Bank Fixed Deposit: Bank Fixed Deposit is the best investment option for senior citizens. In the week ending December 2, 2023, four banks Punjab & Sindh, CSB, IndusInd and Capital Small Finance Bank have revised their FD rates. These banks are offering interest up to 8.25 percent to senior citizens.
Bank Fixed Deposit: Bank Fixed Deposit is the best investment option for senior citizens. In the week ending December 2, 2023, four banks Punjab & Sindh, CSB, IndusInd and Capital Small Finance Bank have revised their FD rates. These banks are offering interest up to 8.25 percent to senior citizens.
Punjab and Sindh Bank (PSB)
PSB gives extra interest of 0.50 percent and 0.15 percent respectively on FD to senior citizens and super senior citizens. After revision on December 1, 2023, the maximum for special 444 days FD is 7.40 percent, which is valid till January 31, 2024. Senior citizens will get 7.90 percent with extra rates on this FD.
Senior citizens get up to 6.00 percent interest on FD of less than one year. 6.70 percent interest is available on FD of one year and 6.50 percent interest is available on FD of more than one year. The interest on FD of 1 year to 443 days, 445 days to 2 years and 3 to 5 years is 6.50 percent. The interest rate for more than 2 to 3 years is 6.80 percent and for more than 5 to 10 years the interest rate is 6.75 percent.
CSB Bank
CSB Bank has revised the rates on December 1, 2023. The bank is offering a special FD named “Acharya Fixed Deposit” to its senior citizens. Senior citizens can avail a maximum of 7.75 percent for 401 days. The interest rate for 750 days is 7.10 percent, which is the second highest rate in the bank. The interest rate for more than one year is 5.50 percent. For 1 year to 400 days and 401 days to 2 years it is 6.00 percent. The rate is 6.25 percent for above 2 years to less than 750 days and more than 750 days to 5 years. For tenure above 5 to 10 years, senior citizens get 6.50 percent.
IndusInd Bank
The bank had revised FD rates on December 1, 2023. IndusInd Bank is offering the highest interest rate of 8.25 percent to senior citizens. The interest rates for senior citizens are 0.75 percent higher than the interest rates for the general public. FDs of 7 to 14 days are also included, where senior citizens get 4.25 percent interest compared to 3.50 percent for the general public. Senior citizens can avail the highest interest rate of 8.25 percent. 1 year to 1 year less than 6 months, 1 year 6 months to less than 1 year 7 months, and 1 year 7 months to 2 years. For periods of more than two years and less than 61 months, the interest is 8.00 percent. For 61 months and above, the bank offers 7.75 percent to senior citizens and 7.00 percent to others.
Capital Small Finance Bank
Capital Small Finance Bank (SFB) offers a maximum interest of 8.10 percent on special 400 day FD to senior citizens. The bank is offering FD of 12 months, 600 days and 900 days. They are offering 8.00, 7.90 and 7.90 percent interest to senior citizens respectively.
