Fixed deposits are the safest investment option that guarantees constant interest rates. Under this, senior citizens get special interest rate benefit. Explain that many banks, including State Bank, ICICI Bank, Axis Bank and HDFC, offer 7 to 7.5% interest on fixed deposits for deposits ranging from seven days to 10 years. Below are the latest interest rates from top banks for a period of 7 days to 10 years.
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| Name of the bank | Ordinary Citizen (Annual Interest Rate) | Senior Citizen (Annual Interest Rate) |
| SB I | 2.90% to 5.40% | 3.40% to 6.20% |
| ICICI | 2.50% to 5.50% | 3.00% to 6.30% |
| HDFC Bank | 2.50% to 5.50% | 3.00% to 6.25% |
| PNB | 3.00% to 5.30% | 3.75% to 5.80% |
| Bank of Canara | 2.95% to 5.50% | 2.95% to 6.00% |
| Axis Bank | 2.50% to 5.50% | 2.50% to 6.00% |
| Bank of Baroda | 2.90% to 5.30% | 3.40% to 6.30% |
| IDFC Bank | 2.75% to 5.75% | 3.25% to 6.25% |
| Bank of India | 3.25% to 5.30% | 3.75% to 5.80% |
| Corporation Bank | 3.00% to 5.40% | 3.50% to 5.90% |
Source: Bankbazaar.com
Speaking of other banks, IndusInd Bank is giving FD a high interest rate. IndusInd Bank has been offering an annual 7.00% interest on fixed deposits to the general public for 7 days to 10 years. The bank is giving 7.50% to senior citizens.
Rate of other banks
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| Name of the bank | Ordinary Citizen (Annual Interest Rate) | Senior Citizen (Annual Interest Rate) |
| Yes Bank | 4.00% to 6.50% | 4.50% to 7.00% |
| IndusInd Bank | 3.25% to 7.00% | 3.75% to 7.50% |
| Bank of Uco | 2.75% to 5.00% | 3.00% to 5.40% |
| United Bank of India | 4.00% to 6.50% | 4.50% to 7.00% |
| Union Bank of India | 3.00% to 5.60% | 3.50% to 6.10% |
| Allahabad Bank (now Indian Bank) | 2.90% to 5.15% | 3.40% to 5.65% |
| Central Bank | 2.75% to 5.00% | 3.25% to 5.50% |
| The Indian Bank | 2.90% to 5.15% | 3.40% to 5.65% |
| Indian Overseas Bank | 3.40% to 5.20% | 3.90% to 5.70% |
| Bandhan Bank | 3.00% to 6.00% | 3.50% to 6.75% |
| DBS Bank | 2.75% to 5.50% | 3.25% to 6.00% |
| Bank of Andhra | 3.00% to 5.40% | 3.50% to 5.90% |
| HSBC | 2.25% to 4.00% | 2.75% to 4.50% |
Source: Bankbazaar.com
Keep these four things in mind in FD
- FD Duration: It is important to determine the period before investing in FD. This is because if an investor withdraws the amount before closing, they will have to pay the penalty.
- Interest Rate: When investing money in FD, it is important to look at the interest rate available on it. Banks offer different interest rates on their own. Therefore, there is variation in interest rates on fixed deposits in different banks. These should be compared before investing in FD.
- Tax Exemption: Interest income on FD is taxed. If the interest earned on FD is more than Rs 10,000 in the financial year, the TDS will be deducted on that interest. At the same time, you get a discount of Rs 1.5 lakh under Section 80C on a five-year FD.
- Withdrawal of Interest: FD banks offer the option to repay interest on a quarterly and annual basis. Now some banks are even offering monthly withdrawals.
These banks offer 8 per cent interest to senior citizens in FD
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