FD Rates : After retirement, regular sources of income stop, in such a situation, savings become the main means of living. Therefore, it is very important to make the right financial plan and choose a safe investment option.
Experts believe that senior citizens should focus on investment options that can give fixed and good returns with low risk. Fixed Deposit (FD) is one of the most reliable and safe investment options in India. It gives returns at a fixed interest rate for a fixed period. Many banks are offering interest rates of 7.5% or more to senior citizens on 5-year FD schemes.
Banks offering interest rates of 7.5% or more
SBM Bank is offering FD option to senior citizens with the highest interest rate of 8.25% and Yes Bank is offering 8%. Axis Bank, IndusInd Bank and DCB Bank are offering interest ranging from 7.75% to 7.9%. Apart from this, HDFC Bank, ICICI Bank and SBI are also offering interest on FD at the rate of 7.5%.
Banks offering 7% to 7.5% interest
Banks like Bank of Baroda, Canara Bank, Union Bank of India, and IDFC First Bank are offering interest ranging from 7% to 7.5%. Apart from this, Karnataka Bank and Tamil Nadu Mercantile Bank also fall in this category.
Eligibility for FD for senior citizens
Indian residents aged 60 years or above are eligible to invest in FDs. NRI senior citizens can also invest through NRE or NRO accounts. Proof of age, Aadhaar card, passport, PAN card, passport size photo and address proof (such as electricity or telephone bill) are required to apply for FDs.
FD is a safe and reliable investment option for senior citizens, which provides a stable income. If you want a fixed income at the time of your retirement, it would be a wise move to choose FD schemes with an interest rate of 7.5% or more. This will not only keep your capital safe but will also become a good source of regular income.
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