Which Bank Offers Maximum Interest Rates On FDs After June 7 Revision? Find here

Many banks in India have once again begun the revision in their interest rates from June 7. Banks offer various types of fixed deposits to cater to the requirements of general citizens and senior citizens. Citizens above the age of 60 can fetch higher interest rates compared to general citizens. And, senior citizens can avail attractive interest rates on their FDs offered by some banks and non-banking finance corporations (NBFCs).

Let us find out some of the best interest rates available for 60 plus age citizens on fixed deposits after the revision on interest rates by many banks and NBFCs:

1. STFC

Shriram Transport Finance Company Limited is a FAAA rated Non-Banking Finance Corporation. It offers attractive interest rates to senior citizens on their fixed deposits. The minimum interest rate offered to senior citizens will be for FDs for the tenure of 12 months. Senior citizens can get is 6.90% p.a. while the maximum interest rate is 8.40% p.a. for 60 months.

So, if senior citizens invest an amount of Rs 100,000, for 60 months, they will get a return of approximately Rs 51,973 on maturity at the rate of 8.40%.

2. RBL Bank

The bank has also revised its interest rate with effect from June 8, 2022. Now, senior citizens can get a minimum interest rate of 3.75% on their FDs for 7-14 days. RBL is offering the highest interest rate of 7.15% for FD for the tenure of 24 months to less than 36 months.

For instance, if senior citizens decide to invest Rs 100,000 in their FD, they will get a return of approximately Rs 15,324 after a period of 24 months at the rate of 7.15%.

3. Bandhan Bank

The bank is offering a minimum interest rate of 3.75% for 7-14 days tenure to senior citizens. The highest interest rate that the bank is offering is 7% for the tenure of 2 years to less than 5 years tenure.

If senior citizens invest an amount of Rs 100,000 in this bank at maximum interest rate, the return that senior citizens will get will be approximately Rs 14,980. The bank had revised interest rates on May 4, 2022.

4. IndusInd Bank

The bank has revised its interest rates on June 1. The bank offers a minimum interest rate to senior citizens 3.25% 7-14 days. The maximum interest rate is 7% for the tenure of 2 years - below 2 years 6 months, 2 years 9 months-below 3 years, 3 years-below 61 months.

If senior citizens invest Rs 100,000 for the tenure of 2 years, the return will be approximately Rs 14,980.

5. DCB Bank

The bank last revised its interest rate on May 30, 2022. Senior citizens can get a minimum interest rate of 5.30% for 7-14 days tenure FD and the maximum offering is 7% for FDs for the tenure of 700 days.

So, if senior citizens invest Rs 100,000 for the tenure of 700 days or approximately 23 months, they will get a return of approximately Rs 14,313.