Senior Citizens Fixed Deposits Interest Rates: Fixed deposits are a popular investment choice for many, especially senior citizens looking for stable returns on their savings. Banks often offer higher interest rates for senior citizen fixed deposits compared to regular ones, making it an attractive option for retirees or those nearing retirement. We take a look at some small finance banks that are currently offering high interest rates of 9% or above on fixed deposits for senior citizens:
Bank of Baroda has hiked fixed deposit interest rates from 10 basis points (bps) to up to 125 bps on various maturity buckets. These rates are applicable on deposits below Rs 2 crore and effective from December 29, 2023.
DCB bank offers the highest interest rate of 8.35% on senior citizen FD for three years tenure. Other banks like Indusind and Yes bank offers 8% on senior citizen FD. However Bandhan Bank and IDFC First bank offers an interest of 7.75% on senior citizen FD of three year tenure.