Senior Citizen FD Rates: Are you also planning to invest in FD? If you are also looking for the option of investing in FD for three years, then here we are telling you how much interest and return you will get on FD of 3 years. FD helps senior citizens to create an emergency fund.

FD provides liquidity and also gives regular interest income. Interest on FD is taxable. Currently, private and public sector banks are giving up to 7.75 percent interest on three-year FD to senior citizens. Here we are telling you about the interest on three year FD of top 10 banks and the interest on investment of Rs 1,00,000.

Bank of Baroda
Interest rate on three year FD for senior citizens: 7.75%
Rs 1 lakh invested for three years will grow to Rs 1.26 lakh.

Axis Bank
Interest rate on three year FD for senior citizens: 7.60%
Rs 1 lakh invested for three years will grow to Rs 1.25 lakh.

HDFC Bank, ICICI Bank and Punjab National Bank
Interest rate on three year FD for senior citizens: 7.50%
Rs 1 lakh invested for three years will grow to Rs 1.25 lakh.

Canara Bank
Interest rate on three year FD for senior citizens: 7.30%
Rs 1 lakh invested for three years will grow to Rs 1.24 lakh.

State Bank of India and Bank of India
Interest rate on three year FD for senior citizens: 7.25%
Rs 1 lakh invested for three years will grow to Rs 1.24 lakh.

Union Bank of India
Interest rate on three year FD for senior citizens: 7%
Rs 1 lakh invested for three years will grow to Rs 1.23 lakh.

Indian Bank
Interest rate on three year FD for senior citizens: 6.75%
Rs 1 lakh invested for three years will grow to Rs 1.22 lakh.

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Senior Citizen Fixed Deposit Rates: According to the list made by Paisa Bazaar, many small and private banks are offering a return of more than 9% on FDs of only three years to senior customers. We are giving you information about these banks.

Suryoday Small Finance Bank is offering an interest rate of 9.1 percent on three-year FDs. This rate is being offered to senior citizens. In this case, after investing Rs 1 lakh, you will get Rs 1.31 lakh on maturity after three years.

Utkarsh Small Finance Bank is offering 8.85 percent interest rate to senior citizens on three-year FDs. In this case, you will get a return of Rs 1.30 lakh on an investment of Rs 1 lakh.

Fincare Small Finance Bank is offering 8.60 percent interest rate to senior citizens. In this case, on an investment of Rs 1 lakh, you will get Rs 1.29 lakh in return.

DCB Bank is offering 8.50 percent interest rate to senior citizens on FD of three years. In this case, by investing Rs 1 lakh, you will get a return of Rs 1.29 lakh.

IndusInd Bank is giving 8 percent interest rate to senior citizens. This rate is applicable for FD of three years. In this case, on an investment of Rs 1 lakh, the senior citizen will get Rs 1.27 lakh on maturity after 3 years.

The post Senior Citizen FD Rates: Senior citizens are getting up to 9.1% interest on 3-year FDs of these banks, see list first appeared on Rightsofemployees.com.

These banks increased the interest rate

On Friday, Suryoday Small Finance Bank (SSFB) increased its FD rate on senior citizen deposits of less than Rs 2 crore to 9.6 per cent for 5 years. For regular customers, the bank is giving 9.1 per cent interest. Unity Small Finance Bank (USFB) is also offering FD rates of up to 9.5 per cent to senior citizens and up to 9 per cent for others on deposits below Rs 2 crore. Apart from this, SBI is offering up to 7.6 per cent interest while HDFC Bank is offering up to 7.75 per cent interest to senior citizens. Axis Bank is paying interest up to 7.95 percent while IDFC First Bank is paying interest up to 8.25 percent.

Amount up to 5 lakhs only secured

Bank FD rates are increasing and there is a possibility of further increase in them. If RBI increases the repo rate again in future, then this is a good opportunity for senior citizens and regular customers to book FDs at higher rates. FDs not only provide guaranteed returns but are also considered safer as compared to various market linked products.

