Many banks are increasing the interest rates of fixed deposits. There are only a few banks which are offering the highest interest rates to senior citizens.
Repo Rate of Reserve Bank of India (RBI Repo Rate) Along with the increase in interest rates on many bank fixed deposits (Fixed Deposit Interest Rate) are doing. Though banks are in a race to increase the interest rates and pass on the benefits to the customers, there are only a few banks which are offering the highest interest rates to senior citizens. Today we are going to tell you about such banks which are earning 8% or more to senior citizens.
These banks are getting more than 8 percent returns
- Axis Bank gives 8.01% interest to senior citizens on FDs of 2 years to less than 30 months.
- Punjab National Bank is giving 8.05% return to super senior citizens on 666 days FD.
- DCB is giving 8.35% return to senior citizens on FDs ranging from 700 days to less than 36 months. The bank is paying 8 percent interest on FDs of less than 700 days from 18 months.
- IDFC First Bank is offering 8% return on FDs of 18 months – 1 day – 3 years to senior citizens.
- Yes Bank gives 8 percent interest rate to senior citizens on FD of 25 months and the bank gives 8.25 percent interest on 35 months special FD.
- Other big banks like HDFC Bank and ICICI Bank offer 7.50% returns to senior citizens.
- Canara Bank gives 7.65% interest on 444 days FD to senior citizens.
who is a senior citizen
An Indian who is 60 years or more but less than 80 years of age at any time during the previous year is considered as a senior citizen. A super senior citizen is one whose age is 80 years or more.
today’s big news
TDS on Senior Citizen FD
Banks will deduct TDS at the rate of 10% and 20% if neither PAN nor Form 15G and 15H are submitted. For senior adults aged 60 years and above, the annual maximum for FD interest income is Rs 50,000; After that, banks levy 10 per cent TDS.