Best FD schemes for senior citizens: Life after retirement can be challenging. Daily expenses don’t decrease after retirement, and that’s where savings come in handy. If you start investing before retirement, you can ensure a regular income after retirement. In this article, we will discuss bank FDs where you can invest and earn a good return.
Currently, several banks are offering excellent returns on FDs. Senior citizens aged 60 and above can still earn good returns on Fixed Deposits (FDs). Currently, some small finance banks are offering attractive interest rates on 3-year FDs. Many banks are offering senior citizens up to 7.5 percent interest, which is an excellent option for those seeking safe investments. Let’s find out which banks are offering the best returns.
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Which banks are offering excellent returns?
Utkarsh Small Finance Bank – Utkarsh Small Finance Bank is offering senior citizens approximately 7.50% interest on 3-year FDs. This is considered one of the highest interest rates currently available. With the right investment plan, you can benefit from both safety and better returns here.
Jana Small Finance Bank – Jana Small Finance Bank is a good option for senior citizens who want safe and stable returns while avoiding risk. The bank is offering approximately 7.50% interest on 3-year fixed deposits.
Slice Small Finance Bank – Slice Small Finance Bank is offering an attractive interest rate of approximately 7.50% on 3-year FDs. This bank operates on a digital banking model and is rapidly gaining popularity among investors due to its high-rate FDs.
Suryoday Small Finance Bank – Suryoday Small Finance Bank is offering approximately 7.25% interest on 3-year fixed deposits. Banks offer different FD schemes for regular and senior citizens, providing investors with a safe and rewarding investment option.
Ujjivan Small Finance Bank – Ujjivan Small Finance Bank is currently offering an interest rate of approximately 7.20% on 3-year FDs. The bank focuses on promoting digital deposits and emphasizes financial inclusion.
ESAF Small Finance Bank – ESAF Small Finance Bank is offering an interest rate of up to 7.00% on 3-year fixed deposits. This bank focuses on providing secure investments and stable returns, minimizing risk.
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Equitas Small Finance Bank – Equitas Small Finance Bank is offering approximately 7.10% interest on 3-year FDs. Senior citizens also receive an additional 0.50% interest, further enhancing their overall returns.
Shivalik Small Finance Bank – Shivalik Small Finance Bank is offering approximately 6.75% interest on 3-year FDs. This bank is rapidly gaining popularity in North India and is known for providing secure investment options.
When is TDS deducted on FDs?
If the annual interest earned from an FD in a single bank exceeds ₹1 lakh, the bank deducts TDS (Tax Deducted at Source). However, TDS is not an additional tax. It can be adjusted against your total tax liability when filing your Income Tax Return (ITR) or can be claimed as a refund. In many cases, interest is also paid on the refund amount.
