Banks Offer Up to 9.1% Interest on Senior Citizen FDs

Senior citizens can earn up to 9.1% interest on fixed deposits in certain banks.

These banks include Suryoday Small Finance Bank, Unity Small Finance Bank, and others.

Experts advise caution as these small finance banks may carry more risk than regular banks, even though deposits are insured up to Rs 5 lakh.

Banks deduct tax on interest earned over Rs 1 lakh, but seniors can avoid this by submitting Form 15H if their income is below the taxable limit.

This allows them to prevent unnecessary tax deductions.