For senior citizens, Fixed Deposits (FDs) continue to be one of the safest and most dependable investment options. FDs not only safeguard your principal but also provide steady interest income, making them a preferred choice over volatile investment avenues. Moreover, banks typically offer higher interest rates to senior citizens compared to regular account holders, ensuring better returns on their savings. As per BankBazaar.com, leading banks across the country currently provide FD interest rates ranging from 7% to 7.5% for deposits up to ₹3 crore.
FD Interest Rates Offered by Top BanksIndusInd Bank: Among private sector banks, IndusInd Bank currently offers the highest interest rate of 7.5% for FDs with a tenure of 6 to 12 months.
Axis Bank: Deposits maturing over 5 to 10 years fetch an attractive interest rate of 7.35%.
HDFC Bank: Offers 7.10% interest on FDs with a term of 18 to 21 months.
ICICI Bank: Senior citizens can avail 7.10% interest on deposits ranging from 2 years and 1 day to 10 years.
Kotak Mahindra Bank: FDs with tenure between 391 days and under 23 months earn 7.10% interest.
Public Sector Banks: Banks like Union Bank of India, Bank of Baroda, and Punjab National Bank provide senior citizens with a fixed interest rate of 7.10% on applicable FDs
State Bank of India (SBI): Deposits maturing over 5 to 10 years are currently yielding 7.05% interest.
With these options, senior citizens can select FDs based on their investment horizon and financial goals, ensuring both safety and optimal returns.
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