This bank has recently increased the interest on FD for senior citizens, which has made senior citizens happy. Let us know how much interest is being received
New Delhi : Budget 2023 has proved to be a hit among senior citizens. The reason being that under the Senior Citizen Savings Scheme (SCSS), the maximum investible amount has been increased from Rs 15 lakh to Rs 30 lakh. The investment limit for Post Office Monthly Income Scheme (POMIS) for single holder account has also been raised to Rs 9 lakh, from Rs 4.5 lakh earlier.
POMIS scheme is popular among senior citizens because of its monthly income payment option, but non-senior citizens also like to invest. Apart from this, the Finance Minister also launched another scheme called Mahila Samman Savings Certificate (MSSC) for women of all ages. There is already a scheme for senior citizens – Pradhan Mantri Vaya Vandana Yojana (PMVVY). However, senior citizens should invest a part of their savings in FDs which provide security and ensure periodic interest income.
Smaller and newer private banks are now offering rates of up to 8.35 per cent on three-year FDs for senior citizens.
Strong interest is available here
- DCB Bank gives 8.35 percent interest on three-year FD for senior citizens. Among private sector banks, it offers the best interest rate. An investment of Rs 1 lakh grows to Rs 1.28 lakh in three years.
- IndusInd Bank offers 8.25 per cent interest on three-year FDs for senior citizens. An investment of Rs 1 lakh grows to Rs 1.28 lakh in three years.
- IDFC First Bank offers 8% interest on three-year FDs for senior citizens. An investment of Rs 1 lakh grows to Rs 1.27 lakh in three years.
- Axis Bank, Bandhan Bank and Yes Bank offer 7.75 per cent interest on three-year FDs for senior citizens. An investment of Rs 1 lakh grows to Rs 1.26 lakh in three years.
- HDFC Bank, ICICI Bank and RBL Bank offer 7.5 per cent interest on three-year FDs for senior citizens. An investment of Rs 1 lakh grows to Rs 1.25 lakh in three years.
- Karur Vysya Bank offers 7.4 per cent interest on three-year FDs for senior citizens. An investment of Rs 1 lakh grows to Rs 1.25 lakh in three years.
- Small private sector banks and new private banks are offering higher interest rates to get fresh deposits. Deposit Insurance and Credit Guarantee Corporation, a subsidiary of RBI, guarantees investments in fixed deposits up to Rs 5 lakh.
