there are many banks which offer interest up to 7.75% for three years FD to senior citizens. Banks like BOB Axis are included in the list of these banks. Let us know about them.

If you are a senior citizen then you should think about investing in FD, because in this you get fixed and regular interest. There are many banks which provide interest up to 7.75% to senior citizens by giving them better savings option.

In these bank lists, public and private banks like Bank of Baroda, Axis Bank, HDFC Bank, SBI, Union Bank of India offer the highest interest rates on three-year FDs for senior citizens. Let us know about it in detail.

These are the interest rates

All these banks offer the highest interest rates to resident Indians above 60 years of age. This includes retail and 3-year FDs of less than Rs 1 crore.
This value is calculated on the basis of quarterly compounding of interest. Some government banks offer interest rates to super senior citizens (80 years and above). Here we are telling about those banks which give better interest rates.

axis Bank

Axis Bank offers 7.60 percent interest rate on three-year FD to senior citizens. That means the amount of Rs 1 lakh invested now will increase to Rs 1.25 lakh in three years.

Bank of Baroda

Talking about Bank of Baroda, it gives interest rate of 7.75 percent on three year FD.
It gives the highest interest rates to senior citizens. That means the amount of Rs 1 lakh invested now will increase to Rs 1.26 lakh in three years.

HDFC Bank

HDFC Bank, ICICI Bank and Punjab National Bank offer interest rates of 7.50 percent on three-year FDs.

With this, the amount of Rs 1 lakh invested now will increase to Rs 1.25 lakh in three years.

State Bank of India

State Bank of India (SBI) offers 7.25 percent interest rate on three-year FD to senior citizens.

That means the amount of Rs 1 lakh invested now will increase to Rs 1.24 lakh in three years.

Bank of India

Bank of India and Union Bank of India offer an interest rate of 7 percent on three-year FDs.
The amount of Rs 1 lakh invested now will grow to Rs 1.23 lakh in three years.

Canara Bank

Canara Bank gives 7.30 percent interest on three-year FD to senior citizens.
The amount of Rs 1 lakh invested now with this bank will grow to Rs 1.24 lakh in three years.

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According to the official website of HDFC, the new rates on FDs of less than two crores will be effective from December 14, 2022 only. According to the new rates, now customers will get the benefit of interest on FDs up to 7 percent.

Significantly, a day before this, the country’s largest bank SBI had also announced an increase in the rates of bank FDs. The bank had increased the interest rates for FDs of less than Rs 2 crore and the new rates were implemented from December 13 itself. It is noteworthy that earlier SBI had revised the interest rates on fixed deposits on 22 October 2022.

What will be the interest rates

There is also a big benefit for senior citizens

While HDFC Bank has increased the interest rates for senior citizens. In this, 50 bps more interest can be taken from the bank than the standard rate on deposits maturing within 7 days to 5 years. After this increase, senior citizens will get an interest rate of 3.5 to 7.75% on FDs maturing in 7 days to 10 years.

The bank has also made a big announcement regarding its special FD ‘Senior Citizen Care FD’ for 5 years 1 day to 10 years. On this FD, senior citizens will get an additional premium of 0.25% in addition to 0.50%. This FD is valid till March 31, 2023.

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With this, the repo rate has increased by a total of 225 basis points so far in FY2023. After this increase in the repo rate, it is possible that banks will increase the interest rates on various types of loans and deposit products.

After reaching a five-month high of 7.41 per cent in September, India’s retail price inflation eased to 6.77 per cent in October 2022, prompting the RBI to raise the repo rate to 5.90 per cent in the September policy. Along with this, the RBI has also retained its inflation forecast for the current financial year at 6.7.

Suryoday Small Finance Bank

The interest rate on fixed deposits in Suryoday Small Finance Bank has increased by 0.50 percent to 2.26 percent. New interest rates are applicable in this bank from 6th December. Suryoday Small Finance Bank is offering senior citizens an interest rate of up to 9.26 per cent on their FDs as compared to the general public. At the same time, the bank is giving only a maximum of 9.01 percent interest to the general public on FDs of less than Rs 2 crore.

Apart from this, the bank has also launched an FD of 5-years with a tenor of 15 days. Under this fixed deposit, the bank is providing interest at the rate of 9.01 per cent to non-senior citizens and 9.26 per cent to senior citizens.

Unity Small Finance Bank

Apart from this, the deposit interest rate of Unity Small Finance Bank has also been changed from November 21, 2022. The bank is offering a maximum interest rate of 8.50 per cent for general citizens and 9 per cent for senior citizens for two specific fixed deposits of 181 and 501 days.

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