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Top 5 Private Sector Banks Offering Up To 7% Returns On 3-Year FDs To Senior Citizens

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A fixed-income investment should be a portfolio of senior citizens if they want a steady stream of income from their investment throughout their retirement life. Fixed income instruments, which are not influenced by market-based returns, are the safest investment vehicle for investors such as senior citizens having low-risk tolerance and short to long-term personal financial goals. As a result, they should invest in fixed deposits in order to get higher and fixed returns than non-senior citizens. Apart from a range of tenures spanning from seven days to ten years, older persons who wish to make deposits for three years and want assured returns should look at the below listed top five private sector banks offering returns of more than 6% on three-year FDs with a promise of deposit insurance of up to Rs 5 lakhs provided by the Deposit Insurance and Credit Guarantee Corporation (DICGC).

 

Yes Bank

Yes Bank

Yes Bank is now offering elderly people a 7% interest rate on fixed deposits maturing in three years for deposits of less than Rs 2 crore. On August 5, 2021, the bank modified its fixed deposit interest rates, and the current rates for elderly citizens are as follows.

PeriodInterest RatesAnnualised Yield
7 to 14 days3.75%3.75%
15 to 45 days4.00%4.00%
46 to 90 days4.50%4.50%
3 months to < 6 months5.00%5.00%
6 months to < 9 months5.50%5.54%
9 months to < 1 Year5.75%5.83%
1 year < 18 Months6.25%6.40%
18 Months to < 3 years6.50%6.66%
3 Years to < 5 years7.00%7.19%
Source: Bank Website

RBL Bank
 

RBL Bank

RBL Bank is currently offering elderly citizens an interest rate of 6.80 percent on Domestic, NRO, NRE, and Flexi Fixed Deposits worth less than Rs 3 crore maturing in three years. The interest rates on fixed deposits at RBL Bank were last amended on September 1, 2021, and the most current interest rates specifically for senior people are as follows.

PeriodInterest Rates
7 days to 14 days3.75%
15 days to 45 days4.25%
46 days to 90 days4.50%
91 days to 180 days5.00%
181 days to 240 days5.50%
241 days to 364 days5.75%
12 months to less than 24 months6.50%
24 months to less than 36 months6.50%
36 months to less than 60 months6.80%
Source: Bank Website

IndusInd Bank

IndusInd Bank

IndusInd Bank is providing elderly folks a 6.50 percent interest rate on domestic deposits of less than Rs 2 crore maturing in three years. The bank's interest rates were last adjusted on July 23, 2021, and the current rates for senior citizens exclusively are as follows.

PeriodInterest Rates In %Annualised Yield In %
7 days to 14 days33
15 days to 30 days3.253.25
31 days to 45 days3.53.5
46 days to 60 days3.753.75
61 days to 90 days3.93.9
91 days to 120 days4.254.25
121 days to 180 days4.754.75
181 days to 210 days5.15.13
211 days to 269 days5.255.32
270 days to 354 days66.09
355 days to 364 days66.09
1 Year to below 1 Year 6 Months6.56.71
1 Year 6 Months to below 1 Year 7 Months6.56.77
1 Year 7 Months to below 2 Years6.56.77
2 years to below 2 years 6 Months6.56.88
2 years 6 months to below 2 years 9 Months6.57.05
2 years 9 months upto 3 years6.57.11
Above 3 years upto 61 months6.57.36
Source: Bank Website

DCB Bank

DCB Bank

DCB Bank is offering a 6.45 percent interest rate on Resident Senior Citizens Fixed Deposits of less than Rs 2 crore maturing in three years. The interest rates stated below are in effect for older persons solely as of August 17, 2021.

PeriodInterest RatesAnnualised Yield
7 days to 14 days4.85%4.85%
15 days to 45 days4.85%4.85%
46 days to 90 days4.85%4.85%
91 days to less than 6 months5.55%5.55%
6 months to less than 12 months5.95%6.08%
12 months6.05%6.19%
More than 12 months to less than 15 months5.80%5.93%
15 months to less than 18 months6.00%6.18%
18 months to less than 700 days6.00%6.28%
700 days6.45%6.77%
More than 700 days to less than 36 months6.00%6.47%
36 months6.45%7.05%
Source: Bank Website

Bandhan Bank

Bandhan Bank

Bandhan Bank is now providing elderly folks an interest rate of 6.25 percent on retail term deposits of less than Rs Cr maturing in three years. The bank's interest rates on fixed deposits were last amended on June 7, 2021, and the current rates for senior citizens primarily are as follows.

PeriodInterest RatesAnnualised Yield
7 days to 14 days3.00%3.75%
15 days to 30 days3.00%3.75%
31 days to Less than 2 months3.50%4.25%
2 months to less than 3 months3.50%4.25%
3 months to less than 6 months3.50%4.25%
6 months to less than 1 year4.50%5.25%
1 year to 18 months5.50%6.25%
Above 18 months to less than 2 years5.50%6.25%
2 years to less than 3 years5.50%6.25%
Source: Bank Website

Story first published: Sunday, October 24, 2021, 15:22 [IST]
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