Senior Citizens FD Rates: After the Reserve Bank of India made a significant 1.25 percent cut in the repo rate last year, several changes were seen in the banking sector. While this decision made rates for home loans and personal loans cheaper, it also led to a decline in interest rates on fixed deposits (FDs). This directly affected investors who prioritize FDs as a safe investment, especially senior citizens.
However, despite the reduction in interest rates, some banks are still offering better returns on FDs for senior citizens. Several private sector banks are running special FD schemes for investors above 60 years of age, offering higher interest rates compared to regular account holders.
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Government Banks Out of the Top List
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It is noteworthy that no government bank is included in the list of the top 10 banks offering the highest interest rates on FDs to senior citizens. All the banks included in this list are from the private sector, offering attractive interest rates on FDs of different tenures.
These Banks Offer Higher Returns
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CSB Bank is offering 7.30 percent interest on 13-month FDs to senior citizens. Tamilnad Mercantile Bank is offering 7.40 percent interest under its special 400-day FD scheme. IDFC First Bank is offering up to 7.50 percent interest on FDs ranging from 450 days to 5 years. Jammu and Kashmir Bank’s special 888-day FD scheme also offers 7.50 percent interest. IndusInd Bank is offering 7.50 percent interest to senior citizens on FDs of 18 to 19 months.
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SBM Bank India is offering 7.60 percent interest on FDs with a tenure of more than 15 months and up to 3 years and 2 days. DCB Bank is offering 7.65 percent interest on FDs of 60 to 61 months. Bandhan Bank is offering an interest rate of 7.70 percent on fixed deposits (FDs) with a tenure of more than two years but less than three years. RBL Bank is also offering the same interest rate of 7.70 percent on FDs of the same duration. Meanwhile, Yes Bank is offering the highest interest rate to senior citizens, with a return of 7.75 percent on FDs with a tenure of more than three years but less than five years.