The elderly citizens can avail up to 7.40 percent return on FD of 444 days in Punjab and Sind Bank.
A fixed deposit is also referred to as a time deposit or term deposit. This investment option allows depositors to invest their money for a fixed period. It also allows them to earn fixed interest on it at regular intervals during the chosen tenure or at maturity. It is considered a safer investment option, but not much return is expected on it. There are some banks, however, that are offering 8 percent interest on the FDs. This is applicable only for senior citizens. This space articulates the list of 4 banks where senior citizens can avail this offer.
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1. Punjab and Sind Bank
The elderly citizens can avail up to 7.40 percent return on FD of 444 days. This bank gives 0.50 percent additional interest as well to senior citizens. This offer can be availed only till January 31, 2024.
2. Catholic Syrian Bank
Catholic Syrian Bank has come up with a special fixed deposit named Acharya Fixed Deposit for senior citizens. Under this scheme, senior citizens can get 7.75 percent interest on an FD of 401 days. The bank has revised the interest rates on December 1.
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3. IndusInd Bank
On December 1, IndusInd Bank also revised the rates for their FDs. This bank is also offering interest up to 8 and 8.25 percent. It is available on FDs of 1 to 2 years. Meanwhile, 8 percent interest is available on FDs of more than 2 years to less than 61 months.
4. Capital Small Finance Bank
Capital Small Finance Bank has come up with an 8.10 percent interest rate on FD of 400 days. Apart from this, 8 percent interest is being offered on 12-month FD. Also, 7.90 per cent interest is being offered on 600 and 900-day FD.
Let’s take a look at the advantages of keeping money in a fixed deposit.
1. Market fluctuations don’t affect the fixed deposit. This means that the investor will get an assured return on the deposits by the end of the maturity period.
2. The investors can also avail an overdraft against their FD in the case of a cash crunch.
