If you are a senior citizen looking for a safe place to keep your savings and earn steady returns, a fixed deposit (FD) is a reliable option.
But before opening an FD, it’s smart to compare interest rates offered by different banks.
Here’s a quick look at which major banks are offering the highest FD rates for senior citizens right now.
Interest Rates Offered by Private Banks
The country’s largest private bank offers 7.1% interest on FDs with a tenure of 18 to 21 months.
For FDs ranging from 1 to 5 years, the interest rates fall between 6.75% and 6.9%.
ICICI Bank, the second-largest private bank, offers 7.2% interest on FDs with a tenure of 2 to 5 years.
For a 1-year FD, senior citizens get 6.75% interest.
Kotak Mahindra Bank also offers 7.2% interest on FDs from 391 days to under 2 years.
For a 1-year FD, the bank provides 6.75%.
Federal Bank gives 7.2% interest on 36-month FDs.
If you choose a 1-year FD, the rate is 6.75%.
Interest Rates Offered by Public Sector Banks
State Bank of India (SBI), the country’s largest public bank, offers 7.05% interest on 5 to 10-year FDs.
This includes a special additional benefit of 50 basis points under the SBI We Care scheme.
Canara Bank offers 7% interest on FDs with a 444-day tenure, while senior citizens earn 6.75% on 1-year FDs.
Union Bank of India provides 7.1% interest on 3-year FDs, and 6.9% interest on 1-year FDs.