Many banks are increasing the interest rates of fixed deposits. There are only a few banks which are offering the highest interest rates to senior citizens.
Along with the increase in the Reserve Bank of India’s Repo Rate (RBI Repo Rate) , many banks are increasing the interest rates of Fixed Deposits . Though banks are in a race to increase the interest rates and pass on the benefits to the customers, there are only a few banks which are offering the highest interest rates to senior citizens. Today we are going to tell you about such banks which are earning 8% or more to senior citizens.
These banks are getting more than 8% returns
- Axis Bank gives 8.01% interest to senior citizens on FDs of 2 years to less than 30 months.
- Punjab National Bank is giving 8.05% return to super senior citizens on 666 days FD.
DCB is giving 8.35% return to senior citizens on FDs ranging from 700 days to less than 36 months. The bank is paying 8 percent interest on FDs of less than 700 days from 18 months. - IDFC First Bank is offering 8% return on FDs of 18 months – 1 day – 3 years to senior citizens.
- Yes Bank gives 8 percent interest rate to senior citizens on FD of 25 months and the bank gives 8.25 percent interest on 35 months special FD.
- Other big banks like HDFC Bank and ICICI Bank offer 7.50% returns to senior citizens.
- Canara Bank gives 7.65% interest on 444 days FD to senior citizens.
Who is a senior citizen
An Indian who is 60 years or more but less than 80 years of age at any time during the previous year is considered as a senior citizen. A super senior citizen is one whose age is 80 years or more.
TDS on Senior Citizen FD
Banks will deduct TDS at the rate of 10% and 20% if neither PAN nor Form 15G and 15H are submitted. For senior adults aged 60 years and above, the annual maximum for FD interest income is Rs 50,000; After that, banks levy 10 per cent TDS.
