Bank FD Rate: Due to the consistent increase in the repo rate by the RBI, there has been a substantial profit in FDs these days. If you are looking for a better investment option by depositing a small amount, this is good news for you. In such a situation, FD rates are generally higher for senior citizens. This is a golden opportunity for them.
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In India, the annual consumer price inflation increased to 6.52% in January 2023, up from 5.72% in December. This means that inflation continues to rise, much like the trajectory of a rocket. Most banks and NBFCs offer higher interest rates on fixed deposits (FDs) for senior citizens compared to the general public. In this situation, they can receive better returns on investments up to Rs. 5 lakh under the DICGC cover.
Here are some announcements from Punjab and Sindh Bank:
PSB-Utkarsh Scheme: Senior citizens will receive an interest rate of 8.50% on the 222-day scheme, while very senior citizens will get an interest rate of 8.85%.
PSB Fantastic 300 Days Deposit Scheme: For senior citizens, the interest rate is 8.00%, and for very senior citizens, it is 8.35%. Online booking can fetch an interest rate of 8.25% for senior citizens and 8.60% for very senior citizens.
From Punjab National Bank (PNB):
PNB Special FD Scheme: For senior citizens, a special FD scheme of 666 days offers a maximum interest rate of 7.75%, and for very senior citizens, it is 8.05%.
PNB Uttam (Non-Cumulative) Fixed Deposit Scheme: Senior citizens can get an interest rate of 7.80%, and very senior citizens can avail of an 8.10% interest rate.
PNB Senior Citizens Deposit Scheme: For local deposits of less than Rs. 2 crore, the bank offers an interest rate hike for a period of 60 years and above. For a duration of 5 years or more, senior citizens (up to 80 years) will receive additional interest.
From Union Bank of India:
- Union Bank of India FD Scheme: In November, the bank increased the interest rates on its fixed deposits. The bank offers a maximum interest rate of 7.30% for a special FD scheme of 800 days and 3 years. Senior citizens can avail of a higher interest rate of 7.80%, and for very senior citizens, it is 8.05%.
These announcements indicate a trend of increasing interest rates on fixed deposits, providing potential benefits for senior citizens in India.
