FD Rates: FDs offer guaranteed returns over a fixed period. At present banks are also offering attractive interest rates. Many banks are giving 8% return on FD.
FD Rates For Senior Citizen : Fixed deposits (FD) are considered a safe investment in the country. Actually, FDs offer guaranteed returns in a fixed period. At present banks are also offering attractive interest rates. The credit for which goes to the repo rate. After the aggressive increase in repo rate by RBI last year, banks have increased the interest rates of their FD schemes to attract customers.
During this time, it is the responsibility of the customers to compare the interest rates of different banks before choosing FD. Here is the list of banks offering the highest FD rates on deposits up to Rs 1 crore across different tenures –
- Yes Bank and IndusInd Bank are offering 8 percent interest on three-year FD for senior citizens.
- Bank of Baroda is offering 7.75 percent interest on three-year FD for senior citizens.
- Axis Bank is offering 7.60 percent interest on three-year FD for senior citizens.
- HDFC Bank, ICICI Bank and Punjab National Bank are offering 7.50 percent interest on three-year FD for senior citizens.
- Canara Bank is offering 7.30 percent interest on three-year FD for senior citizens.
- Bank of India is offering 7.25 percent interest on three-year FD for senior citizens.
- Federal Bank is offering 7.10 percent interest on three-year FD for senior citizens.
Investing too much is not a good idea
Investing too much in FD schemes is also not a good idea. Therefore, you should manage your investment portfolio keeping your financial goals in mind. For example, saving through FD for your child’s higher education after 15 years may not be cost effective as this post taxes interest rate may not give you real returns (returns above the rate of inflation). But if you are planning a holiday after two years, then FD can prove to be a better investment tool.
