It is said that even if you in your early years are saving your maximum bit in the run up to meet your expenses during your retirement years, the amount may not suffice given the longevity life as well as inflation rate. So, if you are a conservative investor, here we suggest you few deposit bets in the current low interest rate regime which you can book just right away, as rates are likely to still go lower.
RBI is slated to come up with its monetary policy outcome this time around on October 4 and this time as per experts despite the previous huge order bail out of corporate tax rate cut, the interest rate cut move cannot be denied. So here are some safe investment options that fetch a higher return of over 8.5%.
IDFC First Bank: On a deposit with the bank for one year and two years, senior citizens will be able to get a rate of 8.5%. The new rates are applicable from August 21. On a deposit with maturity in the range of 1 year to 10 years, the bank offers interest rate of 4.5-8.5%.
DCB Bank: The bank on its deposit of 3 years provides senior citizens with the highest return of 8.5%. On all other maturity terms, the banks extend an interest rate of anyway between 5.9-8.5%.
AU Small Finance Bank: To senior citizens, it offers an still higher return by 10 bps or 0.1% i.e. 8.6% for deposits maturing between 15 months 1 day to one and half year. For other deposits that have a maturity between 24 months 1 day to 36 months, the new-age bank offers 8.5% per annum.