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

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 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 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 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 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 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. 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 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 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 years: Rs 1,18,681