Highest FD rates: Here's what SBI, PNB, Canara Bank, HDFC Bank, ICICI Bank are giving to senior citizens on fixed deposits
Highest FD Rates: State Bank of India (SBI) offers a 7.75 per cent interest rate on its 444-day Amrit Vrishti FD scheme to senior citizens.
FD (fixed deposit) is an investment scheme in which you can invest a lumpsum amount for a fixed period. In FD, returns are fixed, and you get interest in the form of returns.
Interest on FDs
Interest on FDs is not the same in all the banks. Moreover, senior citizens get little more interest than general citizens on term deposits.
FD benefits
There are many benefits of an FD. These include simple processes, fixed interest rates, safe investment options, and others.
FD tenure
You can deposit your amount from seven days to around 10 years in an FD.
FD interest rate for senior citizens by SBI
The state lender offers a 7.75 per cent interest rate on its 444-day Amrit Vrishti FD scheme.
Canara Bank: FD interest rate for senior citizens
Canara Bank provides 7.75 per cent interest rate on its 444 FD scheme.
Punjab National Bank (PNB)
PNB provides 7.75 per cent interest rate on its 400 days FD scheme.
Axis Bank FD interest rate for senior citizens
Axis Bank gives 7.75 per cent interest rate to senior citizens on 15 months to less than 2 years; and 5 years to 10 years FD schemes.
ICICI Bank FD interest rate for senior citizens
The bank gives 7.80 per cent interest rate on 15 months to less than 18 months FD scheme to senior citizens.
HDFC Bank FD interest rate for senior citizens
The bank gives 7.90 per cent interest rate on 4 Year 7 Months (55 months) FD scheme to senior citizens.