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However, before investing you must know that only up to Rs 5 lakh is guaranteed under the Deposit Insurance and Credit Guarantee Corporation (DICGC) regulations of the RBI. This means that in case of bank failure, your deposits up to Rs 5 lakh in the bank will be safe.

How much should you invest?

The limit of Rs 5 lakh includes interest as well as principal amount. Banks are also required to give money back to depositors within 90 days in case of bank failure. To avail the benefits of currently high FD rates and get guaranteed returns, senior citizens and others should invest only that amount in the bank for which the interest is not more than Rs 5 lakh. For depositing more amount, the customer can open multiple FD accounts in different banks to be safe.

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But there is another category above senior citizens for banks, which is called super senior citizens. Persons above the age of 60 years are called senior citizens and those above the age of 80 years are known as very senior citizens. These four banks offer high interest rates on Fixed Deposit (FD) to their very senior citizens.

Punjab National Bank

According to the Punjab National Bank (PNB) website, the bank offers an additional interest rate of 80 basis points over and above the applicable interest rate across all categories to very senior citizens above the age of 80 years. PNB’s Super Senior customers get a maximum interest rate of 8.10% for a tenure of 666 days.

This rate has come into effect from 12 December 2022. Explain that the bank has increased the interest rates by 50 basis points for senior citizens in the age group of 60 to 80 years for a period of 5 years on domestic deposits of less than Rs 2 crore. Whereas for citizens above 80 years of age, there has been an increase of 80 basis points.

RBL Bank

RBL bank offers a higher interest rate of 0.75% p.a. for all tenures to citizens aged 80 years and above. The bank currently offers 8.3% interest to very senior citizens. These rates were implemented from 25 November 2022 . On the other hand senior citizens in the age group of 60 to 80 years can avail an additional interest rate of 0.50% per annum over normal.

Indian Bank

Indian Bank offers an interest rate of 0.25% above normal to its very senior citizens. Indian Bank offers an interest rate of 7.15 per cent for a tenure of 555 days, which is .25% higher than normal.

Union Bank of India

Union Bank of India offers its very senior citizens an interest rate of 0.75% per annum above normal for all tenures on FDs. Explain that these interest rates have come into effect from 25 November 2022. The bank offers the highest interest rate of 8.05% to its very senior citizens for a tenure of 800 days and 3 years. At the same time, the bank gives an annual interest rate of 6.80% to senior citizens in the age group of 60 to 80 years.

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Let us tell you that this is the first time after 3 years when senior citizen FD rates of most banks have gone above eight percent. In about three years, senior citizens are getting returns of 8% and above on Fixed Deposits. People are running around the banks to review the interest of their existing FDs. Back-to-back repo rate hikes by RBI have finally brought relief to senior citizens who are dependent on interest for their survival.

People re-investing after breaking FD

The rates were reduced to 5.5% due to excess liquidity in the banking system during the Corona pandemic. Now it is a great opportunity to invest in FDs with some private banks offering up to 8% and public sector banks offering over 7.5% interest.

After increasing the interest rates, people are rebooking it again at the new rate by breaking the FDs already done at low interest. They are getting benefit of 20 to 30 thousand from this. Last month, the government capped the returns on the Senior Citizens Savings Scheme (SCSS) to 8%. The government had slashed the interest rate on the Senior Citizens Savings Scheme to 7.4% during the pandemic. However, the difference between SCSS and bank FD has narrowed after the interest rate hike. Some banks are offering even higher rates for super senior citizens or those above the age of 80 years.

Where is the interest

Union Bank of India offers 75 basis points over its regular rate for super seniors. 700-day senior citizens are getting 8% interest. Punjab National Bank is offering 80 bps more interest than the regular rate to Super Senior Citizens. The highest return is 8.1% on a 666 day deposit. Indian Bank offers 25 bps more.

Is it okay to break old FD and get new FD done?

