If you're a senior citizen looking to invest in fixed deposits, there are a variety of banks offering attractive interest rates. After the recent increase in the repo rate by the central bank, both public and private sector banks are offering high interest rates on fixed deposits.
One of the banks that offer good interest rates on fixed deposits for senior citizens is Axis Bank. They are offering 8.01 per cent interest on FDs with tenures ranging from 2 years to less than 30 months. This makes it a great option for senior citizens looking for a medium-term investment with a good return.
Another bank that offers a good interest rate for senior citizens is the Punjab National Bank. They are offering 8.05 per cen interest to super senior citizens on fixed deposits with a tenure of 666 days. This makes it a great option for senior citizens looking for a longer-term investment.
IDFC FIRST Bank also offers a good interest rate for senior citizens on fixed deposits. They are offering 8 per cent interest to senior citizens on tenures ranging from 18 months to 3 years. This makes it a great option for senior citizens looking for a medium-term investment with a good return.
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Yes Bank is offering the highest interest rate on fixed deposits for senior citizens. They are offering 8 per cent for a tenure of 25 months and 8.25 per cent for a tenure of 35 months. This makes it a great option for senior citizens looking for a longer-term investment with a higher return.
Apart from these banks, HDFC Bank and ICICI Bank are paying a maximum interest of 7.50 percent on Special Fixed Deposits to senior citizens. On the other hand, Canara Bank is giving the highest interest of 7.65 percent on the tenure of 444 days.
However, it's important to note that banks may deduct interest up to 10 per cent or 20 per cent from senior citizens. If a senior citizen has not submitted their PAN card, Form 15G and 15H to the bank and the annual FD interest is 50,000 or more, then TDS of 10 per cent will be applicable. Overall, senior citizens have a variety of options when it comes to investing in fixed deposits, with interest rates ranging from 7.50 per cent to 8.25 per cent.
