FD Rates for Senior Citizens: Banks that offer up to 9.1% interest on 3-year deposits

FD Rates

As senior citizens seek stable investment options that provide both liquidity and a regular stream of interest income, fixed deposits (FDs) have emerged as a popular choice. In a bid to cater to this demand, a host of financial institutions, including small finance banks and newer private banks, have rolled out attractive interest rates of up to 9.1 percent on three-year FDs specifically tailored for senior citizens. The data compiled by Paisabazaar, a leading financial comparison platform, has shed light on this lucrative opportunity. For senior citizens, allocating a portion of their savings to fixed deposits not only ensures a steady income stream but also aids in building an emergency corpus. Given that bank FD interest is subject to taxation, the relatively lower tax slab for most senior citizens can potentially lead to minimal or even zero tax liability, particularly if their other sources of income are modest. Here, we spotlight the top contenders in each banking category – small finance banks, private banks, and public sector banks – offering the highest three-year fixed deposit interest rates for senior citizens.

Suryoday Small Finance Bank Emerging as a frontrunner among small finance banks, Suryoday Small Finance Bank leads the pack with an impressive 9.1 percent interest rate on three-year FDs for senior citizens. An investment of Rs 1 lakh can grow to Rs 1.31 lakh over the course of three years, making this an enticing proposition for those seeking attractive returns.

Utkarsh Small Finance Bank Utkarsh Small Finance Bank offers an alluring 8.85 percent interest rate on three-year FDs tailored for senior citizens. With an investment of Rs 1 lakh, investors can witness their corpus grow to Rs 1.30 lakh within the span of three years, providing a steady income stream and an avenue for capital appreciation.

Fincare Small Finance Bank Fincare Small Finance Bank enters the fray with an enticing 8.60 percent interest rate on three-year FDs for senior citizens. An investment of Rs 1 lakh has the potential to yield a corpus of Rs 1.29 lakh over the three-year tenure, presenting a valuable avenue for financial growth.

DCB Bank Among private-sector banks, DCB Bank stands out with an attractive 8.50 percent interest rate on three-year FDs designed for senior citizens. An investment of Rs 1 lakh can yield a significant corpus of Rs 1.29 lakh within three years, making this a competitive option for senior citizens seeking robust returns.

IndusInd Bank IndusInd Bank offers senior citizens a notable 8 percent interest rate on three-year FDs, providing a means for capital appreciation and consistent income. With an investment of Rs 1 lakh, the corpus can grow to Rs 1.27 lakh over the stipulated period.

SBM Bank India SBM Bank India extends a compelling 7.8 percent interest rate on three-year FDs for senior citizens. An investment of Rs 1 lakh has the potential to grow to Rs 1.26 lakh within three years, catering to those seeking a steady source of income.

Bank of Baroda Emerging as the frontrunner among public-sector banks, Bank of Baroda offers a competitive 7.55 percent interest rate on three-year FDs specially designed for senior citizens. An investment of Rs 1 lakh can appreciate to Rs 1.25 lakh over the three-year tenure, providing an avenue for both income generation and capital growth.

As senior citizens navigate investment options to secure their financial future, the current landscape presents a favorable environment with a range of attractive FD offerings. With a variety of banks vying to provide the most appealing interest rates on three-year FDs, senior citizens have the opportunity to make informed decisions that align with their financial goals and risk appetite. As always, potential investors are encouraged to carefully assess their individual financial situations and seek advice from financial experts before making investment decisions.

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