These government banks are offering senior citizens higher interest rates on FDs than Post Office; check here

Fixed deposits or FDs can be advantageous for investors because of the abundant liquidity they ensure. Banks always try to offer lucrative interest rates on their term deposit schemes to attract customers. But most importantly, the lenders focus on senior citizens who often rely on these kinds of investment options. During their post-retirement stage, elderly people seek the best financial choices that guarantee higher returns. Recently, a number of government-backed banks have revised their fixed deposit interest rates, which can be more beneficial for senior citizens than the general public.

The interest rates promised are significantly greater than those provided by the Post Office. The interest rate on post office fixed deposits now ranges from 5.5 percent to 6.7 percent, depending on the deposit’s term. India Post is providing an interest rate of 5.5 percent on FDs of one year tenure, 5.7 percent on FDs maturing in two years, 5.8 percent on FDs ending in three years, and 6.7 percent on FDs with a term of five years. Investors of any age group will receive the same rate.

Check the interest rates here:

State Bank of India (SBI):

SBI, India’s largest lender, is giving a return of up to 6.9 percent to elderly people who deposit money in fixed-term investments. For FDs expiring in two to three years and five to 10 years, the bank is paying interest rates of 6.75 percent and 6.9 percent, respectively. The bank is providing a return of 7.2 percent for senior citizens who invest in a fixed deposit for five to 10 years under the ‘SBI We Care’ initiative.

Punjab National Bank (PNB):

The Punjab National Bank will pay elderly citizens 7.5 percent interest on fixed deposits with a maturity period of 600 days. It offers returns of 6.8 percent, 6.75 percent, and 6.9 percent for FDs with maturities of one to two years, two to three years, and five to ten years respectively. For super senior citizens (above 80 years), PNB is providing a return of 7.8 percent on FDs for 600 days and a return of 7.1 percent on FDs for one to two years (except for the 600 days scheme).

Quick Reads

View All

New innings for sacked Unilever boss: Can he revive fortunes of world’s largest chocolate maker?

New Zealand's economic recovery pushes inflation beyond its target band

Bank of Baroda (BoB):

The Bank of Baroda is giving older citizens an interest rate of 6.9 percent on fixed deposits expiring in five to 10 years. On deposits held between two years and up to five years, the lender is paying an interest rate of 6.75 percent.

Canara Bank:

The 666-day fixed deposit plan offered by Canara Bank guarantees senior citizens a 7.5 percent return on their investment. With the exception of 666 days, the bank is providing a return of 6.75 percent on fixed-rate deposits (FDs) with maturities of one year to three years, and a rate of 7 percent for deposits ranging from three to 10 years.

Read all the Latest News, Trending News,  Cricket News, Bollywood News,
India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.