FD Interest Rate : When it comes to safe investments for senior citizens, FDs remain one of the most reliable options. FDs protect capital and provide regular interest. This is why many senior citizens prefer FDs over riskier investments. Furthermore, banks offer higher interest rates to senior citizens than to regular customers, providing them with better returns. According to data from BankBazaar.com, major banks in the country offer interest rates ranging from 7% to 7.5% on deposits up to ₹3 crore.
Interest rates on FD of top banks in the country
IndusInd Bank – Among private banks, IndusInd Bank is offering the highest interest rate of 7.5% on FDs of 6 to 12 months.
Axis Bank – FDs with maturity period of 5 to 10 years offer an interest rate of 7.35%.
HDFC Bank – 7.10 percent interest is available on deposits of 18 to 21 months.
ICICI Bank – 7.10 percent interest is available on deposits ranging from 2 years 1 day to 10 years.
Kotak Mahindra Bank – FDs maturing in 391 days to less than 23 months offer 7.10 per cent interest.
Senior citizens will get 7.10 percent interest in all public sector banks like Union Bank of India, Bank of Baroda and Punjab National Bank.
State Bank of India (SBI) – 7.05 percent interest is being given on deposits with tenure of 5 to 10 years.
In this way, senior citizens can take FD in any bank as per their needs and investment period for safe and maximum benefits.
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