This FD Investment Plan Is Best For Senior Citizens, Getting Strong Interest From These Banks

As a senior citizen, you should consider investing in FD because you get fixed and regular interest. Many banks provide interest of up to 7.75% to senior citizens by giving them better savings options.

In these bank lists, public and private banks like Bank of Baroda, Axis Bank, HDFC Bank, SBI, and Union Bank of India offer senior citizens the highest interest rates on three-year FD. Let us know about it in detail.

These Are The Interest Rates

• All these banks offer the highest interest rates to resident Indians above 60 years of age. This includes retail and 3-year FDs of less than Rs 1 crore.
• This value is calculated based on quarterly compounding of interest. Some government banks offer interest rates to super senior citizens (80 years and above). Here, we are talking about those banks which give better interest rates.

Axis Bank

Axis Bank offers senior citizens a 7.60 per cent interest rate on a three-year FD. That means the amount of Rs 1 lakh invested now will increase to Rs 1.25 lakh in three years.

Bank of Baroda

• Regarding Bank of Baroda, it gives an interest rate of 7.75 per cent on three years of FD.
• It gives the highest interest rates to senior citizens. That means the amount of Rs 1 lakh invested now will increase to Rs 1.26 lakh in three years.

HDFC Bank

• HDFC Bank, ICICI Bank and Punjab National Bank offer interest rates of 7.50 per cent on three-year FDs.
• With this, the amount of Rs 1 lakh invested now will increase to Rs 1.25 lakh in three years.

State Bank of India

• State Bank of India (SBI) offers senior citizens a 7.25% interest rate on a three-year FD.
• That means the amount of Rs 1 lakh invested now will increase to Rs 1.24 lakh in three years.

Bank of India

• Bank of India and Union Bank of India offer an interest rate of 7% on three-year FDs.
• The amount of Rs 1 lakh invested now will grow to Rs 1.23 lakh in three years.

Canara Bank

• Canara Bank gives 7.30 per cent interest on three-year FD to senior citizens.
• The amount of Rs 1 lakh invested now with this bank will grow to Rs 1.24 lakh in three years.