Lottery for senior citizens! These banks are giving 9% interest in FD, Know the details 

Good news for senior citizens. A major concern for seniors these days is figuring out how to handle their expenses after retirement, especially since the government has stopped the old pension scheme. Plus, there’s been no pension option in the private sector either. This leaves many older folks worried about covering their household and medical costs.

If you know an elder dealing with this issue, here’s some good news: some banks are currently offering over 9 percent interest on 5-year fixed deposits (FDs). For seniors looking to secure a steady income, putting money into these banks can help them earn a nice monthly interest.

How to get that 9.1% interest

To get the 9.1% interest we’re talking about, seniors need to open a 5-year FD at the banks mentioned. Just keep in mind that the deposit amount should be under Rs 3 crore. If you’re sticking with the old tax regime, you can also enjoy some tax benefits.

Tax breaks under section 80C

For seniors who choose the old tax regime, there’s a tax break available under Section 80C of the Income Tax Act on the interest earned from FDs. However, those who opt for the new tax regime won’t get any tax relief on FD interest.

Here are the banks offering 9.1% interest on FDs:

– Suryodaya Small Finance Bank – 9.1%

– Unity Small Finance Bank – 8.65%

– North East Small Finance Bank – 8.5%

– Utkarsh Small Finance Bank – 8.35%

While North East Small Finance Bank offers 8.5% and Utkarsh Small Finance Bank offers 8.35%, remember that all these banks require a 5-year FD commitment.