Most conservative investors still opt for safe havens to earn fixed returns on their investment. Among all the options, the safest and most reliable option is fixed deposits (FDs).
Those who want to earn marginally higher interest rates on their FDs, at times, lock them in the name of their old parents since banks offer generally 50 basis points higher interest rate to senior citizens.
Here we present the highest interest rates offered by most top banks to senior citizens on their fixed deposits across tenures.
Top 5 banks offering highest interest rates on FDs:
HDFC Bank
HDFC Bank offers 7.10 percent to senior citizens on deposits of one year to 15 months. The interest rate rises to 7.60 percent on FDs of 15 to 18 month-tenure.
When the tenure is between 18 months to 2 years 11 months, the interest rate falls to 7.5 percent.
For a long duration, the private lender offers the highest interest. The highest rate of 7.75 percent is offered for an FD with tenure of 5 -10 years. An interest rate of 7.7 percent is offered on tenure that ranges between 4 years 7 months to 55 months. So, the interest rate range is between 7.1 to 7.75 percent for tenure of one year and longer.
ICICI Bank
ICICI Bank offers interest in the range of 7 to 7.25 per cent depending on the tenure. For one year to 15 months, interest is 7.25 percent. For tenure between 15 months to 2 years, interest is 7.05 percent. For long tenure deposits, the interest rate is 7 percent.
State Bank of India
SBI offers interest rate in the range of 7.3 to 7.5 percent across tenures. For one year to less than two years, the interest rate is 7.30 percent.
For 2-3 years, interest is 7.5 percent. For 3-5 years, the interest rate is 7.25 percent. And for FDs with tenure longer than 5 years, the interest rate is 7.5 percent.
The highest interest of 7.6 percent is given to senior citizens under a specific tenor scheme (400 days) called Amrit Kalash. The last date for the scheme is March 31.
Bank of Baroda
Bank of Baroda offers interest rate in the range of 7.35 percent to 7.75 percent based on the tenure. For one to two years, for instance, the bank offers 7.35 percent to senior citizens. When the tenure rises to 2-3 years, the interest rate is 7.75 percent.
The bank also offers 399 deposits known as Baroda Tiranga Plus Deposit Scheme that gives 7.65 percent interest.
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Kotak Mahindra Bank
The private lender offers interest rate in the range of 6.7 percent to 7.8 percent based on the tenure.
For one-year deposits, the bank offers 7.6 percent which rises to 7.65 percent when the tenure rises to 390 days. For 23 months to less than two years, interest rate is 7.8 percent.
For 2-3 years, the bank offers 7.65 percent.
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Published: 02 Feb 2024, 04:32 PM IST
