Fixed deposit rates for senior citizens: A comparison of top banks
Senior citizens can earn attractive interest rates on fixed deposits, with top banks offering up to 7.50% interest, providing a secure and reliable way to grow savings.
Fixed deposits (FDs) are a popular investment choice for senior citizens, offering a secure and reliable way to grow savings. With guaranteed returns and low risk, FDs provide financial stability for retirees. Banks and financial institutions often offer higher interest rates for seniors, making these schemes particularly attractive. However, with the RBI's 100 basis points cuts which have lowered the repo rate to 5.5% this year has led to a decline in fixed deposit (FD) interest rates, impacting senior citizens reliant on stable income. Banks have reduced FD rates, with cuts ranging from 30-70 bps since February, when the rate-cut cycle began.
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As banks offer varying interest rates, it is crucial to choose the right one to maximize FD earnings. Here's a list of top private and public sector banks offering the best rates on an FD of up to Rs 1 crore. The list is based on data compiled by BankBazaar as of August 1.
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IndusInd Bank offers an interest rate of 7.50 percent to senior citizens on FDs with a two-year tenure. Among private banks, IndusInd offers the best interest rate.
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Axis Bank offers an interest rate of 7.35 percent for 5-10 years FD by senior citizens.
