Saturday, May 25, 2024
HomePersonal FinanceFD Interest rates: Bank is giving 8.10% to senior citizens More benefits...

FD Interest rates: Bank is giving 8.10% to senior citizens More benefits till now, check full list

Fixed Deposit (FD) is a popular investment option for senior citizens. It helps them earn fixed interest rates on their deposits and accumulate wealth for their retirement. Before investing money, they should compare the interest rates offered by different banks.

New Delhi: Senior citizens prefer to keep their money in fixed deposits (FD). 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

Name of bankRate of interest
DCB Bank8.10%
RBL Bank8.00%
YES BANK8.00%
Bandhan Bank7.75%
Bank of Baroda7.75%
IDFC Bank7.75%
IndusInd Bank7.75%
Axis Bank7.60%
Kotak Mahindra Bank7.60%
Punjab National Bank7.50%
HDFC Bank7.50%
ICICI Bank7.50%

 

Some benefits of FD for senior citizens

Higher interest rates: Senior citizens get higher interest rates compared to regular FDs. Some banks also offer special FD schemes for senior citizens that offer even higher interest rates.

Tax Benefits: Senior citizens get tax benefits on the interest income earned on FDs. 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: The interest earned from FD provides a regular flow of income for senior citizens.

Flexibility: FDs are available for different tenures, so senior citizens can choose the plan as per their needs.

Shyamu Maurya
Shyamu Maurya
Shyamu has done Degree in Fine Arts and has knowledge about bollywood industry. He started writing in 2018. Since then he has been associated with Informalnewz. In case of any complain or feedback, please contact me @informalnewz@gmail.com
RELATED ARTICLES
- Advertisment -

Most Popular

Recent Comments