Know what SBI, PNB, Canara Bank and others are offering to senior citizens on 1-,3- and 5-year FDs
Senior Citizen FD Rates: In one year, SBI gives a 7.30 per cent interest rate to senior citizens while in 3-year and 5-year FDs, the bank provides 7.25 per cent and 7.50 per cent interest rates respectively.
A senior citizen FD is a sort of investment that pays little more interest rates than conventional FDs and is intended to help seniors retain financial security.
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Tax on FDs
FDs allow to save tax on earnings under Section 80C of the Income Tax Act.
Senior Citizen FD: Minimum investment
The amount of minimum investment depends on banks. Every bank does not offer same rate of interest on FDs.
Senior Citizen FD: Tenure
Generally, FDs range from seven days to a maximum of 10 years.
SBI, Bank of Baroda, ICICI Bank, Canara Bank and other banks' FD rate
Here are latest fixed deposit rates that SBI, Bank of Baroda, ICICI Bank, Canara Bank, and others are offering currently.
State Bank of India- 1yr-3yr-5yr FD rates
In one year, SBI gives a 7.30 per cent interest rate to senior citizens while in 3-year and 5-year FDs, the bank provides 7.25 per cent and 7.50 per cent interest rates respectively.
BoB- 1yr-3yr-5yr FD rates
BoB offers 7.35 per cent interest rate to senior citizens in one year, 7.65 per cent in three years, and 7.15 per cent in five years.
ICICI Bank- 1yr-3yr-5yr FD rates
ICICI offers a 7.20 per cent interest rate to senior citizens in one year, 7.50 per cent in three years, and 7.50 per cent in five years.
Axis Bank- 1yr-3yr-5yr FD rates
Axis Bank offers a 7.20 per cent interest rate to senior citizens in one year, 7.60 per cent in three years, and 7.75 per cent in five years.
Canara Bank- 1yr-3yr-5yr FD rates
Canara Bank offers a 7.35 per cent interest rate to senior citizens in one year, 7.30 per cent in three years, and 7.20 per cent in five years.
HDFC Bank- 1yr-3yr-5yr FD rates
HDFC Bank offers 7.10 per cent interest rate to senior citizens in one year, 7.50 per cent in three years, and 7.50 per cent in five years.
Punjab National Bank
PNB offers a 7.30 per cent interest rate to senior citizens in one year, 7.50 per cent in three years, and 7.00 per cent in five years.