Banks are offering interests rates of upto 7.5% for senior citizens
Banks are offering best interest rates to manage your savings. Managing your money is the best financial practice you can perform. Many learn through practical examples about how to manage their savings and fight against inflation. Inflation directly affects your saving and decrease their value over time. To recover from the damage of inflation one should always invest savings. There are many ways to do so, some methods have high to moderate risk like direct equity and some have minimal risk chances like mutual funds. Out of all these, if you think about FDs, they are the best investment options with no risk. Have flexible tenures which can range between 7 days to 10 years. The minimum amount to deposit for the FD varies from bank to bank. A person can start investing in FD with the minimum amount of Rs.1000 and there is no upper limit.
Recently, the Reserve Bank Of India (RBI) has decided to keep the repo and reverse repo rates unchanged. After this decision, many banks have decreased the interest rates on FDs. But the profitable news is that many different private and small finance banks are still delivering higher interest rates for senior citizens. Interest rates do vary as per the tenure plan.
Here is the list of the leading 3 banks that are delivering 7.5% interest rates on FDs:
DCB Bank Interest rates
- For the tenure of 7-14 days interest rate is 4.25%
- For 15-25 days interest rate is 4.80%
- Tenure of 46-90 days will benefit you with a return rate of 4.75%
- For the period of 91 days to 6 months, the FD holders will earn at the interest rate of 5.50%
- With the period of 6-21 months, the interest rates are 5.95%
Also read:5 Investment Ideas In India To Plan Your Retirement
FD Interest Rates of Yes Bank
The bank is offering 50 basis points to the citizens for the deposits of all tenures. But for deposits of three years or more bank is offering 75 basis points or additional rates of 0.75%.
The IndusInd bank revised their interest rates on FDs on 26 April. On the term deposits, the bank is offering the senior citizens an interest rate of 0.50%. For the maturity period of 7 days to 5 years for terms, the bank is offering senior citizens the interest rate which ranges between 3.25 to 7 per cent.