Fixed deposit interest rates: FDs are an good fixed income investment option for senior citizens

FD interest rates of up to 8.05%: Best interest rate on senior citizen FDs maturing in three years In light of this senior citizens can now take advantage of higher interest rates being offered by various private, public and foreign banks. Read here to know more about FD interest rate offered to senior citizens

Fixed deposits (FDs) are an attractive and secure fixed-income investment instrument for many senior citizens. For seniors who are planning to lock their money in FDs, it is a good time to invest as several banks are still offering high interest rates on deposits. Interest rates on senior citizen FDs maturing in three years can go up to as high as 8.05% among public and private sector banks. Read below to find out the highest interest rates currently available on senior citizen FDs maturing in three years.

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DCB Bank India senior citizen FD rate

DCB Bank India offers an interest rate of 8.05% on FDs maturing between more than 26 months and less than 37 months for senior citizens.

RBL Bank senior citizen FD rate

For senior citizens, private sector bank RBL Bank offers an interest rate of 8% on FDs maturing between 289 days (24 months and a day) and 432 days (36 months).

YES Bank senior citizen FD rate

For senior citizens, private sector bank YES Bank offers an interest rate of 8% on FDs maturing between 24 months and 36 months.

Bandhan Bank senior citizen FD rate

For senior citizens, Bandhan Bank offers an interest rate of 7.75% on FDs maturing between three years and less than five years.

IDFC First Bank senior citizen FD rate

Bandhan Bank offers an interest rate of 7.75% on senior citizen FDs maturing between two years and one day and three years.

IndusInd Bank senior citizen FD rate

IndusInd Bank offers an interest rate of 7.75% on senior citizen FDs maturing between two years and seven months and three years and three months.

Bank of Baroda senior citizen FD rate

Bank of Baroda offers an interest rate of 7.75% on senior citizen FDs maturing between two years and three years.

Table showing the FD interest rate offered for senior citizens
BankInterest rateDCB Bank8.05%RBL Bank8%YES Bank8%Bandhan Bank7.75%IDFC First Bank7.75%IndusInd Bank7.75%Bank of Baroda7.75%Axis Bank7.60%Federal Bank7.50%HDFC Bank7.50%Deutsche Bank8%Source:Paisabazar.com as of June 19, 2024

Axis Bank senior citizen FD rate

Axis Bank offers an interest rate of 7.6% on senior citizen FDs maturing between 30 months and less than three years.

Federal Bank senior citizen FD rate

Federal Bank offers an interest rate of 7.5% on senior citizen FDs maturing between three years and less than five years.

HDFC Bank senior citizen FD rate

HDFC offers an interest rate of 7.5% on senior citizen FDs maturing between two years 11 months one day and less than three years.

Foreign bank Deutsche Bank offers an interest rate of 8% on senior citizen FDs maturing between two years and three years.

Senior citizens get additional interest rates on FDs from banks. This additional interest rate is over and above the rates offered to individuals under 60 years of age. Further, the income tax law also gives senior citizens the benefit of a higher threshold of TDS deduction. Banks have to deduct TDS on FDs if the interest amount exceeds Rs 50,000 in a financial year. However, if a senior citizen estimates his/her taxable income to remain below the basic exemption limit, he/she has the option to avoid TDS. All he/she needs to do is to submit form 15H to his bank. Submitting form 15H to banks will prevent TDS from getting deducted.
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This story originally appeared on: India Times - Author:Faqs of Insurances