According to the provided data, the top interest rates offered by various banks in India for fixed deposits range from 7.75% to 7%. The interest rates vary based on the bank, deposit term, and the senior citizen category. For the one-year fixed deposit, the highest interest rate is offered by Yes Bank for senior citizens at 7.75%, followed by Bank of Baroda’s 7.35%, and Punjab National Bank’s 7.30%.
For the three-year fixed deposit, Kotak Mahindra Bank and Bank of Baroda offer the highest interest rate at 7.65%, with Axis Bank following closely at 7.60%. Yes Bank offers the lowest interest rate of 7.25% in this category for senior citizens. In the five-year fixed deposit category, Axis Bank and Kotak Mahindra Bank offer the highest interest rate of 7.60%, while Punjab National Bank offers the lowest at 7% for senior citizens.
Term-deposit interest rates are generally higher due to the lock-in period, which makes it essential for individuals to clarify the time period before investing their money in a fixed deposit. The data shows that HDFC, Axis, and ICICI Bank offer relatively lower interest rates of 6.50% for the one-year fixed deposit, making Yes Bank, Bank of Baroda, and Kotak Mahindra Bank attractive options for senior citizens seeking higher returns.