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.#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;} 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 Bank7.6Bandhan Bank7.75City Union Bank6.75CSB Bank6.25DBS Bank7DCB Bank8.05Federal Bank7.5HDFC Bank7.5ICICI Bank7.5IDFC First Bank7.3IndusInd Bank7.75Jammu & Kashmir Bank7.25Karur Vysya Bank7.4Karnataka Bank7Kotak Mahindra Bank7.6RBL Bank8SBM Bank India7.8South Indian Bank7.2Tamilnad Mercantile Bank7YES Bank8
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PUBLIC SECTOR BANKS3-year tenure (%)Bank of Baroda7.65Bank of India7.25Bank of Maharashtra7Canara Bank7.9Central Bank of India7.25Indian Bank6.75Indian Overseas Bank7Punjab National Bank7.5Punjab & Sind Bank6.5State Bank of India7.25Union Bank of India7.2Jammu & Kashmir Bank7.5Karur Vysya Bank7.4Karnataka Bank7.75Kotak Mahindra Bank7.6RBL Bank8SBM Bank India7.55South Indian Bank7.2Tamilnad Mercantile Bank7.5YES 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.
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This story originally appeared on: India Times - Author:Faqs of Insurances
