DelhiDesk Many banks in India have increased the interest rates on fixed deposits, with some offering 9% or more returns to senior citizens. However, it is important to note that only up to Rs 5 lakh (including principal and interest) in bank FDs is guaranteed under the rules of Deposit Insurance and Credit Guarantee Corporation (DICGC) of RBI. Suryoday Small Finance Bank is offering a 9.6% interest rate on FDs for senior citizens for a tenure of 5 years, with the deposit insurance limit of Rs 5 lakh being guaranteed. The article also provides a table of how much return a senior citizen can get on a fixed deposit ranging from Rs 50,000 to Rs 10 lakh with SSFB in 5 years. Other banks such as Unity Small Finance Bank, SBI, Axis Bank, HDFC Bank, and IDFC Bank are also offering FD interest rates to senior citizens ranging from 7.5% to 9.5%.

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๐Ÿ‘‰ Many banks are now offering 9% or more returns on fixed deposits to senior citizens.

๐Ÿ‘‰ Only Rs 5 lakh (including principal and interest) in bank FDs is guaranteed under the rules of Deposit Insurance and Credit Guarantee Corporation (DICGC) of RBI.

๐Ÿ‘‰ Suryoday Small Finance Bank (SSFB) has recently increased the interest rate on FDs for senior citizens to 9.6% for a tenure of 5 years.

๐Ÿ‘‰ Senior citizens can earn Rs 4.82 lakh in 5 years by depositing Rs 3 lakh in SSFB Fixed Deposit.

๐Ÿ‘‰ Rs 50,000 deposit will grow to Rs 80,347 in 5 years at 9.6% interest.

๐Ÿ‘‰ Rs 1 lakh will grow to Rs 1.6 lakh in 5 years at 9.6% interest.

๐Ÿ‘‰ Rs 2 lakh will increase to Rs 3.2 lakh in 5 years at 9.6% interest.

๐Ÿ‘‰ Rs 3 lakh will increase to Rs 4.82 lakh in 5 years at 9.6% interest.

๐Ÿ‘‰ Rs 4 lakh will increase to Rs 6.42 lakh in 5 years at 9.6% interest.

๐Ÿ‘‰ Rs 5 lakh will grow to Rs 8 lakh in 5 years at 9.6% interest.

๐Ÿ‘‰ Rs 6 lakh will grow to Rs 9.6 lakh in 5 years at 9.6% interest.

๐Ÿ‘‰ Rs 7 lakh will grow to Rs 11.24 lakh in 5 years at 9.6% interest.

๐Ÿ‘‰ Rs 8 lakh will grow to Rs 12.85 lakh in 5 years at 9.6% interest.

๐Ÿ‘‰ Rs 9 lakh will grow to Rs 14.46 lakh in 5 years at 9.6% interest.

๐Ÿ‘‰ Rs 10 lakh will grow to Rs 16 lakh in 5 years at 9.6% interest.

๐Ÿ‘‰ Unity Small Finance Bank is also offering 9.5% FD interest to senior citizens.

๐Ÿ‘‰ SBI, Axis Bank and HDFC Bank are offering FD interest of over 7.5% to senior citizens.

๐Ÿ‘‰ Up to 8.25% interest is being offered on FD to senior citizens in IDFC Bank.

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