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HomeKnowledge UtilityThese 5 banks are paying the highest interest on Senior Citizen FD,...

These 5 banks are paying the highest interest on Senior Citizen FD, bumper benefit on 5 year account

IndusInd Bank is giving 7% interest on FDs of 5 years. RBL Bank is offering 6.80 percent, DCB Bank 6.75 percent, IDFC Bank 6.75 percent and Axis Bank 6.50 percent interest.

Most banks offer fixed deposits to senior citizens (Senior Citizen FD) pays more interest. Senior citizens are paid more interest on FDs than normal people. If a normal depositor gets 7% interest on the FD, then the senior citizen gets 7.50 percent or 7.75 percent interest (Senior Citizen FD Rate) will get. The interest rate depends on the bank. Small banks are paying more interest on FDs as compared to big banks. These banks include IndusInd Bank, RBL Bank (RBL Bank), DCB Bank, IDFC Bank and Axis Bank to name a few. Talking about Senior Citizen FD rate, IndusInd Bank is the name of the highest paying interest. After that comes RBL Bank.

IndusInd Bank is giving 7% interest on FDs of 5 years. RBL Bank is offering 6.80 percent, DCB Bank 6.75 percent, IDFC Bank 6.75 percent and Axis Bank 6.50 percent interest. If you do not want to go to the bank every month, then every quarter or half yearly interest money will be deposited in your account. For this you have to apply in the bank. Along with getting higher interest on Senior Citizen FD, you get the right to choose the tenure at your convenience. Keeping in view your future needs, you can plan to invest in FD.

Helpful in tax deduction too

Both short term and long term FDs can be opened for maximum returns from investment. In case of a medical emergency, you can break the short term FD and raise money. If you do not want to break the FD prematurely, then let it run for a long period so that with the passage of time, maximum return on investment can be obtained. Saving tax is also an important task for senior citizens. Senior Citizen FD helps in tax deduction. Senior citizens can save tax on the amount and interest deposited in FD.

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Apart from taking advantage of the return on FD, you can also take a loan whenever needed. Loan against Fixed Deposit is easily and fast. But senior citizens find it difficult to take a loan against FD because the banks think in how many days a retired person will repay the loan. Most of the banks offer higher interest rates for senior citizen FDs as compared to regular FDs. This makes FD the most preferred investment avenue among senior citizens with low or irregular income. This adds up to their money faster and helps them save tax.

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