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Experts counsel senior residents give attention to investments that include the bottom danger and but present assured earnings.
You rely primarily in your financial savings after retirement.
After retirement, our common supply of revenue involves an finish. Hence, it turns into all of the extra vital to plan your funds. You rely primarily in your financial savings. Experts counsel senior residents give attention to investments that include the bottom danger and but present assured earnings.
While taking these two points into consideration, the very first thing that involves the thoughts of many in India is a hard and fast deposit or FD — thought-about essentially the most dependable approach to earn cash by way of your investments. They supply fastened returns over a time frame.
Here’s a whole listing of high private and non-private sector banks which can be providing rate of interest of seven.5% and above on 5 yr Fixed Deposit interval for the senior residents, in keeping with Paisabazaar.com.
| Name of Banks | Interest price on Fixed Deposit (in %) |
| Axis Bank | 7.75 |
| DCB Bank | 7.90 |
| Federal Bank | 7.75 |
| HDFC Bank | 7.50 |
| ICICI Bank | 7.50 |
| IndusInd Bank | 7.75 |
| Karur Vysya Bank | 7.50 |
| RBL Bank | 7.60 |
| SBM Bank | 8.25 |
| Yes Bank | 8.00 |
| State Bank of India (SBI) | 7.50 |
Interest price between 7-7.50
| Name of Banks | Interest price on Fixed Deposit (in %) |
| Bank of Baroda | 7.40 |
| Bank of Maharashtra | 7.00 |
| Canara Bank | 7.20 |
| Indian Overseas Bank | 7.00 |
| Punjab National Bank | 7.00 |
| Union Bank of India | 7.00 |
| DBS Bank | 7.00 |
| Dhanlaxmi Bank | 7.10 |
| IDBI Bank | 7.00 |
| IDFC First Bank | 7.25 |
| J&Okay Bank | 7.00 |
| Karnataka Bank | 7.00 |
| Tamilnad Mercantile Bank | 7.00 |
The above-mentioned senior citizen FD charges have been up to date as of December 2024. These are relevant for deposits lower than Rs 2 crore.
Senior citizen FD: Eligibility
Resident people who’re 60 years outdated or above are eligible to e book for Fixed Deposits at preferential rates of interest.
The NRI senior residents too are eligible for these by way of NRE or NRO accounts.
Documents Required
- Age-proof paperwork like senior citizen ID card or others
- Aadhaar Card
- Passport
- PAN Card
- Photograph
- Telephone invoice/electrical energy invoice
- Bank assertion with cheque
