new Delhi. Even today, when it comes to investing, most people recommend FD i.e. Fixed Deposit. FD is considered to be a better option in terms of investment, in which the return is guaranteed. In this, more returns are available than the Savings Account. In many banks, senior citizens get more interest than the normal interest rates on FDs.
At the same time, Yes Bank of the private sector currently offers 0.75% more interest than the normal rate on FDs for senior citizens. Especially in the period of 3 to 7 years, the interest rate on Yes Bank FD is higher than major banks like SBI, HDFC Bank and ICICI Bank.
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7% interest rate for tenures of 3 to 10 years
On FDs up to Rs 2 crore, Yes Bank offers 7% rate to senior citizens for tenures of 3 to 10 years which is 0.75% higher as compared to the normal rate of 6.25%. The bank offers a rate of 3.75% to senior citizens with tenures ranging from 7 days to 14 days which is 0.50% higher than the normal rate of 3.5%. Yes Bank offers an additional interest rate of 0.5-0.75% to senior citizens during various tenures.
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Also, Yes Bank offers Senior Citizens an Annualized Yield of 7.19% on tenures of 3-10 years as against the normal rate of 6.40%.
SBI FD Rates for Senior Citizens
On the other hand SBI offers an interest rate of 5.95% for senior citizens with tenures ranging from 3 years to less than 5 years and 6.30% for tenures up to 5 years and 10 years. SBI has introduced SBI Wecare Deposits for Senior Citizens in the Retail TD segment, wherein the elderly pay an additional rate of 30 bps on their Retail TDs for 5 years and above in addition to the existing 50 bps Will be done. However, this scheme is available only till September 30, 2022.
HDFC Bank and ICICI Bank FD Rates for Senior Citizens
Meanwhile, HDFC Bank and ICICI Bank offer 6.35% to senior citizens on FDs below Rs 2 crore for tenures above 5 years and up to 10 years. Both the banks are offering an interest rate of 5.95% on tenures ranging from 3 years 1 day to 5 years.
Tags: Bank FD, FD Rates, Yes Bank
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