When it comes to guaranteed returns for senior citizens, most people turn to FDs. Therefore, investing in FDs with PSU banks can offer attractive interest rates. Interest rates for senior citizens range from 6.75% to 7.10% at different banks.
Senior citizens often invest in safe havens to avoid running out of money. This is why senior citizens typically prefer fixed deposits (FDs) for investment. This is because FDs offer better interest rates than savings accounts, while ensuring safe returns. Investing in FDs eliminates market risks. Many FD schemes also offer insurance up to ₹5 lakh under the Deposit Insurance and Credit Guarantee Corporation (DICGC). We’ll also explore the 1-year FD interest rates for senior citizens from PSU banks and calculate the maturity amount for an investment of ₹5 lakh.
SBI (State Bank of India) 1 Year FD Rate
The State Bank of India (SBI) offers senior citizens an interest rate of approximately 6.75% on one-year fixed deposits (FDs). This means that an investor can earn approximately ₹5 lakh upon maturity, earning a return of approximately ₹534,614. This is considered a safe and reliable investment option.
Bank of Baroda (BoB) 1 Year FD Rate
Bank of Baroda (BoB) FDs are an excellent option for those seeking safe returns. Senior citizens can earn around 7% interest on a 1-year fixed deposit (FD). So, if an investor deposits Rs 5 lakh, they can receive approximately Rs 5,35,930 upon maturity.
Indian Overseas Bank (IOB) 1 Year FD Rate
Indian Overseas Bank (IOB) also offers an interest rate of around 7.10% on 1-year fixed deposits (FDs) for senior citizens. If an investor deposits Rs 5 lakh in this scheme, he can get around Rs 5,36,456 on maturity. This is why this scheme is suitable for those seeking stable and reliable returns.
Punjab National Bank (PNB) 1 Year FD Rate
Punjab National Bank (PNB) FDs are also an investment option that offers safe and stable returns. Senior citizens are offered an interest rate of approximately 6.75% on a 1-year fixed deposit (FD). Therefore, if an investor deposits ₹5 lakh, they can receive a total of approximately ₹534,614 upon maturity.
Central Bank of India 1 Year FD Rate
The Central Bank of India offers an interest rate of approximately 6.90% on its 1-year fixed deposit (FD) for senior citizens. An investor depositing ₹5 lakh can earn approximately ₹535,403 upon maturity. Clearly, this scheme is an excellent option for those seeking stable returns.
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