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If senior citizens are investing the most in today’s time, then it is a fixed deposit. A big reason for this is security and better returns. In view of this, senior citizens have been offered by many banks on March 31 on fixed deposits.
Benefits of investing in fixed deposits
Almost all banks are offering higher rate of interest on fixed deposits. But if we talk about senior citizens, 0.25 to 0.75 interest rate is being given on fixed deposit on regular FD. While investing in fixed deposits, we should keep in mind that if we cannot withdraw money whenever we want, then if we do, then we have to pay a penalty. Therefore, it is better not to withdraw from the FD for the time taken. Senior citizens also get tax exemption on FD. He can also appoint his successor as well.
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Status of private banks
| Private bank | Rate of interest |
| Yes Bank | 7.50% |
| DCB Bank | 7.25% |
| RBL Bank | 7.10% |
| Bandhan Bank | 6.25% |
State of public banks
| Bank | Rate of interest |
| Canara Bank | 6.00% |
| Union Bank | 6.00% |
| Bank of india | 5.80% |
| State Bank of India | 5.80% |
| Punjab and Sind Bank | 5.75% |
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