Most small private banks are giving up to 7 percent interest on FDs to senior citizens. They are trying to get fresh deposits in the face of stiff competition from big banks.
Due to the high liquidity with the banks, the interest on FD is continuously decreasing. Now the maximum interest on Fixed Deposit has been reduced to only five to six percent. In such a situation, the problems of those senior citizens who have kept their retirement funds in FD have increased. Their interest is their source of income but due to low interest rate it is declining.
However, there are some banks in this era, which are giving up to 7 percent interest on FDs to senior citizens. Most of them are small private banks, which are trying to get fresh deposits in the face of stiff competition from big banks. Let us see which small private banks are getting more interest on Senior Citizens FD.
IDFC First Bank
IDFC First Bank is giving 6.25 percent interest to senior citizens on 3-year FD. If a senior citizen depositor puts Rs 1 lakh in FD in this bank today, then after 3 years he will get Rs 1, 18,750.
DCB Bank
DCB Bank is offering 6.45 percent interest on FDs of 700 days for senior citizens. Similarly, interest of 6.45 percent is also available on FD of 36 months. If a senior citizen depositor deposits Rs 1 lakh, then after three years he will get Rs 1,19350.
IndusInd Bank
IndusInd Bank Bank is giving an interest rate of 6.50 percent to senior citizens on FDs of three years. If a senior citizen puts Rs 1 lakh in FD, he will get Rs 1,19,500 after three years.
YES BANK
YES Bank is giving 7.25 percent interest to senior citizens on FDs of 3 years. If a senior citizen depositor deposits Rs 1 lakh for three years, then he will get Rs 1,21,750 on maturity.
RBL Bank
RBL Bank is giving 6.80 percent interest to senior citizens on three-year FD. If a senior citizen depositor puts one lakh rupees in RBL Bank for three years, then he will get Rs 1,20,400 on three maturities.
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