These 3 banks are offering attractive FD schemes for senior citizens; details here

Fixed Deposits or FDs are an attractive risk-free option that are especially popular among senior citizens. As several banks have hiked their fixed deposit rates in line with the Reserve Bank of India’s repo rate hike, these schemes have become even more popular. Some banks have introduced new FD schemes for senior citizens, which can enable them to earn up to 8.15 percent interest on their deposits. These banks include Unity Small Finance Bank, ICICI Bank and IDBI Bank. The new FD schemes for seniors introduced by them can make senior citizens the biggest beneficiaries of the latest RBI repo rate hike.

Here are the schemes introduced:

IDBI Bank: Under the Naman FD scheme, senior citizens will get 6.10 percent interest per annum on deposits below Rs 2 crore. The rate is 6.35 percent for tenure from 1 year to less than 18 months. For a term between 18 and 30 months, senior citizens will get 6.4 percent. The rate jumps to 6.5 percent for tenure between 3 and 5 years. IDBI Bank also offers an interest rate of 6.55 percent to senior citizens on fixed deposits, if the tenure of the scheme ranges from 5 to 10 years.

The bank is also offering Amrit Mahotsav FD Scheme for 500 days, which will give a 6.70 percent rate.

ICICI Bank: ICICI Bank has stated on its website that it is offering “interest rates as high as 6.60% p.a. for Senior Citizens (above the age of 60 years)”. Under the bank’s Golden Years FD, which came into effect from 19 August, “Resident Senior Citizen customers will get an additional interest rate on an FD of 0.20% for a limited time over and above the existing additional rate of 0.50% per annum”. The tenure is from 5 years 1 day to 10 years. The scheme is valid up to 7 October this year.

ICICI Bank is also offering a rate of 6.05 percent per annum to senior citizens for a tenure of 1 year to 389 days.

Unity Small Finance Bank: The small finance bank is offering 7.85 percent interest for an FD of 1-year tenure. The rate is 7.85 percent for a tenure from 1 year to 18 months as well. Unity Small Finance Bank is also giving 8.15 percent to senior citizens for FDs between 2 years and 5 years. Under its callable bulk deposits, elderly citizens get an additional 50 basis points on fixed deposits from below Rs 2 crore to over Rs 100 crore.

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