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Senior Citizens Can Earn Up to 8.3% on Fixed Deposits This Month
Senior citizen FD rates up to 8.3% this month: Know offers
Image: Business Standard
Senior citizens can secure fixed deposit (FD) rates of up to 8.3% this month, primarily through small finance banks. While major public sector banks offer rates between 6.75% and 7.45%, small finance banks like Shivalik and Suryoday are leading with higher returns. Financial experts advise balancing returns with safety when choosing FDs.
- 01Shivalik Small Finance Bank offers the highest FD rate for senior citizens at 8.3% on a special tenure deposit.
- 02Public sector banks like Bank of India offer a maximum rate of 7.45% for a three-year FD.
- 03Private banks such as Bandhan Bank and Yes Bank provide rates of 7.75% for medium-term deposits.
- 04Experts recommend assessing factors like asset quality and deposit insurance when choosing a bank for FDs.
- 05Financial planners emphasize the importance of balancing returns with safety, especially for retirees relying on interest income.
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In late May, senior citizens can benefit from attractive fixed deposit (FD) rates, with small finance banks leading the market. Shivalik Small Finance Bank offers the highest rate of 8.3% on a special tenure deposit, while Suryoday Small Finance Bank provides 8.25%. In contrast, major public sector banks like Bank of India offer up to 7.45% for a three-year FD, with other banks like State Bank of India and Punjab National Bank offering rates between 6.75% and 7.1%. Private banks are also competitive, with Bandhan Bank and Yes Bank offering 7.75% for medium-term deposits. Financial experts, including Saurabh Jain, co-founder of Stable Money, stress the importance of not only chasing high rates but also considering the safety and fundamentals of the bank. They advise senior citizens to evaluate the institution's financial strength, deposit insurance coverage, liquidity needs, and to diversify their investments across different banks to mitigate risks.
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This increase in FD rates provides senior citizens with better options for securing their savings, which is crucial for those relying on interest income for their expenses.
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