Senior citizens to get up to 7.6 % return on FDs from these private sector banks

After the Reserve Bank of India (RBI) raised the repo rate by 0.50 per cent to 5.90 per cent to contain inflation, banks have boosted their lending and deposit rates to meet the demand for credit. Investors should look for a bank that not only promises the biggest return but also gives interest rates that surpass inflation in light of banks’ recent hikes in interest rates. Retail inflation, which was 6.71 per cent in July according to the Consumer Price Index (CPI), increased to 7.00 per cent in August. Getting fixed-deposit rates that outpace inflation in the current context is not a difficult task, especially for elderly people.

Here, we have come up with some options for some leading private sector banks which have been offering higher interest rates:

RBL Bank:

RBL Bank raised its interest rates on domestic deposits under Rs 2 crore on 1 October this year. It currently offers senior citizens an interest rate of 7.25 per cent on deposits maturing in 3 years and 7.05 per cent on deposits maturing in 5 years. Senior citizens at RBL Bank who are 60 to below 80 years old are eligible for an additional 0.50 per cent per annum interest rate, and super senior citizens who are 80 years and older qualify for an additional 0.75 per cent p.a. interest rate.

DCB Bank:

On 1 October 2022, DCB Bank increased its interest rates for fixed deposits under Rs 2 crore. Following the change, the bank is now paying senior people 7.50 per cent on deposits maturing in 5 years and 7.60 per cent on deposits maturing in 3 years.

IndusInd Bank:

IndusInd Bank increased the interest rate for domestic deposits under Rs 2 crore on 23 September 2022. The bank is currently offering senior citizens an interest rate of 7.50 per cent for deposits with a 3 to 5-year maturity period. A higher interest rate of 0.75 per cent over and above the card rate is given for senior citizen term deposits at IndusInd Bank with a value under Rs. 2 crores.

Bandhan Bank:

On 22 August 2022, Bandhan Bank changed the interest rate on retail term deposits to under Rs 2 crore. The bank is currently offering fixed deposits with tenors between 3 and 5 years at an interest rate of 7.50 per cent to elderly citizens.

Yes Bank:

On 10 August 2022, Yes Bank updated the interest rates for domestic deposits under Rs. 2 crores. Senior citizens can now earn an interest of 7.25 per cent on deposits with a 3-year maturity and 7.50 per cent on deposits with a 5-year maturity.

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