5 Top Banks Offering Interest Rate Of 7% And Higher On Fixed Deposits To Senior Citizens

While interest rate are set to harden further as could be clearly made by RBI Governor's speech today who mentioned that the move is a proactive measure in order to remain on the economic growth path. Likewise, as banks may still take longer to bring rate hike in case of fixed deposits, here are some of the Fds offering a higher return of over 7 percent to senior citizens.

We are mentioning senior citizens in particular as this investor class believes in capital protection as also one of the look out when investing money for additional income.

Bank	Tenure	Interest rate
RBL Bank	15 months	7.15% w.e.f June 8, 2022
Yes Bank	3 years to less than equal to 10 years	7% w.e.f June 6, 2022
IndusInd Bank	2 years to below 61 months	7% w.e.f. June 1, 2022
Deutsche Bank	More than 3 years to 5 years	7% w.e.f. May 10, 2022
Bandhan Bank	2 years to less than 5 years	7% w.e.f. May 4, 2022

There are other banks from the Small Finance Bank category that offer a higher rate than the commercial or the new age banks on bank fixed deposits. Nevertheless while there is no problem in booking a fixed deposit at SFBs too as these are backed by DICGC, senior citizens may prefer to go with the conventional banks offering a higher return for safety of their funds.