Senior citizens in India often rely on fixed deposits (FDs) for stable and secure returns. In November 2024, several banks are offering competitive interest rates on FDs tailored for senior citizens. Here’s a look at some of the best options available:
Small Finance Banks
- NorthEast Small Finance Bank: Offers up to 9.50% for tenures between 546 and 1111 days.
- Unity Small Finance Bank: Provides a 9.50%rate for a 1001-day deposit.
- Suryoday Small Finance Bank: Offers 9.10% for deposits above 2 years up to 3 years.
Private Sector Banks
- Bandhan Bank: Offers 8.55% for a 1-year FD.
- RBL Bank: Provides an 8.60% rate for a 500-day tenure.
- IndusInd Bank: Offers 8.25% for deposits ranging from 1 to 2 years.
Public Sector Banks
- Bank of Baroda: Offers a rate of 7.80% for its 400-day Bob Utsav scheme.
- Bank of Maharashtra: Provides 7.90% for a 333-day deposit.
Considerations
While small finance banks typically offer higher rates, private and public sector banks provide stability and extensive networks. It's essential to consider factors like tenure, bank reputation, and liquidity needs when choosing an FD.
Tax Implications
Interest earned on FDs is taxable, which can affect net returns. Tax Deducted at Source (TDS) may apply based on income brackets.
These options provide a variety of choices for senior citizens looking to maximize their savings with attractive interest rates this November.
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