Fixed Deposit Rate: Fixed Deposit can be a great investment option for senior citizens.
Fixed Deposit Rate: If you are a senior citizen and are thinking of investing your savings for safe and better returns, then Fixed Deposit (FD) can be a good option for you. Especially now, when many private banks are giving more than 8% interest on three-year FDs to senior citizens.
According to experts, by investing in long-term FDs, senior citizens can ensure a stable income. However, delaying it can also miss the opportunity of reduction in interest rates.
Why is now the right time to invest?
Fixerra CEO Akshar Shah says that this is the right time for senior citizens to invest in long-term FD schemes, so that they can get the benefit of higher interest rates. If you delay, then this opportunity may be lost due to RBI’s repo rate cut.
Also Read- Cheque Bounce Rule: Keep these things in mind while making payment by cheque
Which banks are giving the best returns?
According to data collected by Paisabazaar, some private banks are offering the best interest rates on three-year FDs to senior citizens. Let’s know which banks are offering what interest rates:
- DCB Bank: This bank is offering 8.05% interest on three-year FDs. If you make an FD of Rs 1 lakh, then after three years this amount will become Rs 1.27 lakh.
- RBL Bank and Yes Bank: Both banks are offering 8% interest on three-year FDs. An FD of Rs 1 lakh will become Rs 1.27 lakh in three years.
- SBM Bank India: Here 7.80% interest is being given on three-year FDs. An FD of Rs 1 lakh will become Rs 1.26 lakh in three years.
- Bandhan Bank and IndusInd Bank: These banks are offering an interest rate of 7.75%. An FD of Rs 1 lakh will become Rs 1.26 lakh in three years.
- Axis Bank and Kotak Mahindra Bank: The interest rate of both these banks is 7.60%, due to which an FD of Rs 1 lakh will become Rs 1.25 lakh in three years.
- Federal Bank, HDFC Bank and ICICI Bank: The interest rate in these banks is 7.50%. The value of an FD of Rs 1 lakh will become Rs 1.25 lakh in three years.
Investing in FDs right now can be a profitable deal for senior citizens, especially when the interest rates are so attractive. By investing in long-term FDs, you can get a stable income while keeping your savings safe.
Related Articles:-
Ayushman Card Eligibility: Who can get Ayushman Card and who cannot? Know here
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at businessleaguein@gmail.com
