Fixed deposits (FDs) continue to be a preferred investment choice for senior citizens as it offers safety and assured returns. With interest rates influenced by the Reserve Bank of India’s (RBI's) policies and market dynamics, several banks are competing to provide the most attractive terms for seniors.
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Here are the best rates offered by 15 banks considering three-year FDs (of up to Rs 1 crore). So let's see how an investment of Rs 1 lakh grows in that time. Paisabazaar has compiled the data as of July 25.
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Utkarsh Small Finance Bank offers 8.5 percent to senior citizens for FDs with a tenor of three years. Among small finance banks, it offers the best interest rate. In three years, a Rs 1-lakh FD would grow to Rs 1.26 lakh.
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Jana Small Finance Bank offers an interest rate of 8.25 percent on FDs with a tenor of three years. If a senior citizen invests Rs 1 lakh, that would grow to Rs 1.25 lakh on maturity.
Suryoday Small Finance Bank offers 8.15 percent on three-year FDs. A deposit of Rs 1 lakh here will grow to Rs 1.24 lakh on maturity.
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Yes Bank offers an interest of 7.85 percent on three-year FDs for senior citizens. An investment of Rs 1 lakh will grow to Rs 1.24 lakh on maturity. (BOTH 8.15% & 7.85% WILL GROW TO 1.24 LAKH ON MATURITY?)
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Bandhan Bank, Equitas Small Finance Bank, and Unity Small Finance Bank offer an interest rate of 7.75 percent for a three-year FD for senior citizens. Which means that a Rs 1 lakh investment would become Rs 1.23 lakh on maturity.
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Ujjivan Small Finance Bank and RBL Bank offer an interest rate of 7.70 percent. Here, a Rs 1 lakh investment would become Rs 1.23 lakh on maturity.
AU Small Finance Bank offers 7.6 percent. If you were to invest Rs 1 lakh, it would grow to Rs 1.23 lakh on maturity.
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SBM Bank India offers 7.55 percent on such senior citizen FDs. If you invest Rs 1 lakh here, it would grow to Rs 1.23 lakh on maturity.
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IndusInd Bank offers an interest rate of 7.50 percent on FDs of the same tenor. If you invest Rs 1 lakh, the amount would grow to Rs 1.23 lakh on maturity.
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DCB Bank, IDFC FIRST Bank, and Jammu & Kashmir Bank offer an interest rate of 7.25 percent. Which means that an investment of Rs 1 lakh would become Rs 1.22 lakh on maturity.
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The Deposit Insurance and Credit Guarantee Corporation (DICGC), a subsidiary of the RBI, guarantees the safety of fixed deposits of up to Rs 5 lakh.
