Bank Fixed Deposits Rate: While there are many investment options available today, bank fixed deposits (FDs) remain the most preferred investment option for senior citizens. This is due to guaranteed returns, capital protection, and stable income. Compared to the stock market or other riskier investments, FDs offer older investors fixed interest rates without fluctuations. Therefore, millions of people choose FDs to ensure a regular income and secure interest after retirement.
The good news is that many banks are currently offering senior citizens interest rates of more than 7%. They also receive additional interest compared to regular customers. Let’s find out which major banks are offering the most attractive interest rates.
HDFC Bank FD: 7.10% Interest
HDFC Bank, one of the country’s largest private banks, is offering 7.10% interest on 18-21 month FDs for senior citizens. This is a great option for senior investors seeking good and safe returns in a short period. HDFC’s services and features make it even more reliable.
ICICI Bank FD: 7.10% interest on 2- to 10-year FDs
ICICI Bank is offering 7.10% interest to senior citizens on FDs with tenures of 2 to 10 years. This is suitable for long-term investors who need a consistent and stable income after retirement.
SBI FD: 6.95% interest on a safe option
SBI’s FD schemes are very popular among senior citizens. The bank offers 6.95% interest on 2- to 3-year FDs. SBI’s credibility and trust make it a safe investment with low risk.
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Union Bank of India FD: 6.60% interest on 3-year FDs
Union Bank offers 6.60% interest to senior citizens on 3-year FDs. The interest rate is lower than some private banks, but being a government-owned bank, it is considered safe and reliable.
Canara Bank FD: 7% interest for 444 days
Canara Bank’s special 444-day FD is a good option for those looking for a good interest rate over a short period. The bank offers 7% interest for senior citizens over this period. This is ideal for those looking for better returns for one to one and a half years.