers the highest interest rate of 7.15% for FD for the term of 24 months to less than 36 months.
For example, if senior citizens decide to invest Rs 100,000 in their FD, they will get a return of around Rs 15,324 after a period of 24 months at the rate of 7.15%.
3. Bandhan Bank
The bank offers a minimum interest rate of 3.75% for a term of 7 to 14 days to senior citizens. The highest interest rate offered by the bank is 7% for a term of 2 years to less than 5 years.
If the elderly invest an amount of Rs 100,000 in this bank at the maximum interest rate, the return that the elderly will get will be around Rs 14,980. The bank had revised its interest rates on May 4, 2022.
4. IndusInd Bank
The bank revised its interest rates on June 1. The bank offers a minimum interest rate for seniors of 3.25% 7-14 days. The maximum interest rate is 7% for a duration of 2 years – less than 2 years 6 months, 2 years 9 months – less than 3 years, 3 years – less than 61 months.
If the seniors invest Rs 100,000 for the term of 2 years, the return will be around Rs 14,980.
5. DCB Bank
The bank last revised its interest rate on May 30, 2022. Senior citizens can get a minimum interest rate of 5.30% for a term of 7-14 days FD and the maximum offer is 7% for FDs for a duration of 700 days.
So, if seniors invest Rs 100,000 for a tenure of 700 days or about 23 months, they will get a return of about Rs 14,313.