High FD interest rates for senior citizens: Get up to 8.1% on 3-year fixed deposits; check banks list here | Business

Fixed Deposit rates for senior citizens: Senior citizens seeking lucrative investment options can benefit from attractive fixed deposit (FD) interest rates offered by both public and private sector banks. They can earn up to 8.1% interest on three-year FDs, with this rate applicable for deposits up to Rs 2 crore. Senior citizens looking to invest should take advantage of the current high-interest rates in the market.
As per an ET report, here are the highest FD interest rates for senior citizens over three years offered by different banks:
1. DCB Bank
Offers 8.1% interest rate on FDs maturing between 26 months and less than 37 months for senior citizens.
2. RBL Bank
Provides 8% interest rate on FDs maturing between 24 months one day and 36 months for senior citizens.
3. YES Bank
Offers an 8% interest rate on FDs maturing between 36 months and less than 60 months for senior citizens.
4. Bandhan Bank
Provides an interest rate of 7.75% on FDs maturing between three years and less than five years for senior citizens.
5. Bank of Baroda
Offers an interest rate of 7.75% on FDs maturing between more than two years and up to three years for senior citizens.
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6. IDFC Bank
Provides an interest rate of 7.75% on FDs maturing between two years one day and three years for senior citizens.
7. IndusInd Bank
Offers an interest rate of 7.75% on FDs maturing between two years 9 months and three years three months for senior citizens.

Source: From Paisabazaar.com as of April 7, 2024, cited by ET
8. Axis Bank
Provides an interest rate of 7.6% on FDs maturing between three years and less than five years for senior citizens.
9. Kotak Mahindra Bank
Offers an interest rate of 7.6% on FDs maturing in three years for senior citizens.
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10. Punjab National Bank
Provides an interest rate of 7.5% on FDs maturing between more than two years and up to three years for senior citizens.
11. HDFC Bank
Offers an interest rate of 7.5% on FDs maturing between two years 11 months one day and three years for senior citizens.
12. ICICI Bank
Provides an interest rate of 7.5% on FDs maturing between more than two years and three years for senior citizens.
It’s important to note that the interest earned on three-year FDs is taxable for all taxpayers. Additionally, banks will deduct tax at source (TDS) if the interest exceeds a certain threshold.