SBI/PNB/HDFC/ICICI: Many banks offer many lucrative offers on term deposit schemes. Banks like SBI, PNB, HDFC Bank and ICICI Bank have hiked their fixed deposit rates to attract lump sums. Senior citizens mostly take advantage of fixed deposit schemes as they prefer to invest their retirement money in safe schemes and fixed deposits are one of the safest investment schemes. Here is a comparison of interest rates on FDs of various banks. (SBI/PNB/HDFC/ICICI)
SBI offers senior citizens the opportunity to double their money by opening a 10-year fixed deposit account with it. Seniors can receive 7.5% interest on fixed deposits. For senior citizens, the bank has launched a 400-day (Amrit Kalash) program that provides 7.6% interest. The construction will start until March 31, 2023. SBI has also launched a new term deposit scheme called ‘Sarvotam’ for non-resident individuals with funds above Rs 15 lakh. The interest rate for the amount between 15 million and 2 million is 7.55% for the elderly for a period of one year.
On the bank’s website, it is mentioned that the elderly can receive an additional 50 basis points on top of the usual card interest for every domestic deposit of less than 2 billion. Older adults can get 4% to 7.75% interest from the bank for a period of 7 days to 10 years. What’s more, super seniors get the highest interest rate of 8.05% from the bank.
The HDFC Bank
HDFC bank also gives you the option to double your money by opening a 10 year FD with it. Currently, the bank provides 7.75% interest rate on FD for senior citizens. This is the highest ratio among the three banks evaluated here. According to the FD calculator, deposits of Rs 50,000 will have a maturity value of more than Rs 1.07 lakh in 10 years.
The ICICI Bank
ICICI bank offers interest rates ranging from 3.50% to 7.50% for tenures ranging from 7 days to 10 years for senior citizens. Golden Years FD is available from the bank at an interest rate of 0.10%.