For senior citizens contemplating a fixed deposit, now is an opportune time to act. With the Reserve Bank of India potentially adjusting rates due to global economic shifts, locking in a favorable rate is crucial. Several banks, including SBI, HDFC Bank, Punjab National Bank, Axis Bank, and Kotak Mahindra Bank, offer tailored fixed deposit interest rates with an additional 0.50% or more for senior citizens.
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Small Finance Banks
Small finance banks provide some of the highest rates for senior citizens:
AU Small Finance Bank: Up to 8.50% for 18 months.
Equitas Small Finance Bank: Up to 9.00% for 444 days.
NorthEast Small Finance Bank: 9.50% for 546 to 1111 days.
Suryoday Small Finance Bank: 9.10% for 2-3 years.
Private Sector Banks
Private sector banks offer competitive rates:
Axis Bank: 7.75% for 15 months.
HDFC Bank: 7.90% for 55 months.
IndusInd Bank: 8.25% for 1-2 years.
RBL Bank: 8.60% for 500 days.
Public Sector Banks
Public sector banks provide trusted options:
State Bank of India (SBI): 7.75% for 444 days.
Bank of India: 7.80% for 400 days.
Punjab National Bank: 7.75% for 400 days.
Canara Bank: 7.75% for 444 days.
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Global Banks
While global banks offer lower rates, they provide stability:
Deutsche Bank: 8.00% for 1-3 years.
HSBC Bank: 8.00% for 601-699 days.
Standard Chartered Bank: 8.00% for 1 year to 375 days.
Fixed deposits offer stability and predictable returns, making them a reliable option for retirees. Senior citizens benefit from higher rates and tax exemptions, with several banks providing competitive options. By staying informed about these rates, senior citizens can secure their financial future.
(Source: Paisabazaar.com, rates as of October 1, 2024, depositors aged 80 or more)
