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Senior Citizens FD: These 5 Private Sector Banks Offering Up To 7% Interest
If you are 60 plus and looking for a good investment but also don't want to take risk of the equity market FD should be your top priority. When it comes to FD, you most probably look for banks that offer high rates of interest. However, interest rates these days are not high compared to a few years back.
You can also opt to invest in tax-saving FD. These tax-saving FDs come with a 5-year lock-in period. Tax-saving FDs are one of the most looked-after investment destinations for tax savvy individuals of all class. You can invest in a tax-saving FD to save money on your taxes under Section 80C of the Income Tax Act of 1961.
These 5 Banks are offering up Up to 7% interest on Senior Citizens FDs:
IndusInd Bank
IndusInd Bank offers the highest rate of interest to Senior citizens on 2 years to 61 months FD tenure.
Interest Rate w.e.f 16th February 2022
| Tenure | FD rates for Senior Citizens |
|---|---|
| 1 Year to below 2 Years | 6.50% |
| 2 years to below 61 Months | 7.00% |
Source - Bank Website
Yes Bank
Yes Bank offers also offers the same rate of interest as the IndusInd Bank. On 3 year to 10 years FD, Yes Bank offers the highest interest up 7%.
Interest Rate w.e.f 04th March 2022
| Tenure | FD rates for Senior Citizens |
|---|---|
| 9 months to < 1 year | 5.50% |
| 1 Year < 18 months | 6.25% |
| 18 Months to < 3 years | 6.50% |
| 3 Years to <= 10 years | 7.00% |
Source - Bank Website
RBL Bank
RBL bank also offer the highest interest rate up to 7% on 2 years to 3 year FD.
Interest Rate w.e.f February 03, 2022
| Tenure | FD rates for Senior Citizens |
|---|---|
| 12 months to less than 24 months | 6.75% |
| 24 months to less than 36 months | 7.00% |
| 36 months to 60 months 1 day | 6.80% |
| 60 months 2 days to 240 months | 6.25% |
Source - Bank Website
DCB Bank
Banks offer the highest interest rate up to 6.75% on 18 Months to 120 Months.
Interest Rate w.e.f 07th March 2022
| Tenure | FD rates for Senior Citizens |
|---|---|
| 12 months | 6.05% |
| More than 12 months to less than 15 months | 5.80% |
| 15 months to less than 18 months | 6.50% |
| 18 months to 120 months | 6.75% |
Source - Bank Website
IDFC First Bank
IDFC First Bank offers up to 6.50% interest rate on 5 years to 10-year deposits.
Interest Rate w.e.f 21st January 2022
| Tenure | FD rates for Senior Citizens |
|---|---|
| 1year - 2 years | 6.25% |
| >2 years 1 day - 3 years | 6.50% |
| >3 years 1day - 5 years | 6.75% |
| >5 years 1 day - 10 years | 6.50% |
Source - Bank Website
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