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If you are planning to invest money in FD, then just wait. Many big banks are giving higher interest to senior citizens than ordinary investors. Some banks are giving excellent returns of up to 7.2%. In such a situation, opening an FD without comparison means missing out on the opportunity to earn better money. Let us see which banks are offering the highest interest.
If you are a senior citizen and want to earn good interest by keeping your savings in a safe place, then Fixed Deposit (FD) can be a good option for you. But before opening FD, it is important to compare the interest rates of different banks. Let us know which big banks are giving the highest interest to senior citizens.
The country’s largest private bank offers 7.1% interest to senior citizens on FDs of 18–21 months. Whereas the interest rate on FD with tenure of 1 to 5 years remains between 6.75% to 6.9%.
In ICICI Bank, the country’s second largest private bank, senior citizens get 7.2% interest on tenure of 2–5 years. The bank gives 6.75% interest on 1 year FD.
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In Kotak Mahindra Bank, 7.2% interest is available on FDs with tenure ranging from 391 days to less than 2 years. Senior citizens are given 6.75% interest on 1 year FD.
Federal Bank gives 7.2% interest to senior citizens on 36 month FD. The bank offers 6.75% interest on a tenure of 1 year.
State Bank of India (SBI), the country’s largest bank, gives 7.05% interest on FD of 5 to 10 years. This includes an additional benefit of 50 basis points under SBI V Care Scheme.
In Canara Bank, 7% interest is available on FD of 444 days. The bank gives 6.75% interest to senior citizens on 1 year FD.
Union Bank of India gives 7.1% interest on 3 year FD to senior citizens. Whereas the interest rate on the tenure of 1 year is 6.9%.
