FD Rates : Fixed Deposit (FD) has been a famous investment option in India for years. Most senior citizens in the country prefer to invest in them because they are financially strong and their money is safe. Senior citizens in the country get higher interest than normal citizens.
Interest rates and benefits
Banks and non-banking financial companies (NBFCs) are offering 2.50% to 9.10% annual interest to senior citizens for tenures ranging from 7 days to 10 years. Most banks and NBFCs offer 0.50% higher interest rates than normal FD rates to senior citizens. Many private banks are offering interest up to 7 percent. Many NBFCs are offering 9 percent interest on FDs. Due to which FD has become the best source of income even after retirement.
FD Rates of Top Banks
Public Sector Banks
Bank of Baroda – 7.80%
Bank of India – 7.80%
Canara Bank – 7.75%
Central Bank of India – 7.95%
State Bank of India – 7.75%
Union Bank of India – 7.90%
Private Sector Banks
Axis Bank – 7.75%
Bandhan Bank – 8.55%
DBS Bank – 8.00%
HDFC Bank – 7.90%
ICICI Bank – 7.75%
IDFC First Bank – 8.40%
Yes Bank – 8.25%
Small Finance Banks
AU Small Finance Bank – 8.50%
Jana Small Finance Bank – 8.75%
North East Small Finance Bank – 9.00%
Unity Small Finance Bank – 9.10%
Utkarsh Small Finance Bank – 9.10%
Senior citizens get these special benefits
Minimum Investment: The minimum investment amount in FD starts from Rs 100.
Interest payment option : Monthly, quarterly, half yearly and yearly interest payment options are available. Senior citizens can withdraw half or full amount from FD before time. FD can be renewed after maturity. DICGC provides insurance on deposits up to Rs 5 lakh on FD.
