According to MSN, senior citizens (65 years and above) investing for a period of five years can now enjoy an FD (Fixed Deposit) interest rate as high as 9.1% in some banks. This is a significant increase from previous rates, making it a attractive option for seniors looking to grow their wealth.
For a 5-year FD, senior citizens can earn an interest rate of 9.1% with certain banks, which translates to a principal amount of approximately ₹1,00,000 (Rs. 10,000 with 1% interest). This means that an investment of ₹1,00,000 could generate an interest income of ₹9,100 over a period of 5 years, making it a safe and attractive option for senior citizens.
Some of the banks offering high FD rates for senior citizens include:
* Bank of Baroda: 8.55% for a 5-year FD
* Canara Bank: 8.5% for a 5-year FD
* Indian Bank: 8.45% for a 5-year FD
* Oriental Bank of Commerce: 8.4% for a 5-year FD
* PNB: 8.35% for a 5-year FD
* Union Bank of India: 8.3% for a 5-year FD
* State Bank of India: 8.25% for a 5-year FD
* Allahabad Bank: 8.2% for a 5-year FD
* Bank of India: 8.15% for a 5-year FD
It is essential for senior citizens to note that the interest rates may vary depending on the bank, tenure, and other factors. Additionally, FD interest rates are subject to change over time and may be affected by market conditions. It is crucial to review the current rates and terms before making an investment decision.
Overall, these high FD rates offer senior citizens an opportunity to earn a decent returns on their savings, making it an attractive option for those looking to supplement their income or plan for the future.