SBI/ PNB/ HDFC/ ICICI: Several banks provide many lucrative offer on fixed deposit schemes. Banks like SBI, PNB, HDFC Bank, and ICICI Bank, have increased their fixed deposit interest rates in order to attract lumpsum amount. Mostly senior citizens take advantages of fixed deposit schemes as they prefer to invest their retirement money in secure schemes and fixed deposits is one of the safest investment schemes. Here are comparison among different banks’ interest rate on FDs. (SBI/ PNB/ HDFC/ ICICI)
SBI
SBI provides senior citizens an opportunity to double their money by opening a 10-year fixed deposit account with it. Senior citizen can earn 7.5 % interest on Fixed deposits. For elderly people the bank has launched a 400-day (Amrit Kalash) scheme which provide 7.6% interest rate. The scheme will be launched until March 31, 2023. SBI has also launched new scheme named ‘Sarvotam’ term deposits for the amount exceeding Rs 15lakh for Non Residents Individual as well. The interest rate for the amount ranging from Rs 15 lakhs to Rs 2 crores is 7.55% for elderly people for the period of one year.
PNB
It is mentioned on the bank’s website that senior citizen can get an additional 50 basis points on top of the usual card rates for any domestic deposit maturity of less than Rs 2 crore. Senior adults can get interest rates ranging from 4% to 7.75% for durations ranging from 7 days to 10 years from the bank. Moreover, super seniors get the highest rate of 8.05% from the bank.
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The HDFC Bank
HDFC bank is also providing opportunity to double your money by opening 10-year FD with it. At present, the bank is providing 7.75% interest rate on FD to senior citizens. It is the highest rate among the three banks evaluated here. The maturity value of Rs50,000 deposits will be more than Rs1.07Lakh in 10 year, according to the FD calculator.
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The ICICI Bank
ICICI bank offers interest rates ranging from 3.50% to 7.50% on maturities ranging from 7 days to 10 years to the senior citizens. The Golden Years FD is available at a 0.10% interest rate from the bank.
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