Interest rates have plummeted to document lows whereas fairness markets are displaying excessive turbulence with the second wave of Covid-19. At this time, senior citizens have to be taking a look at safer bets to speculate their life earnings.
Just a few banks are nonetheless offering excessive interest rates on particular fastened deposit for senior citizens, although interest rates have fallen to document lows. Most of those schemes had been launched in May 2020, with the final date for funding being March 31, 2021. The final date, nevertheless, has now been prolonged until June 30, 2021.
So, when you are a senior citizen or know a senior citizen prepared to put money into fastened deposits then you’ll be able to avail larger interest rates in schemes provided by smaller non-public banks and small finance banks.
BankBazaar’s knowledge present that just a few smaller non-public banks are offering a 7.50% interest fee on three-year FDs for senior citizens, in keeping with a report by MoneyControl. In comparability, different non-public and public banks are offering a tad bit decrease interest rates of their three-year FDs. Notably, the minimal funding in these FDs differ from financial institution to financial institution and ranges from Rs 1,000 to Rs 10,000.
Which banks are offering the best interest rates on FDs?
Currently, Yes Bank is offering 7.50% on three-year FDs for senior citizens. Meanwhile, DCB Bank and IndusInd Bank are offering 7.25% and seven.00% interest rates on three-year FDs for senior citizens, respectively.
In comparability, non-public banks resembling Axis Bank and Kotak Mahindra Bank are offering 5.9% and 5.6 % on their three-year FD investments, respectively. Moreover, ICICI Bank and HDFC Bank are offering a 5.65% interest fee on three-year FDs for senior citizens.
Coming to small finance banks, Suryoday Small Finance Bank is offering a 7.50% interest fee on three-year FDs for senior citizens, which is among the many highest. Meanwhile, Ujjivan Small Finance Bank is offering a 7.25% interest on three-year FDs for senior citizens.
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