Share

Several leading public and private sector banks, including Bank of Baroda, Axis Bank, HDFC Bank, SBI, and Union Bank of India, are providing attractive interest rates on three-year fixed deposits (FDs) for senior citizens.

Investing a portion of their savings in fixed deposits is a prudent choice for the elderly, offering liquidity and a consistent stream of interest income. Fixed deposits also play a crucial role in building an emergency corpus. Although the interest earned on FDs is subject to taxation, many senior citizens fall into lower tax brackets, minimizing or nullifying their tax liability, especially if their other income is negligible.

Currently, various private and public sector banks are offering interest rates of up to 7.75% to senior citizens on three-year FDs. Here are the top ten banks, based on term deposit holdings, providing lucrative interest rates on three-year FDs below Rs 1 crore:

Bank of Baroda: 7.75% interest rate on three-year FDs. A deposit of Rs 1 lakh will grow to Rs 1.26 lakh in three years.

Screenshot 2024 01 14 at 6.43.07 PM 1

Axis Bank: 7.60% interest rate for senior citizens on three-year FDs. A deposit of Rs 1 lakh will grow to Rs 1.25 lakh in three years.

HDFC Bank, ICICI Bank, Punjab National Bank: 7.50% interest rate on three-year FDs. A deposit of Rs 1 lakh will grow to Rs 1.25 lakh in three years.

Canara Bank: 7.30% interest rate for senior citizens on three-year FDs. A deposit of Rs 1 lakh will grow to Rs 1.24 lakh in three years.

State Bank of India (SBI): 7.25% interest rate on three-year FDs. A deposit of Rs 1 lakh will grow to Rs 1.24 lakh in three years.

Bank of India, Union Bank of India: 7.00% interest rate on three-year FDs. A deposit of Rs 1 lakh will grow to Rs 1.23 lakh in three years.

Indian Bank: 6.75% interest rate for senior citizens on three-year FDs. A deposit of Rs 1 lakh will grow to Rs 1.22 lakh in three years.

Additionally, the Deposit Insurance and Credit Guarantee Corporation (DICGC), a subsidiary of the Reserve Bank of India (RBI), assures investments in fixed deposits of up to Rs 5 lakh, ensuring complete security for investments up to this limit.

Also Read:

Book 2024 Hyundai Creta Facelift at Rs 25000

15 Things to do in Lakshadweep

Makemytrip-Lakshadweep Searches up by 3400%

Over 8000 Hotel Cancellations With Trending #boycottmaldives

How To Reach Lakshadweep

Why Retirement Fund is As Important As Buying Property

Board Exams to be Conducted Twice Annually Education Reform

Jio’s International Roaming Plan for Rs 195