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Senior citizen FD interest rate 2024: The senior citizen fixed deposit is among the most reliable financial options created for senior citizens

December 14, 2024 | 05:26am

Senior citizen FD interest rate 2024: Full list of fixed deposits offering up to 8.05% interest in 3 years for senior citizens Usually, financial management styles vary as individuals approach their retirement

Securing financial security and generating a steady income from savings are essential for senior citizens. The senior citizen fixed deposit is among the most reliable financial options created for senior citizens. Usually, financial management styles vary as individuals approach their retirement. The focus moves to figuring out how to have a steady passive income, even while job income may diminish.

A senior citizen fixed deposit is a kind of investment designed especially for those sixty years of age and above. Depending on their financial objectives and needs, senior citizens can select an FD duration that ranges from a few months to several years.

Senior citizens looking to lock in higher returns on their savings might consider a three-year fixed deposit. Current interest rates on these deposits are attractive. It is important to note that if the Reserve Bank of India (RBI) decides to reduce interest rates, future FD rates may decrease.

Here is a list of banks offering high interest rates on three-year senior citizen fixed deposits. Senior citizens can get up to 8.05% interest in 3 years.

PRIVATE SECTOR BANKS3-year tenure (%)
Axis Bank7.6
Bandhan Bank7.75
City Union Bank6.75
CSB Bank6.25
DBS Bank7
DCB Bank8.05
Federal Bank7.5
HDFC Bank7.5
ICICI Bank7.5
IDFC First Bank7.3
IndusInd Bank7.75
Jammu & Kashmir Bank7.25
Karur Vysya Bank7.4
Karnataka Bank7
Kotak Mahindra Bank7.6
RBL Bank8
SBM Bank India7.8
South Indian Bank7.2
Tamilnad Mercantile Bank7
YES Bank8

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    PUBLIC SECTOR BANKS3-year tenure (%)
    Bank of Baroda7.65
    Bank of India7.25
    Bank of Maharashtra7
    Canara Bank7.9
    Central Bank of India7.25
    Indian Bank6.75
    Indian Overseas Bank7
    Punjab National Bank7.5
    Punjab & Sind Bank6.5
    State Bank of India7.25
    Union Bank of India7.2
    Jammu & Kashmir Bank7.5
    Karur Vysya Bank7.4
    Karnataka Bank7.75
    Kotak Mahindra Bank7.6
    RBL Bank8
    SBM Bank India7.55
    South Indian Bank7.2
    Tamilnad Mercantile Bank7.5
    YES Bank7.75

    Source: Paisabazaar; interest rates as on December 11, 2024.

    Tax benefits for investing in senior citizen fixed deposit
    According to the IndusInd Bank website, "Senior citizens can save money on taxes by investing in tax-saving fixed deposits with a five-year lock-in period, under Section 80C of the Income Tax Act 1961. They can claim a deduction of up to Rs 1,50,000 annually."
    If you are a curious investor who wants to know if private banks offer higher interest rates than public sector banks, here is a quick comparison of private vs. public sector banks' FD interest rates for senior citizens.

    This story originally appeared on: India Times - Author:Faqs of Insurances

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