These banks offering yields of 7.5% to 8.25% to seniors on two-year DFs

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In the wake of interest rate reviews by banks following the RBI rate hikes, seniors are turning to term deposits as their first choice of fixed income instrument. They have several options to choose from a variety of interest payment terms such as monthly, quarterly, semi-annually and annually depending on their needs.

As the maturity period of FDs ranges from one week to 10 years, they are the most flexible option for investors looking for an instrument in the debt securities category. For seniors looking to invest in a fixed deposit plan for two years, here are five banks that offer interest rates ranging from 7.50% to 8.25%.

Utkarsh Small Finance Bank

This bank offers term deposits to seniors with a term of two years or 730 days at an interest rate of 8.25%. The bank provides 7.50% to the general public and 8.25% to the elderly on term deposits with maturities between 700 days and five years.

Bank Jana Small Finance

The interest rates on fixed deposits offered by Jana Small Finance Bank have been in effect since June 15, 2022, and the new card rates are applicable to deposits of less than Rs 2 crore. Currently, it grants senior citizens an interest rate of 8.05% on term deposits with maturities between 1 and 2 years.

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Bandhan Bank

Fixed interest rates on bank deposits are in effect; the new rates are applicable to retail accounts below Rs 2 crore. Bandhan Bank promises older citizens an interest rate of 7.5% on fixed deposits maturing in more than 18 months but less than two years.

IndusInd Bank

IndusInd Bank Fixed Deposit Interest Rates have been in effect since 12 August 2022. IndusInd Bank grants an interest rate of 7.5% on early withdrawals permitted to Fixed Deposits of less than Rs 2 crore maturing in 1 year 7 months to less than 2 years.

Yes Bank

The bank’s fixed deposit interest rates have been in effect since August 10, 2022. Yes Bank requires a minimum deposit of Rs 10,000 to open an FD, and reinvestment is allowed for a minimum of 6 months and a term of a day. It promises seniors an interest rate of 7.5% on term deposits with a maturity of between 18 months and less than 3 years.

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