The Financial Express
Senior Citizen Fixed Deposit Interest Rates 2023: With concerns over the volatility and uncertainty of returns from market-linked schemes rising, Fixed Deposit (FD) schemes offered by banks have become attractive once again. Several banks are now offering inflation-beating fixed deposit rates for tenors ranging from 200 to 800 days. Even on long-term deposits of 5 to 10 years, banks are offering up to 7.5% interest or even more in some cases.
By booking 10-year FDs at 7.5% interest, senior citizens will be able to get more than double their initial investments on maturity. In comparison, Kisan Vikas Patra, which is a small savings scheme offered by Post Office, is offering 7.2% interest currently. At this rate, the amount invested in KVP can double in 10 years.
For example, if you invest Rs 1,00,000 in KVP, you will get Rs 2,00,000 after 10 years at the current rate of interest. However, in some bank fixed deposits, senior citizens can get more than Rs 2 lakh on Rs 1 lakh initial deposit in 10 years. That said, here’s a look at some prominent banks offering up to 7.5% interest or more to senior citizens on 10-year FDs.
Also Read: How to choose the right bank to save your money in fixed deposit?
On term deposits of 10 years, SBI is offering 7.5% interest to senior citizens. Calculation shows that a deposit of Rs 1 lakh in SBI will give Rs 2.10 lakh to senior citizens after 10 years. This rate is applicable for deposits below Rs 2 crore.
On term deposits of 10 years, Punjab National Bank (PNB) is offering 7.3% interest to senior citizens. Calculation shows that a deposit of Rs 1 lakh in PNB will give Rs 2.14 lakh to senior citizens after 10 years. This rate is applicable for deposits below Rs 2 crore.
On term deposits of 10 years, the Bank of Baroda is also offering 7.5% interest to senior citizens. Calculation shows that a deposit of Rs 1 lakh in BoB will give Rs 2.1 lakh to senior citizens after 10 years. This rate is applicable for deposits below Rs 2 crore.
Also Read: Know how much FD return is guaranteed
On term deposits of 10 years, HDFC Bank is offering 7.75% interest to senior citizens. Calculation shows that a deposit of Rs 1 lakh in HDFC Bank will give Rs 2.15 lakh to senior citizens after 10 years. This rate is applicable for deposits below Rs 2 crore.
On term deposits of 10 years, ICICI Bank is offering 7.5% interest to senior citizens. Calculation shows that a deposit of Rs 1 lakh in ICICI Bank will give Rs 2.1 lakh to senior citizens after 10 years. This rate is applicable for deposits below Rs 2 crore.
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On term deposits of 10 years, Axis Bank is offering 7.75% interest to senior citizens. Calculation shows that a deposit of Rs 1 lakh in Axis Bank will give Rs 2.15 lakh to senior citizens after 10 years. This rate is applicable for deposits below Rs 2 crore.
(The interest rates mentioned above are as per the information available on respective bank websites as of March 20, 2023)
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