Bank fixed deposit i.e. FD is a safe option for investment. Through this, the investor gets higher returns than the savings account of the bank. In FD, investors have to keep money for a fixed period at a predetermined interest rate. In this option banks give returns on the investment amount. Earnings are good on FDs with longer tenure. Whereas banks offer about 0.50% more interest to investors who are 60 years of age or older than the general public.
Senior citizens get higher returns on FD
Adil Shetty, CEO of Bankbazaar.com, says that compared to the common people, senior citizens usually earn an additional 0.50% interest on their FD. Especially in the case of long-term FDs, there is a significant difference in the earnings of senior citizens on the investment amount compared to investors below 60 years of age. He says that if a common investor gets 6% interest on FD with a tenure of 5 years, then the bank gives 6.50% interest to senior citizens on FD with the same tenure.
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Senior citizen FD of these banks is getting highest interest
Special fixed deposits are designed by banks for senior citizens. In such investment schemes, many benefits are available as per the needs of the senior citizen. It is important to consider various aspects before investing in these. Senior citizens who are looking for investment options to get higher returns on their savings. For them, a list of 10 banks including SBI, HDFC Bank and Kotak Bank has been shared here. To earn more in the form of interest, you can take a look before investing money in FD option.
Sarvodaya Small Finance Bank is offering the highest return of 9.1% to senior citizens on FD with a tenure of 2 years and one day. DBS Bank, Dutch Bank and Federal Bank are offering 8 percent interest on FDs of different tenures. Apart from this, interest on FD included in the above list is Central Bank of India 7.85 percent, Kotak Bank 7.80 percent, Indian Bank 7.75 percent, Bank of Baroda and HDFC Bank 7.65 percent and SBI Bank FD.J are offering.
(Note: The above list has been prepared by Bank Bazaar.com. In which the updates till January 10 have been taken from the official websites of various banks. This is only for your information. Before investing, visit the official websites or branches of the respective banks. Please get in touch.)