If you are also planning to invest in FD, then it is better that you get FD done in the name of your old parents. This will give you more interest. Right now most of the banks, especially private banks are offering half a per cent (0.5 per cent) more interest to senior citizens (60 years or above).
New Delhi. In May, the Reserve Bank (RBI) had announced an increase in the repo rate and CRR. Due to this, where debt has become expensive, on the other hand, the investors of Fixed Deposit are getting more returns than before. Almost all banks have increased FD interest rates. Investment in FD is considered to be the safest and guaranteed.
Given the huge volatility in the stock market, now is the best time to invest in FDs. One, the investment remains safe here, secondly, the increase in interest rates has started. It is possible to increase it further in the coming time.
Higher interest to senior citizens
In such a situation, if you are also planning to invest in FD, then it would be better to get FD done in the name of your old parents. This will give you more interest. Right now most of the banks, especially private banks are offering half a per cent (0.5 per cent) more interest to senior citizens (60 years or above). If you also want more interest, then adopting this option will be most suitable for you.
These 10 banks are giving more interest
Many banks are offering up to 7.1 percent interest on 3-year FDs up to Rs 2 crore. These include DCB Bank, which is giving 7.1 percent interest to senior citizens on 3-year FDs. According to a report by Moneycontrol, this is the highest interest in private banks. If you make an FD of Rs 1 lakh for 3 years in DCB Bank, then on maturity you will get Rs 1.24 lakh. Similarly, Bandhan Bank, IndusInd and Yes Bank are offering 7 per cent interest on 3-year FDs to senior citizens. RBL Bank offers 6.8 per cent and IDFC First Bank 6.5 per cent.
If you make an FD in the name of your old parents in any of Axis Bank, Federal Bank, IDBI and Kotak Mahindra Bank, then you will get 6.25 percent interest for 3 years. The investment of Rs 1 lakh made in this will become Rs 1.20 lakh in 3 years. Smaller banks offer higher interest rates for higher deposits. This data of FD has been taken from the website of banks. These interest rates are for deposits below Rs 1 crore and for senior citizens (60-80 years).
