Highest FD Rates: Where are senior citizens getting the highest interest on FD, check the list of banks

Senior citizens often prefer to invest their money in schemes that offer guaranteed returns with minimal risk. There are many investment options available for the elderly, one of which is Fixed Deposit (FD). FD is very popular among investors due to its better returns and stability.

Senior citizens usually get more interest on FDs than common people. Most banks give 0.50% more interest on FDs to people above the age of 60 years. Apart from this, they are eligible for tax exemption under section 80TTB of the Income Tax Act on the returns received on deposits in FD schemes of banks, post offices or other financial institutions. Under this rule, senior citizens get the opportunity to avail tax deduction of up to Rs 50,000. Apart from this, there will be no TDS deduction on interest payments up to Rs 50,000 in a financial year.

Also read: PPF: Even after maturity, deposit money in PPF for 10 years, then every month 60 thousand rupees will come in the account, would you like to know how

The money deposited in FD can be useful in dealing with situations like emergency. Some banks allow you to withdraw money from FD before time without any penalty or additional charge. Before investing their money, investors should compare the FD rates and tenure of many banks. Only after doing this will they be able to choose a scheme with higher returns. By doing research before investing, one can earn good money from FD. Also, investors must read the terms and conditions before investing in any FD scheme.

If you are 60 years or above and want to earn good money by investing your money in FD, then here is a list of private, government and small finance banks for you. The list also includes details of the interest rate and tenure on FD. By comparing the senior citizen FD rates of these banks, you can keep your money in the trusted bank offering the highest returns.

,Note :This list has been prepared by Paisa Bazaar.com. Updates till July 17 have been taken from the official websites of various banks. This is for your information only. Banks keep changing the interest rate from time to time. In such a situation, before investing in the FD of any bank listed here, visit its official website or branch and get accurate information.)

How to open an FD account

It is very easy to open an FD account these days. If you want to invest in FD, you can open this account by visiting your nearest bank branch. Those who know how to use the internet can apply to open an FD account by visiting the official website of the bank from home. Investors are advised to open their FD account in the bank where they already have a bank account, in fact the process can be even easier in this case. In this way, investors can save time in paperwork and other necessary procedures.