In today’s time, despite the numerous options for market investment, fixed deposits remain the first choice of the people. The main reason for this is the security with the return on FD, which attracts the investor. After retirement, a large number of senior citizens invest in FDs. Many banks have cut FD interest rates due to the second wave of Corona. But there are also many banks that are giving interest rate up to 7.5% on FD to senior citizens.
The private sector DCB Bank had changed the FD interest rates on 5 February. 4.25% interest rate on 7 to 14 days FD, 4.80% interest rate on 15 to 45 days, 4.75% interest rate on 46 to 90 days, 5.50% interest rate from 91 to 6 months and from 6 to 12 months Offering an interest rate of 5.95%.
Yes Bank has also changed its FD rates. The Bank is giving 0.50 basis points extra to Senior Citizens as compared to ordinary citizens. The bank will provide an additional interest rate of 0.75 percent on investments over three years.
IndusInd Bank changed its FD rates on 26 April. Banks are giving an additional 0.50 basis points to senior citizens. Banks are offering interest rates ranging from 3.25% to 7% on FDs from 7 days to 5 years.