Senior Citizen Best Scheme: The Reserve Bank of India (RBI) has increased the repo rate by 225 bps from May 2022.
As a result, interest rates on fixed deposits have gone up in the last few months. Fixed Deposits (FDs) are often the preferred investment option for senior citizens. All top lenders including State Bank of India (SBI), ICICI Bank, HDFC Bank, Yes Bank, Kotak Mahindra Bank and others offer under 50 basis points (bps) higher interest to senior citizens than general customers.
The Reserve Bank of India (RBI) has increased the repo rate by 225 bps from May 2022. As a result, interest rates on fixed deposits have gone up in the last few months.
Let us have a comparative look at the interest rates offered by SBI, HDFC Bank, ICICI Bank, Yes Bank and Kotak Mahindra Bank…
- SBI offers 7.25% interest rate on Senior Citizen FD. The rates are effective from 13 December 2022.
- HDFC Bank offers up to 7.5% interest on Senior Citizen FD. These rates are effective from 14 December 2022.
- ICICI Bank pays up to 7.5% interest on Senior Citizen FD. These rates are effective from 16 December 2022.
- Yes Bank pays up to 7.5% interest on Senior Citizen FD. These rates are effective from 9 December 2022.
- Kotak Mahindra Bank offers up to 7.5% interest on Senior Citizen FD. These rates are effective from 15 December 2022.
