Best FD Rates For Senior Citizens: It is crucial to plan and invest wisely, especially in old age. Fixed deposits (FDs) are a great financial option as they provide a reliable income source and protect capital. The benefits of wise investing include financial security, healthcare coverage, independence, help in fighting inflation, and returns.
FDs are particularly favoured by those seeking stable income after retirement. Banks are now offering interest rates of up to 9.5% for senior citizens, higher than those for general investors. With these FD rates, senior citizens can grow their wealth faster without taking additional investment risks. This article will share all the details about this.
Benefits of Investing Wisely in FDs
Investing in multiple schemes with different tenures and FD rates reduces the potential risk of putting all investments in a single FD with a fixed rate.
Different FD Options for More Returns
By diversifying, you can put more cash in your hands. Different types of FDs may help you maximize returns (FD Update).
Compounding Effect to Grow Your Wealth
Reinvest the principal amount and interest income to take advantage of the compounding effect, which can lead to larger returns.
Check the Latest Bank FD Interest Rates (for Senior Citizens)
Banks offer higher FD interest rates for senior citizens. Below are the interest rates for general citizens, along with additional rates for seniors:
- Axis Bank: 7.85% for a tenure of less than 17 months to 18 months; 7.2% for the first year; 7.6% for the second year; 7.75% for the third year.
- HDFC Bank: 7.75% for tenures of 5 years 1 day to 10 years and for less than 18 months to 21 months; 7.1% for the first year; 7.5% for the second and third years.
- ICICI Bank: 7.75% for tenures of 15 months to 2 years; 7.2% for the first year; 7.5% for the second and third years.
- SBM Bank India: 9% for tenures of above 3 years 2 days and less than 5 years; 7.6% for the first year; 8.15% for the second year; 7.55% for the third year.
- Yes Bank: 8.25% for tenures of 18 months to less than 2 years; 7.75% for the first year; 8% for the second and third years.
Disclaimer:
The information provided in this article is for general purposes only. Please consult a financial advisor before making any investment decisions. Times Bull will not be responsible for any financial investments made, as it is entirely your responsibility.