FD Interest Rate Hike: If you, to,o want to earn good returns while keeping your retirement savings or accumulated funds safe in these changing times, then this news is especially for you. Several large and small banks in the country are currently offering higher interest rates on Fixed Deposits (FDs) to senior citizens. For investors who fear the volatility of the stock market, FDs remain the most reliable and secure option. Some banks are offering senior citizens annual interest rates of 7 to 8 percent, making it easy to get safe and stable returns.
ESAF Small Finance Bank’s Returns
ESAF Small Finance Bank is offering its investors a high interest rate of up to 8.10 percent on its special 444-day FD scheme. This scheme is especially for those who want a secure investment and good returns.
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Suryoday and Utkarsh Small Finance Banks
Suryoday Small Finance Bank and Utkarsh Small Finance Bank are also offering attractive FD options for senior citizen investors. These banks offer interest rates of up to approximately 8 percent on FDs of different tenures. This is a good option for those looking for safe and fixed returns.
YES Bank and Other Private Bank Options
YES Bank is offering its senior citizen investors an interest rate of approximately 7.75 percent. RBL Bank and Bandhan Bank are offering interest rates of up to approximately 7.70 percent on FDs. IDFC First Bank offers interest rates of up to approximately 7.50 percent on different tenures, which is suitable for those seeking safe and stable investments.
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Great Returns with Security
If you prioritize security in your investments, then Public Sector Banks (PSBs) are a better option. Bank of India’s 450-day ‘Star Swarnim’ FD offers an interest rate of approximately 7.20 percent. Bank of Maharashtra offers 7.15 percent, and SBI is offering up to 7.05 percent interest on FDs of 5 to 10 years. Canara Bank and Bank of Baroda are also offering a stable return of around 7 percent for senior citizens.
How to choose the best option
If you want maximum returns, you can invest a portion of your money in ESAF or Suryoday Small Finance Bank. However, if you want a risk-free and secure investment, government banks like SBI and Bank of India are suitable. Experts advise against keeping all your money in a single bank; instead, invest in 2-3 different banks to strike a balance between security and returns.