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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👉 Many banks are now offering 9% or more returns on fixed deposits to senior citizens.

👉 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.

👉 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.

👉 Senior citizens can earn Rs 4.82 lakh in 5 years by depositing Rs 3 lakh in SSFB Fixed Deposit.

👉 Rs 50,000 deposit will grow to Rs 80,347 in 5 years at 9.6% interest.

👉 Rs 1 lakh will grow to Rs 1.6 lakh in 5 years at 9.6% interest.

👉 Rs 2 lakh will increase to Rs 3.2 lakh in 5 years at 9.6% interest.

👉 Rs 3 lakh will increase to Rs 4.82 lakh in 5 years at 9.6% interest.

👉 Rs 4 lakh will increase to Rs 6.42 lakh in 5 years at 9.6% interest.

👉 Rs 5 lakh will grow to Rs 8 lakh in 5 years at 9.6% interest.

👉 Rs 6 lakh will grow to Rs 9.6 lakh in 5 years at 9.6% interest.

👉 Rs 7 lakh will grow to Rs 11.24 lakh in 5 years at 9.6% interest.

👉 Rs 8 lakh will grow to Rs 12.85 lakh in 5 years at 9.6% interest.

👉 Rs 9 lakh will grow to Rs 14.46 lakh in 5 years at 9.6% interest.

👉 Rs 10 lakh will grow to Rs 16 lakh in 5 years at 9.6% interest.

👉 Unity Small Finance Bank is also offering 9.5% FD interest to senior citizens.

👉 SBI, Axis Bank and HDFC Bank are offering FD interest of over 7.5% to senior citizens.

👉 Up to 8.25% interest is being offered on FD to senior citizens in IDFC Bank.

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