FD interest rate of up to 8%: List banks offering best interest rates on 5-year senior citizen FDs
Fixed deposits (FDs) are one of the best investment options for those investors who want a stable income securely. There are a few banks that continue to offer up to 8% interest on senior citizen FDs of up to Rs 3 crore maturing in five years. This high interest rate is being offered to individuals aged above 60 years i.e. senior citizens.#sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;} Here are the best interest rates on FDs maturing in five years among various private sector banks for senior citizens.
YES Bank offers 8% interest on 5-year senior citizen FD
YES Bank offers an interest rate of 8% on FDs maturing in five years. This is the highest interest rate a senior citizen can get on a five-year FD in any private sector bank, as per data from Paisabazzar.com as of July 10, 2024.DCB Bank offers 7.9% interest on FDs booked by senior citizens
DCB Bank is offering an interest rate of 7.9% on FDs maturing in five years to senior citizens.Axis Bank offers 7.75% interest rate on 5-year senior citizen FD
Private sector lender Axis Bank is offering an interest rate of 7.75% on FDs maturing in five years. This rate is available only for senior citizens.Similarly, IndusInd Bank offers an interest rate of 7.75% on FDs maturing in five years to senior citizens.
Bank NameInterest rateYES Bank8%DCB Bank7.90%Axis Bank7.75%RBL Bank7.60%ICICI Bank7.50%HDFC Bank7.50%IDFC First Bank7.50%Source: paisabazar.com as of July 10, 2024
RBL Bank offers 7.6% interest on 5-year senior citizen FD
RBL Bank offers an interest rate of 7.6% on senior citizen FDs maturing in five years.ICICI Bank offers 7.5% interest on 5-year senior citizen FD
ICICI Bank is offering an interest rate of 7.5% on its senior citizen FDs maturing in five years.HDFC Bank offers an interest rate of 7.5% on its FD maturing in five years to senior citizens.
IDFC First Bank offers an interest rate of 7.5% on its FD maturing in five years to senior citizens.
Key things senior citizens who are investing in FDs should keep in mind
According to IndusInd Bank website as of July 20, 2024, tax deducted at source (TDS) is deducted if interest income from all the FDs exceeds Rs 50,000 in a year, in case of a senior citizen."Tax Deducted at Source (TDS) details should be accurately reported in the income tax return (ITR). Failure to do so can result in discrepancies and potential notices from the Income Tax Department," says CA Abhishek Gupta, Founder and Managing Partner, Pierag Consulting LLP.
Gupta further advises that records of investments such as FD advice or receipt should be kept in a safe place. This is because lack of proper documentation can lead to difficulties in case of income tax scrutiny or audits.
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This story originally appeared on: India Times - Author:Faqs of Insurances
