Banks offer slightly higher interest rates on fixed deposits (FDs) to senior citizens compared to non-senior citizens. FDs are popular among senior citizens since in old age, they need income from investment options which can give them guaranteed returns and fixed income. Since FDs are not market-linked, senior citizens opt them as they are risk-free investment options. In this write-up, know about the banks offering the highest interest rate to senior citizens on FDs.
Senior Citizen FD Interest Rates: In old age, the interest received from FD (Fixed Deposit) is an important income for senior citizens. The higher the interest senior citizens get on FD, the more they benefit. At present, many private sector banks are providing excellent interest rates on senior citizen FDs. Senior citizens are being given interest of up to 8.1 per cent on three-year FDs. This interest rate is being given on FD of less than Rs 2 crore. Let’s see which which private banks are offering interest up to 8.1 per cent on senior citizen FDs.
1- DCB Bank senior citizen FD rates
DCB Bank is giving a 8.1 per cent interest on its FD to senior citizens.
This interest is being given on FDs maturing between 26 months to 37 months.
If seen this way, their money in this FD will double in 8.8 years.
2- RBL Bank senior citizen FD rates
RBL Bank is giving 8 per cent interest on its FD to senior citizens.
This interest is being given to senior citizens on FDs made for a period from 24 months to 36 months.
It will take 9 years for your FD amount to double in RBL Bank.
Read More: SBI, Union Bank of India And IDFC First Bank Join Rate Hike Wave In Auto and Personal Loans
3- IndusInd Bank senior citizen FD rates
IndusInd Bank is offering 8 per cent interest on the Senior Citizen FD.
It is being given on FD for the period ranging from 2 years 9 months to 3 years 3 months.
If one makes a senior citizen FD in IndusInd Bank, their money will double in 9 years.
Read More: HDFC Bank Vs SBI Vs ICICI Bank: Check Detailed FD Interest Rate Comparison
4- IDFC Bank senior citizen FD rates
IDFC Bank is offering 7.75 per cent interest on Senior Citizen FD.
This offer is being made on FD ranging from 2 years, 1 day to 3 years. If you invest money in this FD, it will take 9.2 years for your money to double.
5- ICICI Bank senior citizen FD rates
If you want, you can also make senior citizen FD in ICICI Bank. Here you are being offered an interest rate of 7.5 per cent. This rate is being given on FDs maturing in a period ranging from 2 years 1 day to 3 years. Your money in this FD will double in 9.6 years.
