Senior Citizen Fixed Deposits: When it comes to investments, senior citizens always look for safer options as they want to protect their retirement funds. In this regard, fixed deposits (FDs) have always attracted them as such investment instruments give their money stability and generate predictable returns. For the last nearly 2 years, banks and non-bank lenders have been offering high returns on term deposits amid high interest rate regime prevailing in the country.
Senior citizen fixed deposits (FDs), specifically designed for individuals aged 60 years and above, earn usually 0.25% to 0.50% higher interest rates than regular FDs. The investment tenure ranges from short-term to up to 10 years. In this article, we will discuss FD rates offered by top 10 private sector banks in the country. Data is sourced from Paisa Bazaar.
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Senior Citizen Fixed Deposit rates in November 2024
Senior citizens looking for high FD rates can park their funds in private sector banks in a bid to fetch high returns. Below are the top 10 banks offering the highest FD rates:
SBM Bank: It provides the highest FD rate of 8.75% for senior citizens. It offers 7.55% for a 1-year tenure, 7.80% for 3 years and 8.25% for 5 years.
RBL Bank: The bank offers a maximum rate of 8.60%. Its rates for 1-year and 3-year tenures are 8.00%, while the 5-year rate stands at 7.60%.
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Bandhan Bank: offers up to 8.55% for senior citizens. For a 1-year tenure, the rate is also 8.55%, while for 3 years and 5 years, the rates are 7.75% and 6.60%, respectively.
DCB Bank: It also provides a maximum rate of 8.55%. For a 1-year FD, it offers 7.60%; for 3 years, 8.05%; and for 5 years, 7.90%.
IndusInd Bank: The bank offers a competitive 8.25% rate for senior citizens. The same rate applies for a 1-year tenure, while 3-year and 5-year FDs offer 7.75%.
YES Bank: The private sector bank provides a maximum FD rate of 8.25%. The rates for 1-year tenures are 7.75%, while 3-year and 5-year deposits earn 8%.
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IDFC First Bank: The lender offers a maximum of 8.25% for senior citizens. For 1-year tenures, the rate is 7.00%, while for 3 years and 5 years, the rates are 7.30% and 7.25%, respectively.
Tamilnad Mercantile Bank: It provides a top rate of 8.25%. Its 1-year FD rate is 7.50%, and for 3-year and 5-year tenures, the rate is 7%.
Karnataka Bank: The bank offers a high rate of 8%. It provides 7.85% for a 1-year tenure, while for 3 years and 5 years, the rates are 7%.
DBS Bank: The lender rounds off the list with a top rate of 8%. The rates for 1-year, 3-year, and 5-year tenures are 7.50%, 7%, and 7%, respectively.
These banks offer attractive interest rates, especially for senior citizens, making FDs a secure and profitable investment option.
