Women FDs: Senior citizens enjoy additional interest rate over and above the card rate on FDs. However, not all banks, non-banking finance companies (NBFCs) and housing finance companies (HFCs) offer higher interest rates on FDs for women investors. There are some banks and NBFCs, which are offering higher interest rates on FDs, especially to women investors.
Indian Bank
Indian Bank has launched a new retail FD product called ‘Ind Super 400 Days’. This special deposit is open for investment from March 6, 2023 and offers 0.05% higher interest rate to women investors. Women senior citizens can earn up to 7.65% and super senior citizens can earn up to 7.90%.
Punjab And Sind Bank
Punjab and Sind Bank has a special FD for women called ‘PSB Griha Laxmi Fixed Deposit Scheme’. The interest rate offered on this scheme is 6.90% for women booking FDs online. For senior citizen women investors, the bank offers 7.40%.
Shriram Finance Fixed Deposit
Shriram Finance offers an additional interest rate of 0.10% higher interest rate for women depositors. Senior Citizen Women Deposit will earn 0.50% plus 0.10% on Regular Deposit.
Women’s Savings Scheme
Apart from these FDs, there is also a government small savings scheme for women which will be launched soon. Finance Minister Nirmala Sitharaman in her Budget 2023 speech unveiled a new small savings program exclusively for women. The Finance Minister in his budget speech said that the tenure of the Mahila Samman Savings Certificate will be of two years and its interest rate will be 7.5%. This new scheme is yet to be launched and will be offered by India Post.
