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5 PSU banks offer highest interest rate on FDs to senior citizens; know details

FDs for senior citizens: Talk about Small Savings Scheme Fixed Deposit (FD) schemes of banks are very popular for investment in India. Fixed deposit schemes are considered as one of the safest options for investment. (FDs for senior citizens) FD schemes are not affected by the ups and downs of the market. Here are the […]

Edited By : Divya Richa | Updated: Mar 20, 2023 16:25 IST
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Fixed deposits

FDs for senior citizens: Talk about Small Savings Scheme Fixed Deposit (FD) schemes of banks are very popular for investment in India. Fixed deposit schemes are considered as one of the safest options for investment. (FDs for senior citizens)

FD schemes are not affected by the ups and downs of the market. Here are the names of 5 PSU banks which offer high returns to senior citizens on fixed deposits.

State bank of India (SBI)

State bank of India (SBI)offers interest rate of 3.5% to 7.5% to senior citizens on its Fixed deposits schemes. The senior citizens can take benefit of the highest interest rate of 7.5% on FDs maturity in 2 years to less than 3 years. The bank also launched Amrit Kalash scheme in which senior citizen can avail an interest rate of 7.60% on 400 days deposits.

Punjab National bank(PNB)

PNB has offered interest rates, ranging from 4.0% to 7.75% on fixed deposits for senior citizens. It has also increased the interest rate on fixed deposits of more than two years and up to three years to 7.80% from 7.55%. PNB offers interest rate of 8.05% on 666 days FD schemes to senior citizens.

 Bank of Baroda (BoB)

BoB is offerring interest rate of 7.55% on fixed deposits schemes to its senior citizen customers. Senior citizens can take benefit of 7.55% interest rate on the fixed deposits for 399 days. The bank also offers Non-callable service fees range from 7 to 7.50 percent. The interest rates for the Baroda Tiranga Deposit Scheme also went into effect on November 1st, according to the bank’s official website.

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FDs for senior citizens: Punjab and Sindh bank (PSB)

According to PSB website, ‘Senior citizens will be given the benefit of additional interest of 0.50% on fixed deposits of less than Rs 2 crore for maturity period of 180 days and above as well as is higher than the rates mentioned on renewal of Fixed Deposit

On fixed deposits maturing in 7 – 30 days, the bank is offering an interest rate of 2.80% and on those maturing in 31 – 45 days, Punjab and Sind Bank (PSB) will now offer an interest rate of 3.00% . Punjab and Sind Bank (PSB) will now offer an interest rate of 4.75% on deposit tenure of 46-90 days and 5.10% on deposit tenure of 91 days to 179 days.

Deposits maturing in 180 days to 364 days will now fetch an interest rate of 6.10%, while those maturing in 1 year – 2 years will now fetch an interest rate of 6.40%. On deposits maturing in 2 years to more than 3 years, the bank will pay an interest rate of 6.75%. Punjab and Sind Bank (PSB) will now offer an interest rate of 6.25% on deposits of 3 to 10 years.

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FDs for senior citizens: Canara bank

The bank is offering highest rate of interest of 7.65% on fixed deposit schemes for the period of 400 days to its senior citizen customers. the minimum interset rate for senior citizens starts from 3.25% on Fd in 7days to 45 days.

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First published on: Mar 20, 2023 03:38 PM IST

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