Senior Citizen FD Rates: Fixed deposits (FDs) are the safest and most profitable investment for senior citizens. Major banks like Axis, PNB, SBI, Bank of Baroda, and Canara Bank offer interest rates ranging from 7% to 7.75%. So, find out which bank offers the highest returns and which is the best option for you.
FD is best for senior citizens
If you’re looking to maximize your savings after retirement, fixed deposits (FDs) remain one of the most reliable investment options. Especially for senior citizens, they offer a safe and stable return. Several banks have recently revised their interest rates. So, find out which banks currently offer the highest interest rates on senior citizen FDs. Let’s explore the top five banks offering the highest FD interest rates for senior citizens.
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1. Axis Bank
Axis Bank offers senior citizens an interest rate of approximately 7.75% per annum on fixed deposits (FDs) with tenures ranging from 5 to 10 years. This rate is based on the bank’s recent update and is one of the best options on the market.
2. Bank of Baroda
Bank of Baroda is offering excellent FD returns for senior citizens. According to the bank’s official website, senior citizens can earn an interest rate of approximately 7.10% per annum on a 444-day fixed deposit (FD). This is a great option for a safe investment.
3. Punjab National Bank (PNB)
Punjab National Bank (PNB) is offering the best FD interest rates for senior citizens. According to the bank’s official website, senior citizens can earn 7.15% annual interest on a 390-day fixed deposit (FD). This is a great option for those seeking stable and guaranteed returns.
4. State Bank of India (SBI)
State Bank of India (SBI) offers reliable and safe investment options for senior citizens. According to the bank’s latest interest rate list, senior citizens can earn approximately 7.05% annual interest on 5- to 10-year fixed deposits (FDs), making them an excellent option for long-term, stable returns.
5. Canara Bank
Canara Bank is offering the best fixed deposit (FD) interest rates for senior citizens. In fact, the bank is offering 7.00% annual interest to senior citizens on FDs with a tenure of 444 days, making it a reliable investment option for safe returns.
What is FD?
A fixed deposit (FD) is a safe investment option where you deposit a fixed amount for a fixed tenure. Upon completion, you receive interest along with the principal. You can choose to withdraw the interest monthly, quarterly, or annually, or you can let it sit until the maturity date, earning interest on the interest.
Why is FD beneficial for senior citizens?
Senior citizens earn 0.50% more interest than regular investors. This not only increases their monthly income but also strengthens their financial security after retirement. Furthermore, bank FDs are considered a fully guaranteed and safe investment.
Best option for stable income
If you’re 60 years or older and looking for a stable income, FD schemes from these top 5 banks could be the best option for you. Investing in them will keep your money safe and generate regular interest earnings.
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