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Top 10 Banks Promising Returns Up To 7.30% On 2 To 3 Years FDs To Senior Citizens

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Fixed deposit investors are dissatisfied with their returns in the face of rising inflation; nevertheless, senior citizens are pleased with their fixed deposits since they allow them to receive additional interest rates that are typically higher than the regular card rate, resulting in good and stable returns and also tax benefits. These returns which are not influenced by market volatility could be their monthly income source, allowing them to live their elderly years more comfortably. Their investments are also covered by the DICGC up to Rs 5 lakhs, which is not available with any other investment instrument or retirement plan, making fixed deposits their first option to gamble on.

 

Elderly folks can claim a tax benefit up to Rs 50.000 from the interest earned from their fixed deposits held on a monthly, quarterly, or maturity basis. This indicates that if a senior citizen's interest income is less than Rs. 50,000, no TDS will be applied. Banks, on the other hand, would charge 10% TDS on interest income if it exceeds Rs. 50,000 in a fiscal year. Senior citizens can claim tax benefits along with deposit insurance safety, and on top of that, based on a personal financial goal of 2 to 3 years, we have compiled a list of the top 10 public, private, and small finance banks that are promising returns up to 7.30 percent, which is an inflation-beating rate for them.

Top 10 Public Sector Banks With Best Interest Rates On 2-3 Years Fixed Deposits

Top 10 Public Sector Banks With Best Interest Rates On 2-3 Years Fixed Deposits

According to our study, the top 10 public sector banks in India now providing the best interest rates on 2 to 3-year deposits for older folks are listed below.

Sr No.BanksSenior CitizensW.e.f.
1Union Bank of India5.80%01/09/2021
2Indian Bank5.70%05.11.2021.
3Bank of Baroda5.70%16.11.2020
4Indian Overseas Bank5.65% to 5.70%09.11.2020
5Punjab & Sind Bank5.65%16/09/2021
6State Bank of India5.60%08.01.2021
7Punjab National Bank5.60%01.08.2021
8Canara Bank5.60%09.08.2021
9Bank of India5.55%01.08.2021
10Central Bank of India, UCO Bank5.50%10.11.2021, 16.11.2021
Source: Bank Websites

Top 10 Private Sector Banks With Best Interest Rates On 2-3 Year Fixed Deposits
 

Top 10 Private Sector Banks With Best Interest Rates On 2-3 Year Fixed Deposits

As per our research, the top ten private sector banks in India that are currently offering the maximum interest rates on 2 to 3-year deposits for senior citizens are as follows.

Sr No.BanksSenior CitizensW.e.f.
1RBL Bank6.50%1st September 2021
2Yes Bank6.50%03.11.2021
3IndusInd Bank6.50%23rd July 2021
4Bandhan Bank6.25%07.07.2021
5IDFC First Bank6.25%23.11.2021
6Axis Bank6.05%14.12.2021
7DCB Bank6.00%22.11.2021
8Federal Bank5.85%16.12.2021
9South Indian Bank5.85%8th October 2021
10Nainital Bank5.85%10.09.2021
Source: Bank Websites

Top 10 Small Finance Banks With Best Interest Rates On 2-3 Year Fixed Deposits

Top 10 Small Finance Banks With Best Interest Rates On 2-3 Year Fixed Deposits

The top ten small finance banks in India that are now guaranteeing the highest interest rates on 2 to 3-year deposits for older folks are framed below, according to our analysis.

Sr No.BanksSenior CitizensW.e.f.
1Suryoday Small Finance Bank7.30%9th September 2021
2Ujjivan Small Finance Bank7.25%09.12.2021
3North East Small Finance Bank7.25%19th April 2021
4Jana Small Finance Bank7.00%07.05.2021
5Fincare Small Finance Bank7.00% to 6.75%25.10.2021
6ESAF Small Finance Bank6.75%01.12.2021
7Utkarsh Small Finance Bank6.50%01.07.2021
8Equitas Small Finance Bank6.50%01.10.2021
9AU Small Finance Bank6.50%14.10.2021
10Capital Small Finance Bank6.50%03.06.2021
Source: Bank Websites

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