Check the FD interest rates offered by banks to senior citizens.
SBI has increased term deposit interest rates by 75 basis points (bps) for deposits with maturity of 46 to 179 days.
Seniors looking for a means to grow their savings can benefit from term deposits that offer competitive interest rates. This has become one of the most popular options among senior citizens, mainly due to the safety of principal investment and the option of regular interest payments.
FDs ensure steady income even after retirement. Banks also offer higher interest rates to senior citizens compared to regular citizen FDs. Accordingly, banks often revise interest rates for different holding periods, such as State Bank of India recently increased FD interest rates for senior citizens.
Check the FD interest rates offered by banks to senior citizens.
State Bank of India FD exchange rate
According to the recent amendment, SBI increased the term deposit interest rate by 75 basis points (bps) for deposits with a maturity of 46 to 179 days, raising the interest rate for senior citizens from 5.25% to 6%. Similarly, for deposits with maturity periods of 180 and 210 days, the interest rate has been increased by 25 basis points from 6.25% to 6.50%.
For a period of 211 days to less than one year, the FD interest rate will increase by 25 bps from 6.50% to 6.75%. Interest rates for other maturity bands longer than one year remain unchanged.
HDFC Bank FD Exchange Rate
HDFC Bank offers interest rates on fixed deposits starting from 3.50% up to 7.75% for various holding periods. From February 9, 2024, you can get the highest interest rates on deposits with maturities between 18 and 21 months.
ICICI Bank FD Exchange Rate
The bank's FD interest rates range from 3.50% to 7.75% for a minimum period of 7 to 14 days and a maximum period of 5 to 10 years. Interest rates as high as 7.75% are available for 18 months to less than 18 months and 18 months to 2 years.
Axis Bank FD exchange rate
Axis Bank's term deposit interest rates for senior citizens range from 3.50% to 7.85% for tenures ranging from 7 days up to 10 years. From May 13, 2024, the highest interest rate will apply for periods of 17 months or more but less than 18 months.
Canara Bank FD exchange rate
Senior citizen fixed deposits at Canara Bank offer interest rates ranging from 40% to 7.75% for tenures ranging from 7 days to 10 years. The highest interest rate of 7.75% is available for deposits with a maturity of 444 days.
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