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Last Updated : Sep 27, 2020 10:49 AM IST | Source: Moneycontrol.com

Fixed deposit rates for senior citizens: These 10 banks offer best interest rates on 3-year FDs

Here is a list of 10 banks that offer best fixed deposit rates for senior citizens on three-year FDs

A fixed deposits (FDs) is a financial instrument provided by banks or NBFCs which provides investors a higher rate of interest than a regular savings account, until the given maturity date. FD rates differ at different banks on the basis of deposit amount, deposit tenure and the investor. Most senior citizens prefer investing in bank fixed deposits to earn a regular monthly income after retirement. However, falling bank deposit rates have reduced their monthly income sharply in the last one year or so. This is because the Reserve Bank of India (RBI) has steadily cut repo rates. Banks have followed the same trajectory and gradually reduced the interest rates on fixed deposits across the tenures. Despite that, there are still some banks who offer attractive rates on three-year FDs for senior citizens. BankBazaar has compiled the data of some of the private and public sector banks which offer best interest rates on three-year FDs for senior citizens.

Fixed deposits (FDs) are financial instruments provided by banks or NBFCs that give investors a relatively better rate of interest if held for a fixed period. FD rates differ across banks depending on the deposit amount, deposit tenure etc. Most senior citizens prefer investing in bank FDs to earn a regular monthly income after retirement. Although interest rates have been falling reducing their monthly income sharply over the last year or so, there are still banks that offer attractive FD rates for senior citizens. Here is a list of private and public banks compiled by BankBazaar that offer best rates on three-year FDs for senior citizens.

No. 1 | Bank | RBL Bank | Annual rate of interest: 7.65 percent | What Rs 1 lakh grows to in three year: Rs 1,25,525

No. 1 | Bank: RBL Bank | Annual rate of interest: 7.65 percent | What Rs 1 lakh grows to in three years: Rs 1,25,525

No. 2 | Bank | DCB Bank | Annual rate of interest: 7.45 percent | What Rs 1 lakh grows to in three year: Rs 1,24,788

No. 2 | Bank: DCB Bank | Annual rate of interest: 7.45 percent | What Rs 1 lakh grows to in three years: Rs 1,24,788

No. 3 | Bank: Yes Bank: Annual rate of interest: 7.25 percent | What Rs 1 lakh grows to in three year: Rs 1,24,055

No. 3 | Bank: Yes Bank: Annual rate of interest: 7.25 percent | What Rs 1 lakh grows to in three years: Rs 1,24,055

No. 4 | Bank: IndusInd Bank 7.25 percent| Annual rate of interest: | What Rs 1 lakh grows to in three year: Rs 1,24,055

No. 4 | Bank: IndusInd Bank 7.25 percent| Annual rate of interest: | What Rs 1 lakh grows to in three years: Rs 1,24,055

No. 5 | Bank: Bandhan Bank: Annual rate of interest: 6.50 percent | What Rs 1 lakh grows to in three year: Rs 1,21,341

No. 5 | Bank: Bandhan Bank: Annual rate of interest: 6.50 percent | What Rs 1 lakh grows to in three years: Rs 1,21,341

No. 6 | Bank: Punjab National Bank: Annual rate of interest: 6 percent | What Rs 1 lakh grows to in three years: Rs 1,19,562

No. 6 | Bank: Punjab National Bank: Annual rate of interest: 6 percent | What Rs 1 lakh grows to in three years: Rs 1,19,562

No. 7 | Bank: Punjab & Sind Bank| Annual rate of interest: 6.05 percent | What Rs 1 lakh grows to in three year: Rs 1,19,739

No. 7 | Bank: Punjab & Sind Bank| Annual rate of interest: 6.05 percent | What Rs 1 lakh grows to in three years: Rs 1,19,739

No. 8 | Bank: State Bank of India | Annual rate of interest: 5.80 percent | What Rs 1 lakh grows to in three year: Rs 1,18,857

No. 8 | Bank: State Bank of India | Annual rate of interest: 5.80 percent | What Rs 1 lakh grows to in three years: Rs 1,18,857

No. 9 | Bank: Canara Bank: Annual rate of interest: 5.80 percent | What Rs 1 lakh grows to in three year: Rs 1,18,857

No. 9 | Bank: Canara Bank: Annual rate of interest: 5.80 percent | What Rs 1 lakh grows to in three years: Rs 1,18,857

No. 10 | Bank: IDBI Bank: Annual rate of interest: 5.75 percent | What Rs 1 lakh grows to in three year: Rs 1,18,681

No. 10 | Bank: IDBI Bank: Annual rate of interest: 5.75 percent | What Rs 1 lakh grows to in three years: Rs 1,18,681

First Published on Sep 27, 2020 10:49 am
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