Senior Citizen Fixed Deposits: Many banks in the country offer special schemes for senior citizens, including Fixed Deposit (FD) schemes. Under these schemes, you can deposit a lump sum for a fixed tenure and receive excellent returns—the principal plus substantial interest—upon maturity. In this article, we highlight five banks offering attractive interest rates on 5-year FDs for senior citizens. We also calculate the maturity value of a ₹10,000 deposit in these banks after five years.
Interest Rates Ranging from 7.2% to 7.4%
First, let us look at three banks offering returns of 7.2%, 7.3%, and 7.4% on 5-year FD schemes for senior citizens. RBL Bank offers a 7.2% return on 5-year FDs for senior citizens; an investment of ₹10,000 in this scheme would grow to ₹14,287 over five years at this rate.
Axis Bank FD Scheme
Axis Bank also offers 7.3% interest on 5-year FDs for senior citizens. Consequently, an investment of ₹10,000 would yield ₹14,323 upon maturity. Meanwhile, J&K Bank offers 7.4% interest on 5-year FDs for senior citizens; a ₹10,000 investment would return ₹14,393 after five years.
Excellent Returns at Yes Bank
Yes Bank offers an interest rate of 7.5% on its FD schemes for senior citizens. If someone invests a lump sum of ₹10,000 in this FD, they will receive ₹14,499 after five years at 7.5% interest.
This Bank Also Offers Lucrative Returns
DCB Bank is also offering senior citizens an interest rate of 8% on five-year investments, resulting in excellent returns. For instance, an investment of ₹10,000 in this bank would yield ₹14,859 after five years at the 8% interest rate.