Top 7 Private Banks Offer 6% To 7% Interest Rate On Fixed Deposits For Senior Citizens | Full List Here

Here’s a list of seven private sector banks that are paying senior citizens 6 to 7 per cent returns on short-term fixed deposits.

New Delhi: It is a good time for the investors to go for fixed deposits as the private banks are set to raise interest rates further on deposit products in the near future after the RBI increased the repo rate to 4.90 per cent. It is good for those investors who have a low-risk appetite and are looking for fixed income to create wealth. However, they should one thing in mind it is better to look for short-term fixed deposits (FDs) because historically, whenever interest rates rise in the economy, banks raise deposit rates on short-term fixed deposits and later on long term deposits. Here’s a list of seven private sector banks that are paying senior citizens 6 to 7 per cent returns on short-term fixed deposits.

RBL Bank

The RBL Bank on Wednesday has revised the fixed deposit interest rates. Now the senior citizens will get interest rate of 6.7% on term deposits of less than Rs 2 crore maturing in 1 year to 2 years. The bank also offers an interest rate of 6.75 per cent on deposits of 12 months to less than 15 months, a rate of 7.15 per cent on deposits of 15 months, and a rate of 6.75 per cent on deposits of 15 months 1 day to less than 24 months for elderly people. 

Bandhan Bank

Last month, the Bandhan Bank said it has revised the interest rate on fixed deposits and now the senior citizens can now earn 6.50 per cent on deposits of one to two years. The bank also offers senior people with an interest rate of 6.50 per cent on resident term deposits maturing in 1 year to 18 months and above 18 months to less than 2 years.

Kotak Mahindra Bank

Last month, the Kotak Mahindra Bank revised its fixed deposit interest rates and now the bank offers senior citizens with an interest rate of 5.90 per cent to 6.10 per cent on deposits of one to two years. The bank also gives a 5.90 per cent interest rate on fixed deposits of 365 days to 389 days, a 6.00 per cent interest rate on deposits of 390 days (12 months 25 days) to less than 23 months, and a 6.10 per cent interest rate for senior citizens on deposits of 23 months to less than 2 years. 

IDFC First Bank

The IDFC First Bank has also recently increased the interest rate on fixed deposits and elderly people can now get over 6 per cent on deposits of one to two years. The IDFC First Bank also offers an interest rate of 6.50 per cent on resident term deposits and recurring deposits of less than Rs 2 crore maturing in 1 to 2 years. 

DCB Bank

Last month, the DCB Bank has revised the interest rate on fixed deposits and is now giving senior citizens an interest rate of 6.50 per cent to 7 per cent on deposits of 1 to 2 years. Apart from this, the bank also offers an interest rate of 6.50 per cent on deposits of 12 months, 6.25 per cent on deposits of more than 12 months to less than 15 months, 6.60 per cent on deposits of 15 months to less than 18 months, 7.00 per cent on deposits of 18 months to less than 700 days, and 7.00 per cent on deposits of more than 700 days on resident term deposits of less than Rs 2 crore.

IndusInd Bank

The IndusInd Bank said it has revised the interest rates on fixed deposits of less than Rs 2 crore on 1 June, 2022. With this change, the senior citizens will receive a 6.50 per cent interest rate on resident term deposits 1 year to below 2 years, and a 7 per cent interest rate on deposits 2 years to below 2 years 6 months.

Yes Bank

This week, the Yes Bank said it has revised the interest rates on fixed deposits of less than Rs 2 crore on June 6, 2022. After the interest rate revision, the bank now offers senior citizens with an interest rate of 6.25 per cent on one year of deposits and 6.50 per cent on deposits maturing in one year, one day, and three years.