FD Rates: After retirement, regular sources of income stop, in such a situation saving becomes the main means of living. Therefore, it is very important to make the right financial plan and choose safe investment options. Experts believe that senior citizens should focus on such investment options which can give fixed and good returns with less risk. Fixed Deposit (FD) is one of the most trusted and secure investment options in India. It gives returns at a fixed interest rate for a fixed period. Many banks are offering interest rates of 7.5% or more to senior citizens on 5 year FD schemes.
Banks offering interest rates of 7.5% or more
SBM Bank is offering FD option to senior citizens with the highest interest rate of 8.25% and Yes Bank 8%. Axis Bank, IndusInd Bank and DCB Bank are offering interest ranging from 7.75% to 7.9%. Apart from this, HDFC Bank, ICICI Bank and SBI are also offering interest on FD at the rate of 7.5%.
Banks offering interest from 7% to 7.5%
Banks like Bank of Baroda, Canara Bank, Union Bank of India, and IDFC First Bank are offering interest ranging from 7% to 7.5%. Apart from this, Karnataka Bank and Tamil Nadu Mercantile Bank also fall in this category.
Eligibility for FD of senior citizens
Indian residents aged 60 years or above are eligible to invest in FD. NRI senior citizens can also invest through NRE or NRO accounts. To apply for FD, proof of age, Aadhaar card, passport, PAN card, passport size photograph and proof of address (like electricity or telephone bill) are required.
FD is a safe and reliable investment option for senior citizens, which provides stable income. If you want a fixed income at the time of your retirement, it would be wise to choose FD schemes with interest rates of 7.5% or more. This will not only keep your capital safe but will also become a good source of regular income.
SBI is offering special FD scheme, you will get best interest in just 444 days, should you like it?