Maximize Your Returns with High-Interest Senior Citizen FD Rates
Are you a senior citizen looking to invest your money in a secure and attractive fixed-income instrument? Consider fixed deposits (FDs) as a viable option to maximize your returns. Many banks are currently offering high interest rates on senior citizen FDs maturing in three years. Read on to find out which banks are offering the highest interest rates on your investment.
Top Banks Offering High-Interest Rates on Senior Citizen FDs
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DCB Bank India senior citizen FD rate
- 8.05% interest rate on FDs maturing between more than 26 months and less than 37 months for senior citizens.
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RBL Bank senior citizen FD rate
- 8% interest rate on FDs maturing between 289 days (24 months and a day) and 432 days (36 months).
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YES Bank senior citizen FD rate
- 8% interest rate on FDs maturing between 24 months and 36 months.
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Bandhan Bank senior citizen FD rate
- 7.75% interest rate on FDs maturing between three years and less than five years.
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IDFC First Bank senior citizen FD rate
- 7.75% interest rate on FDs maturing between two years and one day and three years.
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IndusInd Bank senior citizen FD rate
- 7.75% interest rate on FDs maturing between two years and seven months and three years and three months.
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Bank of Baroda senior citizen FD rate
- 7.75% interest rate on FDs maturing between two years and three years.
Here is a table showing the FD interest rates offered by various banks for senior citizens:
| Bank | Interest rate |
| DCB Bank | 8.05% |
| RBL Bank | 8% |
| YES Bank | 8% |
| Bandhan Bank | 7.75% |
| IDFC First Bank | 7.75% |
| IndusInd Bank | 7.75% |
| Bank of Baroda | 7.75% |
| Axis Bank | 7.60% |
| Federal Bank | 7.50% |
| HDFC Bank | 7.50% |
| Deutsche Bank | 8% |
Source: Paisabazar.com as of June 19, 2024
Additional Benefits for Senior Citizen Investors
- Senior citizens receive extra interest rates on FDs compared to individuals under 60 years.
- Income tax laws provide senior citizens with a higher TDS deduction threshold.
- Banks must deduct TDS on FDs if interest exceeds Rs 50,000 annually.
- Senior citizens can avoid TDS by submitting Form 15H to their bank if their taxable income remains below the exemption limit.
Foreign Bank Offering Competitive Interest Rates
Deutsche Bank offers an attractive 8% interest rate on senior citizen FDs maturing between two years and three years.
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