Senoir Citizens FD interest Rates: Everyone thinks of saving some part of their income and investing it so that they do not face any problem in future. In such a situation, FD proves to be a better option for the people. Now the question arises that where to invest to get good returns, so today we are telling you which bank is offering how much interest.
In today’s time, people mostly use Fixed Deposit (FD) for saving. Especially senior citizens invest in these. They choose this for their regular income. Senior citizens prefer to keep their money in fixed deposits. This is an attractive investment option for them. Both public and private sector banks offer them special FD schemes.
Senior citizens can take advantage of these FD schemes by comparing interest rates. Senior citizens can earn up to 8.1% interest on three-year FD. This rate is applicable on deposits up to Rs 2 crore. Senior citizens looking to invest should take advantage of the high interest rates prevailing in the market. Here we have told about the interest rates offered by different banks on three-year FD for senior citizens.
interest rates comparison
- Bank Name Interest Rate
- DCB Bank 8.10%
- RBL Bank 8.00%
- YES BANK 8.00%
- Bandhan Bank 7.75%
- Bank of Baroda 7.75%
- IDFC Bank 7.75%
- IndusInd Bank 7.75%
- Axis Bank 7.60%
- Kotak Mahindra Bank 7.60%
- Punjab National Bank 7.50%
- HDFC Bank 7.50%
- ICICI Bank 7.50%
Some benefits of FD for senior citizens
high interest rates
Senior citizens get higher interest rates than regular FDs. Some banks also offer special FD schemes for senior citizens that offer even higher interest rates.
Tax benefit
Senior citizens get tax benefits on interest earned on FD (Interest earned on FD for senior citizens). They can avail tax exemption on interest income up to ₹50,000 under Section 80TTA.
Security
FDs are insured by the Deposit Insurance Corporation of India (DIC), which protects deposits up to Rs 5 lakh.
Regular flow of income
Interest earned from FD provides a regular flow of income for senior citizens.
Resilience
FDs are available for different tenures, so senior citizens can choose the scheme as per their needs.
