Senior Citizens FD Interest Rate: Fixed Deposit (FD) is considered to be the safest option of investment. Amidst high inflation and volatility in the stock market, many people are opting for Fixed Deposit (FD).
Many large public and private banks have already increased interest rates on fixed deposits, allowing customers to get higher interest rates on their deposits. Let us know the complete information about it.
New Delhi: Fixed deposits are becoming much more attractive after the recent hike in the repo rate by the Reserve Bank of India (RBI). Many large public and private banks have already increased interest rates on fixed deposits, allowing customers to get higher interest rates on their deposits.
Fluctuations on Senior Citizens FD Interest Rate
Fixed Deposit (FD) is considered to be the safest investment option. Amidst high inflation and volatility in the stock market, many people are opting for Fixed Deposit (FD). You can invest in low-risk financial instruments from banks, non-banking financial institutions and post offices.
Senior citizens FD Interest Rate
Tamil Nadu Power Finance and Infrastructure Development Corporation Limited is one such government company which is offering very attractive interest rates on Fixed Deposits (FDs).
The company has decided to offer 8.5 percent interest rate to senior citizens customers. The company has currently offered two options as per the requirement of the investors. One is Non Cumulative Fixed Deposit and the other is Cumulative Fixed Deposit.
Non Cumulative Fixed Deposit
Investors can get monthly, quarterly and annual interest under this fixed deposit. When the fixed deposit matures, they can withdraw their investment. This fixed deposit can be done for tenures of 2, 3, 4 and 5 years. The interest rates on it for non-senior citizens range between 7.25 per cent to 8 per cent depending on the tenure.
At the same time, senior citizens get interest at the rate of 8.5 percent. By the way, let us tell you that only on FDs maturing in 60 months, they will get an interest rate of 8.5 percent. FDs maturing in 48 months will get 8.25 percent interest.
