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Top 10 Banks Promising Returns Up To 7.30% On 2 To 3 Years FDs To Senior Citizens
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
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. | Banks | Senior Citizens | W.e.f. |
|---|---|---|---|
| 1 | Union Bank of India | 5.80% | 01/09/2021 |
| 2 | Indian Bank | 5.70% | 05.11.2021. |
| 3 | Bank of Baroda | 5.70% | 16.11.2020 |
| 4 | Indian Overseas Bank | 5.65% to 5.70% | 09.11.2020 |
| 5 | Punjab & Sind Bank | 5.65% | 16/09/2021 |
| 6 | State Bank of India | 5.60% | 08.01.2021 |
| 7 | Punjab National Bank | 5.60% | 01.08.2021 |
| 8 | Canara Bank | 5.60% | 09.08.2021 |
| 9 | Bank of India | 5.55% | 01.08.2021 |
| 10 | Central Bank of India, UCO Bank | 5.50% | 10.11.2021, 16.11.2021 |
| Source: Bank Websites |
Top 10 Private Sector Banks With Best Interest Rates On 2-3 Year Fixed Deposits
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. | Banks | Senior Citizens | W.e.f. |
|---|---|---|---|
| 1 | RBL Bank | 6.50% | 1st September 2021 |
| 2 | Yes Bank | 6.50% | 03.11.2021 |
| 3 | IndusInd Bank | 6.50% | 23rd July 2021 |
| 4 | Bandhan Bank | 6.25% | 07.07.2021 |
| 5 | IDFC First Bank | 6.25% | 23.11.2021 |
| 6 | Axis Bank | 6.05% | 14.12.2021 |
| 7 | DCB Bank | 6.00% | 22.11.2021 |
| 8 | Federal Bank | 5.85% | 16.12.2021 |
| 9 | South Indian Bank | 5.85% | 8th October 2021 |
| 10 | Nainital Bank | 5.85% | 10.09.2021 |
| Source: Bank Websites |
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. | Banks | Senior Citizens | W.e.f. |
|---|---|---|---|
| 1 | Suryoday Small Finance Bank | 7.30% | 9th September 2021 |
| 2 | Ujjivan Small Finance Bank | 7.25% | 09.12.2021 |
| 3 | North East Small Finance Bank | 7.25% | 19th April 2021 |
| 4 | Jana Small Finance Bank | 7.00% | 07.05.2021 |
| 5 | Fincare Small Finance Bank | 7.00% to 6.75% | 25.10.2021 |
| 6 | ESAF Small Finance Bank | 6.75% | 01.12.2021 |
| 7 | Utkarsh Small Finance Bank | 6.50% | 01.07.2021 |
| 8 | Equitas Small Finance Bank | 6.50% | 01.10.2021 |
| 9 | AU Small Finance Bank | 6.50% | 14.10.2021 |
| 10 | Capital Small Finance Bank | 6.50% | 03.06.2021 |
| Source: Bank Websites |
