Let us know about four such banks, which are offering the highest interest rate on three-year FDs to senior citizens.
Fixed Deposit investment is popular among senior citizens . Banks like State Bank of India ( SBI ) and HDFC Bank have increased the interest rates on FDs after the Reserve Bank of India ( RBI ) announced to retain the repo rate at 4 percent this time too .
Despite falling interest rates amid the COVID-19 pandemic, small private banks are offering interest rates up to 7 per cent for senior citizens on three-year FDs. Let us know about four such banks, which are offering the highest interest rate on three-year FDs to senior citizens.
The Deposit Insurance and Credit Guarantee Corporation (DICGC), a subsidiary of RBI, gives a guarantee on the amount invested on fixed deposits i.e. FDs up to Rs 5 lakh.
IndusInd Bank
Private sector IndusInd Bank is offering 7 percent interest to senior citizens on deposits maturing in 2 years to 61 months. These rates are effective from February 16, 2022.
RBL Bank
RBL Bank offers 7 per cent interest to senior citizens on deposits maturing in less than 24 months to 36 months. These rates are effective from February 3, 2022. From 24 months to less than 36 months, the interest rate is 7 percent.
Yes Bank
Private sector Yes Bank gives 7 percent interest to senior citizens on FDs of 3 years. These rates are effective from 4 January 2022.
Bandhan Bank
Bandhan Bank offers 7 per cent interest on three-year FDs for senior citizens. These rates are effective from 12 January 2022. The bank is offering 7 percent interest on FDs of 2 years and less than 3 years.
Even if the bank sinks, your money will not sink
If the bank sinks in future, then the depositors will not face any problem. Even if the bank goes down, they will get their money back within 3 months. DICGC, a subsidiary of Reserve Bank of India, provides insurance cover on bank deposits. DICGC secures deposits up to Rs 5 lakh in schemes like Savings, Current, Recurring Account or Fixed Deposit (FD) etc. in banks.
If a bank becomes a defaulter, then DICGC will pay a maximum amount of up to Rs 5 lakh to each of its depositors including the principal amount and interest. In the event of bank sinking by the central government, customers will be given insurance of Rs 5 lakh on bank deposits within 90 days.
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