Banks Interest Rate for 3-Year FDs Goes To A New High, Check Interest Income By Top Banks

Soon after RBI decided to raise the repo rate, many banks including private, public, and small finance opted to hike interest rates on FDs. RBI hiked the repo rate by 40 bps on May 4, 2022 in an unscheduled meet. Several banks such as Yes Bank, Kotak Mahindra, Shivalik Small Finance Bank, Axis Bank, ICICI, Canara Bank, Bank of India, etc. hiked the interest rates on three-year tenure FDs for senior citizens. Check below how much senior citizens can earn if they invest their money in the following banks:

ICICI Bank

Currently, ICICI Bank is offering an interest rate of 5.90 to senior citizens for FDs for the period of 2 years 1 day to 3 years tenure. For instance if you deposit an amount of Rs 1 lakh in ICICI Bank for 2 years 1 day to 3 years tenure, you will get back Rs 1, 19, 209 after maturity.

DCB Bank

Currently, DCB bank is offering an interest rate of 7.10% to senior citizens for FDs maturing in 36 months. Therefore, if you invest a sum of Rs 1 lakh in 3-years tenure FD, you will get back Rs 1,23,508 after the FD is matured.

SBI Bank

The bank is offering an interest rate of 5.70% on FD maturing in 2 years to less than 3 years tenure to senior citizens. If you deposit Rs 100,000 in this FD, the amount will grow to approximately Rs 1, 18,506 as it matures after this tenure.

Shivalik Small Finance Bank

The bank is currently offering 6.00% interest rates on FDs maturing in 999 days and above to senior citizens. If you deposit Rs 1,00,000, the amount will grow approximately to Rs 1,17,000.

Kotak Mahindra Bank

The bank is also offering competitive interest rates to senior citizens on their FDs. Currently, senior citizens can fetch an interest rate of 6.10% for 2 years to less than 3 years tenure. If you invest Rs 100,000 in this FD, you will earn an approximate interest income of Rs 19,915 after the FD gets matured.

Axis Bank

If you choose this bank for investing in a three-years FD, it will offer you an interest of 6.25%. If you invest Rs 1 lakh for this tenure, the income that you will earn after this tenure will be approximately Rs 20,449.

Shriram Transport Finance

It is leading non-banking finance company and offers a high interest rate of 7.98% to senior citizens for a period of 36 months. You can fetch an interest income of Rs 26,948 if you invest Rs 1 lakh for this tenure. It is one of the best NBFC and has a AAA rating by CRISIL.