Highest Interest Rates on Senior citizen FD:Bank fixed deposit (FD) is a better investment option for senior citizens. In this, investors’ money remains completely safe. Apart from being a safe investment option, bank FD also provides fixed returns, which ensures regularity of income for senior citizens. The risk in bank FD is very low, which is suitable for senior citizens. Compared to common people, banks offer additional returns on their senior citizen FDs. Due to which good income is earned. Bank FD has the facility to withdraw money as and when required. Tax benefit on bank FD is also available for senior citizens.
For the last few years, banks have been giving good returns to people on fixed deposits (FD). If you are a senior citizen and are thinking of investing your savings for safe and better returns, then this is the right opportunity to invest. Interest rates are likely to reduce in the coming months.
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Where will you get the highest return on senior citizen FD?
Senior citizens can avail the benefit of higher interest rates by investing in long term FD schemes. Due to delay, the opportunity may be lost due to possible repo rate cut by the Reserve Bank of India in the coming months. Let us know which banks are offering what interest rates.
In North East Small Finance Bank in the country, senior citizens are getting 9.5% interest on FDs of 546 days to 1111 days. Similarly, the bank is offering 7.50% interest on 1 year FD, 9.50% interest on 3 year FD and 6.75% interest on tax saving FD.
Like North East Small Finance Bank, Unity Small Finance Bank also offers interest at the rate of 9.5 percent per annum on senior citizen FD. However, to get better returns, investors will have to lock the FD for 1001 days. The bank is offering 8.35% interest on its 1 year FD, 8.65% interest on 3 year and 5 year FD. Similarly, other banks are also giving better returns on FDs of different tenures.
bank name | Annual interest rate on senior citizen FD | ||||
Where will you get the highest interest? |
Interest on 1 year FD(%) |
Interest on 3 year FD (%) |
Interest on 5 year FD (%) |
||
Interest (%) | Tenure | ||||
Small Finance Bank | |||||
AU Small Finance Bank | 8.50 | 18 months | 7.75 | 8.00 | 7.75 |
Equitas Small Finance Bank | 8.75 | 444 days | 8.60 | 8.50 | 7.75 |
ESAF Small Finance Bank | 8.75 | 2 years to less than 3 years | 6.50 | 7.25 | 6.75 |
Jana Small Finance Bank | 8.75 | 365 days to 1095 days | 8.75 | 8.75 | 7.75 |
NorthEast Small Finance Bank | 9.50 | 546 days to 1111 days | 7.50 | 9.50 | 6.75 |
Suryoday Small Finance Bank | 9.10 | Above 2 years to 3 years | 7.35 | 9.10 | 8.75 |
Ujjivan Small Finance Bank | 8.75 | 12 months | 8.75 | 7.70 | 7.70 |
Unity Small Finance Bank | 9.50 | 1001 days | 8.35 | 8.65 | 8.65 |
Utkarsh Small Finance Bank | 9.10 | 2 years to 3 years; 1500 days | 8.60 | 9.10 | 8.35 |
private bank | |||||
Axis Bank | 7.75 | 15 months to less than 2 years; 5 years to 10 years | 7.20 | 7.60 | 7.75 |
Bandhan Bank | 8.55 | 1 year | 8.55 | 7.75 | 6.60 |
City Union Bank | 8.00 | 333 days | 7.25 | 6.75 | 6.50 |
CSB Bank | 7.75 | 401 days | 5.50 | 6.25 | 6.25 |
DBS Bank | 8.00 | 376 days to 540 days | 7.50 | 7.00 | 7.00 |
DCB Bank | 8.55 | 19 months to 20 months | 7.60 | 8.05 | 7.90 |
Federal Bank | 7.90 | 50 months; 777 days | 7.30 | 7.50 | 7.25 |
HDFC Bank | 7.90 | 4 Years 7 Months (55 months) | 7.10 | 7.50 | 7.50 |
ICICI Bank | 7.80 | 15 months to less than 18 months | 7.20 | 7.50 | 7.50 |
IDFC First Bank | 8.25 | 400 days to 500 days | 7.00 | 7.30 | 7.25 |
IndusInd Bank | 8.25 | 1 year to 2 years | 8.25 | 7.75 | 7.75 |
Jammu & Kashmir Bank | 7.50 | 1 year to less than 3 years | 7.50 | 7.25 | 7.00 |
Karur Vysya Bank | 8.10 | 760 days – Special Deposit | 7.40 | 7.40 | 7.40 |
Karnataka Bank | 8.00 | 375 days | 7.85 | 7.00 | 7.00 |
Kotak Mahindra Bank | 7.90 | 390 days to less than 23 months | 7.60 | 7.60 | 6.70 |
RBL Bank | 8.60 | 500 days | 8.00 | 8.00 | 7.60 |
SBM Bank India | 8.75 | Above 18 months to less than 2 years 3 days | 7.55 | 7.80 | 8.25 |
South Indian Bank | 7.75 | 400 days | 7.20 | 7.20 | 6.50 |
Tamilnad Mercantile Bank | 8.00 | 400 days | 7.50 | 7.00 | 7.00 |
Yes Bank | 8.50 | 18 months | 7.75 | 8.00 | 8.00 |
government bank | |||||
Bank of Baroda | 7.80 | 400 days – Bob Utsav | 7.35 | 7.65 | 7.40 |
Bank of India | 7.80 | 400 days | 7.30 | 7.25 | 6.75 |
Bank of Maharashtra | 7.75 | 777 days | 7.25 | 7.00 | 7.00 |
Canara Bank | 7.75 | 444 days | 7.35 | 7.30 | 7.20 |
Central Bank of India | 7.95 | 444 days | 7.35 | 7.25 | 7.00 |
Indian Bank | 7.80 | 1 year to 375 days | 6.60 | 6.75 | 6.75 |
Indian Overseas Bank | 7.80 | 444 days | 7.60 | 7.00 | 7.00 |
Punjab National Bank | 7.75 | 400 days | 7.30 | 7.50 | 7.00 |
Punjab & Sind Bank | 7.80 | 666 days | 6.80 | 6.50 | 6.50 |
State Bank of India | 7.75 | 444 days – Amrit Vrishti | 7.30 | 7.25 | 7.50 |
Union Bank of India | 7.90 | 333 days | 7.30 | 7.20 | 7.00 |
Source: Paisabazaar.com | |||||
Interest rates as of 16th October 2024 |
These days, the interest rates on FDs of different tenures in banks are much better. In such a situation, investing in Senior Citizens FD now can be a profitable deal. By investing in long-term FD, senior citizens can get guaranteed returns while keeping their savings safe.