Breaking existing fixed deposits can be beneficial for some customers who have invested in FDs and their bank does not levy penalty for premature withdrawal. If no penalty is being charged then the interest on the earlier FD will reduce with the actual tenure. Another thing to note is that you may need to visit the bank branch to break the FD. FDs can be broken online only if they are booked using netbanking. Where certificates have been issued to customers, the depositors need to approach the bank for premature withdrawal.

Increased interest on savings schemes

RBI has increased the interest rate on its floating rate savings bonds from 7.15% to 7.35%. After this, the interest of National Savings Certificate has become 7%. Apart from banks, NBFCs are offering attractive returns. HDFC’s “Neelmani” deposit scheme offers an interest rate of up to 7.6%. For senior citizens who are also shareholders and use netbanking, the returns are less than 8%. Bajaj Finance, on the other hand, offers up to 7.95% interest on three-year deposits to senior citizens.

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But there is another category above senior citizens for banks, which is called super senior citizens. Persons above the age of 60 years are called senior citizens and those above the age of 80 years are known as very senior citizens. These four banks offer high interest rates on Fixed Deposit (FD) to their very senior citizens.

Punjab National Bank

According to the Punjab National Bank (PNB) website, the bank offers an additional interest rate of 80 basis points over and above the applicable interest rate across all categories to very senior citizens above the age of 80 years. PNB’s Super Senior customers get a maximum interest rate of 8.10% for a tenure of 666 days.

This rate has come into effect from 12 December 2022. Explain that the bank has increased the interest rates by 50 basis points for senior citizens in the age group of 60 to 80 years for a period of 5 years on domestic deposits of less than Rs 2 crore. Whereas for citizens above 80 years of age, there has been an increase of 80 basis points.

RBL Bank

RBL bank offers a higher interest rate of 0.75% p.a. for all tenures to citizens aged 80 years and above. The bank currently offers 8.3% interest to very senior citizens. These rates were implemented from 25 November 2022 . On the other hand senior citizens in the age group of 60 to 80 years can avail an additional interest rate of 0.50% per annum over normal.

Indian Bank

Indian Bank offers an interest rate of 0.25% above normal to its very senior citizens. Indian Bank offers an interest rate of 7.15 per cent for a tenure of 555 days, which is .25% higher than normal.

Union Bank of India

Union Bank of India offers its very senior citizens an interest rate of 0.75% per annum above normal for all tenures on FDs. Explain that these interest rates have come into effect from 25 November 2022. The bank offers the highest interest rate of 8.05% to its very senior citizens for a tenure of 800 days and 3 years. At the same time, the bank gives an annual interest rate of 6.80% to senior citizens in the age group of 60 to 80 years.

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After the increase in the interest rate, many banks are giving more than 8 percent interest on fixed deposits. At some places, up to 9 percent interest is being given to senior citizens. If you are also planning to invest in FD, then here is information about some such banks, which are offering 8.30% interest on FD.

However, this interest rate is not applicable for all senior citizens. Bank Super Senior Citizens, who are 80 years or more, are being given. Let us know which are these banks, which are giving more interest on FD.

RBL Bank

For senior citizens above 60 years and below 80 years of age, this bank is giving 50 basis points more interest than common citizens on fixed deposits. This bank is giving 75 basis points more interest to senior citizens above 80 years. This means that this bank is giving 8.3 percent interest to the super senior citizens. This interest rate is effective from November 25, 2022.

Union Bank of India

This bank is giving 0.50 percent interest per annum to senior citizens, while super senior citizens are paying 0.75 percent interest every year. According to Union Bank’s website, after the increase on November 25, a maximum interest of 8.05 per cent is being given to super senior citizens on fixed deposits with a tenure ranging from 800 days to 3 years.

PNB

According to the bank’s website, senior citizens are being given 50 basis points more interest than the normal FD rate on FDs of less than 2 crores. While 80bps more interest is being given to super senior citizens. On the tenure of 666 days, 8.10 percent interest is being given to the super senior citizens. This interest rate is effective from 12 December 2022.

Indian Bank

According to the website of Indian Bank, under a special FD, an additional 0.25 percent interest is being given on FD to an elderly person of 80 years or more.

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