If you’re an elderly person, there’s good news for you. In addition to the government, a variety of benefits are offered to seniors by banks as well in form of increased FD rates. We will talk to you about this benefit, and you’ll be delighted to learn about it. Senior citizens have huge advantages over banks.
RBI raised the repo rate continuously
The Reserve Bank of India (RBI) has increased its repo rate four times. After that, customers receive huge advantages in bank-issued FDs. RBI has also urged banks to raise the FD rates. Today, banks are offering higher than eight percent interest for senior citizens.
FDR rate for Induslnd as well as IDFC First Bank
Induslnd bank offers up to 8.25 percent interest on FDs of three years. Additionally, 8.25 percent of the interest is attained by the idfc Bank. Both banks offer excellent returns.
The interest of 8% is taken here
DCB Bank is also giving an impressive return of 8.35 percent over a period of three years. In addition, Axis Bank, Bandhan Bank, and Yes Bank are also giving a 7.75 percent return on FDs with a 3-year term for seniors.
The banks listed are paying 7.5 percent of interest
In relation to ICICI Bank, HDFC Bank, and RBL Bank, are providing interest rates of 7.5 percent to seniors. With these plans, you will be able to enjoy huge advantages even as you age.
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