Despite the RBI's repo rate cut, many banks still offer over 8% FD rates for senior citizens. Here's a look at the best rates across small finance, private, public, and foreign banks.
Senior citizens can get up to 8.25% interest; check out new features offered by the lender
Lenders updating schemes after Reserve Bank of India cut repo rate to 6% earlier this month
Senior citizens will earn up to 8.25%, general customers up to 7.75% on 12-24 month deposits.
Its rates for various tenures now range from 3% to 7.05% for general customers and 3.5 per cent to 7.55 per cent for senior citizens.
Lender discontinues two tenures, announces new terms for other products
Lenders decision will impact investors who planned relying on stable returns from these accounts
The new FD scheme, named the Square Drive Deposit Scheme, was launched on April 7
Fixed deposits ensure that the principal amount invested is preserved. Investors can rest assured that they will receive their initial investment back along with accrued interest at maturity
Lender offers 3.5% to 7.75% for senior citizens for tenures ranging seven days to 10 years for amounts less than Rs 3 crore
Among private sector banks, DCB Bank offers the highest interest rate of 8.05% for fixed deposits with a tenure of 19 to 20 months
Bank has added a new tenure of 444 days, offering the highest interest rate of 7.50% for general citizens
Among the options, Unity Small Finance Bank and North East Small Finance Bank provide the highest rates, offering up to 9% for select tenures
Revised rates range from 3.50% to 8% for general citizens; senior citizens will receive returns of 8.50%
Check out the various FD rates available from different banks
The highest interest rate of 7.75% and 8.25% is for a tenure of 18 months
Lender is offering 7.75% interest rate, some of the country's leading banks are offering competitive interest rates to attract FD investors
Some of the banks providing these rates include NorthEast Small Finance Bank, Unity Small Finance Bank, RBL Bank, YES Bank and Deutsche Bank
Corporate FDs often offer 1-2% more than traditional bank FDs, depending on the company's credit rating and the tenure of the deposit
For senior citizens, finding the right place to park savings is the key to ensuring financial stability in later years