Bank FDs have always been a reliable investment option for senior citizens. Most people prefer to invest in fixed deposits to protect their money, as they offer fixed returns and are not affected by market fluctuations. Bank FDs are particularly popular among senior citizens because most banks offer them higher interest rates than regular customers. This is why older investors seeking stable income after retirement prefer bank FDs.

Read More- Get These Facilities on Umang App, from Life Certificate to PAN Card

Over 7% Returns on 5-Year FD to Senior Citizens

Five-year FDs are considered a safe long-term investment. While returns remain stable, the additional interest rate offered to senior citizens makes this option even more beneficial. Many banks are currently offering interest rates of over 7% on 5-year tenures, which can create a strong source of income after retirement.

Bank of Baroda

State-owned bank Bank of Baroda offers 7 per cent annual interest to senior citizens on its 5-year FDs. This is a useful option for those who want to invest with the security and trust of a public sector bank.

SBI

The country’s largest bank, SBI, is offering an interest rate of 7.05 per cent to senior citizens on its 5-year FDs. The bank’s credibility and extensive branch network make it the preferred choice of millions of investors.

ICICI and IDFC First Bank

Private sector giants ICICI Bank and IDFC First Bank are both offering an attractive interest rate of 7.1 per cent to senior citizens on 5-year FDs. Both options may prove suitable for investors seeking private banking convenience and faster processing.

IndusInd Bank

IndusInd Bank is offering an interest rate of 7.15 per cent for senior citizens on its 5-year FDs. This rate is higher than many public sector and private sector banks, making it a better option for those seeking higher returns.

Read More- Tata Introduces SIF, Opportunity to Profit in Up or Down Markets — Full Details Inside

Axis Bank

Private bank Axis Bank is offering senior citizens 7.35 per cent interest on a 5-year fixed deposit, one of the highest rates currently available in the market. If you’re looking for a safe investment with maximum returns, Axis Bank could be a strong choice.