Fixed Deposit: Fixed deposit (FD) schemes are a popular means of safe investment for senior citizens in India, offering higher interest rates than regular depositors. Currently, many banks are offering attractive interest rates to senior citizens. Here is a list of some of the major banks:
These 7 banks are giving the highest returns
- SBM Bank: SBM Bank offers the highest interest rate of 8.25% to senior citizens, which is suitable for safe and profitable investment.
- Yes Bank: Yes Bank offers FD option to senior citizens with an interest rate of 8%, which makes their investment safe and profitable.
- DCB Bank: DCB Bank offers an interest rate of 8.05% to senior citizens, making their investment safe and profitable.
- Bank of Baroda: Bank of Baroda offers senior citizens an interest rate of 7.75% on three-year FDs, which makes their investment safe and profitable.
- Axis Bank: Axis Bank offers senior citizens an interest rate of 7.60% on three-year FDs, making their investment safe and profitable.
- HDFC Bank: HDFC Bank offers an interest rate of 7.50% to senior citizens on three-year FDs, making their investment safe and profitable.
- Canara Bank: Canara Bank offers senior citizens an interest rate of 7.30% on three-year FDs, making their investment safe and profitable.
TDS on interest exceeding Rs 50,000
Interest rates may change from time to time. Therefore, before investing, make sure to confirm from the official website of the concerned bank or the nearest branch. Additionally, senior citizens should also keep in mind the taxation aspects on interest earned on FDs, as TDS (Tax Deducted at Source) may be applicable on interest of more than Rs 50,000 in a financial year.
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