Finance Desk – Senior citizens looking for a safe investment can consider fixed deposits (FDs), which are known for being a secure way to grow your savings.
As retirement stops regular income, it’s wise to choose investments with low risk and sure profits. Fixed deposits fit this well because they offer steady returns over time.
Currently, several banks in India are offering attractive interest rates on 5-year fixed deposits specifically for senior citizens. Here’s a brief overview:
- SBM Bank is offering the highest rate at 8.25%.
- Yes Bank follows with an interest rate of 8.00%.
- DCB Bank provides a 7.90% rate.
- Other banks like Axis Bank, Federal Bank, and IndusInd Bank are giving 7.75%.
- HDFC Bank, ICICI Bank, Karur Vysya Bank, and State Bank of India offer a rate of 7.50%.
- Other banks offer slightly lower rates ranging from 7.00% to 7.40%.
Who Can Open These FDs?
- Resident Indians who are 60 years or older.
- Non-resident Indians (NRIs) through NRE (Non-Resident External) or NRO (Non-Resident Ordinary) accounts.
What Documents Are Needed?
- Proof of age like a senior citizen ID card
- Aadhaar card
- Passport
- PAN card
- A recent photograph
- Utility bill (like telephone or electricity) for address proof
- Bank statement with a cheque
These fixed deposits are applicable for investments below Rs 2 crore. Remember, it’s always good to check the latest rates directly from the bank as they can change.
