After RBI raised the repo rate by 40 basis points i.e. 0.40 per cent to 4.40 per cent in May, many lenders including Axis Bank, Kotak Mahindra Bank, Canara Bank and Bank of India offer their senior citizens three-year fixed deposits i.e. FD interest rates. have extended
FDs for senior citizens: After RBI raised the repo rate by 40 basis points i.e. 0.40 per cent to 4.40 per cent in May, several lenders including Axis Bank, Kotak Mahindra Bank, Canara Bank and Bank of India can provide three-year fixed deposits to their senior citizens. That is, the interest rate of FD has been increased.
Small private sector banks are now offering up to 7.1 percent interest on this FD. This has come to the fore from the data compiled by BankBazaar. Banks offer 0.50 per cent more interest on FDs to senior citizens as compared to normal FDs. We are telling about the offers available on this 3-year FD focused on senior citizens…
DCB Bank
DCB Bank is offering 7.10 per cent interest on three-year FDs of senior citizens. This is the highest interest rate among private lenders. The investment of 1 lakh made in this will become Rs 1.24 lakh.
Bandhan Bank, IndusInd and Yes Bank
Bandhan Bank, IndusInd Bank and Yes Bank offer 7 per cent interest on three-year FDs of senior citizens. The investment of Rs 1 lakh in this will become 1.23 lakh in three years.
RBL Bank
RBL Bank offers 6.8 percent interest on three-year FDs of senior citizens. The investment of 1 lakh in this will become Rs 1.22 lakh in three years.
IDFC First Bank
IDFC First Bank gives 6.5 percent interest on three-year FDs of senior citizens. In this, an investment of Rs 1 lakh will become Rs 1.21 lakh in three years.
Axis Bank, Federal Bank, IDBI and Kotak Mahindra
Axis Bank, Federal Bank, IDBI Bank and Kotak Mahindra Bank offer 6.25 percent interest on this three-year FD. In this, an investment of Rs 1 lakh will become Rs 1.20 lakh in three years.
Smaller banks offer higher interest rates to raise more deposits. The data of FDs till June 1 has been taken from the lenders’ website. These interest rates are for senior citizens aged 60-80 (deposit less than Rs 1 crore). In this, the data of all the listed private banks has been taken.
