Senior Citizens FD: If senior citizens have opted for the old tax regime, they will get tax relief under Section 80C of the Income Tax Act on the interest earned on FD, but let us make it clear here. Those who have opted for the new tax regime will not get tax rebate on FD interest.
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Senior Citizens FD: The biggest tension of senior citizens is to manage their expenses after retirement, because the government has discontinued the old pension scheme. Also, there was never a provision of pension in the private sector. In such a situation, senior citizens have to worry about managing their household and medical expenses.
If any elderly person in your house has such a problem, then let us tell you that at present some banks are giving more than 9 percent interest on 5-year FD. If a senior citizen wants to arrange for pension, then by depositing money in these banks, he can get a good interest every month.
How to get 9.1% interest
In the banks we are telling you about here, senior citizens will have to make FD for a time period of 5 years. Also, the amount deposited should be less than Rs 3 crore. If you come under the old tax regime, then you can also get tax benefits.
Tax relief will be available under Section 80C
If senior citizens have opted for the old tax regime, then they will get tax relief under Section 80C of Income Tax on the interest received on FD, but here we make it clear. Those who have opted for the new tax regime will not get tax rebate on FD interest.
These banks are offering 9.1% interest on FD
Suryoday Small Finance Bank is currently offering 9.1 percent interest to senior citizens. Apart from this, Unity Small Finance Bank is offering 8.65 percent interest to senior citizens.
| Name of the Bank | interest rate |
| Suryodaya Small Finance Bank | 9.1% |
| Unity Small Finance Bank | 8.65% |
| North East Small Finance Bank | 8.5% |
| Utkarsh Small Finance Bank | 8.35% |
Also, North East Small Finance Bank is offering 8.5% interest and Utkarsh Small Finance Bank is offering 8.35% interest, but in all these banks you will have to make FD for 5 years. Only then senior citizens will get this much interest.
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