TOP 5 BANKS OFFERING BEST FD INTEREST RATES FOR SENIORS
Published By MintGenie Team | 05 Feb, 2024
Locking fixed deposits in the names of elderly parents can yield higher interest rates, as banks typically offer senior citizens a 50 basis point higher rate.
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Here are some banks offering higher rates on FDs for senior citizens:
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HDFC Bank
HDFC Bank offers interest rates ranging from 7.10% to 7.75% for fixed deposits with tenures of one year and longer, with the highest rate of 7.75% applicable for a tenure of 5-10 years.
ICICI Bank
ICICI Bank offers fixed deposit interest rates ranging from 7% to 7.25%, with 7.25% for one year to 15 months, 7.05% for 15 months to 2 years, and 7% for longer tenures.
State Bank of India
SBI offers fixed deposit interest rates ranging from 7.3% to 7.5% across various tenures, with a special scheme, Amrit Kalash, offering 7.6% to senior citizens, ending on March 31.
Bank of Baroda
Bank of Baroda provides interest rates ranging from 7.35% to 7.75%, with specific schemes like Baroda Tiranga Plus Deposit offering 7.65% interest.
Kotak Mahindra Bank
The private lender provides interest rates ranging from 6.7% to 7.8%, with specific tenures like 7.6% for one year, 7.65% for 390 days, and 7.8% for 23 months to less than two years.