Senior Citizen Highest FD Rate: If senior citizens have opted for the old tax regime, they will get tax relief under Section 80C of the Income Tax Act on the interest earned on FD, but let us make it clear here. Those who have opted for the new tax regime will not get tax rebate on FD interest.
Senior Citizen Highest FD Rate: The biggest tension for senior citizens is to manage their expenses after retirement, because the government has discontinued the old pension scheme. Also, there has never been a provision for pension in the private sector. In such a situation, senior citizens have the tension of managing their household and medical expenses.
If any elder in your house is facing such a problem, then let us tell you that at present some banks are giving more than 9 percent interest on 5-year FD. If any senior citizen wants to arrange for pension, then by depositing money in these banks, he can earn a good amount of interest every month.
How to get 9.1% interest
In the banks we are telling you about here, senior citizens will have to make FD for a time period of 5 years. Also, the amount deposited should be less than Rs 3 crore. If you fall under the old tax regime, then you can also get tax benefits.
Tax relief will be available under section 80C
If senior citizens have opted for the old tax regime, they will get tax relief under Section 80C of the Income Tax Act on the interest earned on FD, but let us make it clear here. Those who have opted for the new tax regime will not get tax rebate on FD interest.
These banks are giving 9.1% interest on FD
Suryodaya Small Finance Bank is currently offering 9.1 percent interest to senior citizens. Apart from this, Unity Small Finance Bank is offering 8.65 percent interest to senior citizens.
| Name of the Bank | Interest rate |
| Suryodaya Small Finance Bank | 9.1% |
| Unity Small Finance Bank | 8.65% |
| North East Small Finance Bank | 8.5% |
| Utkarsh Small Finance Bank | 8.35% |
Also, North East Small Finance Bank is offering 8.5% interest and Utkarsh Small Finance Bank is offering 8.35% interest, but in all these banks you will have to make FD for 5 years. Only then senior citizens will get this much interest.
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