These banks offer senior citizens fixed interest rates on deposits of up to 7.5%

After the Reserve Bank of India (RBI) raised repo rates by 140 points in the previous three months to 5.4%, a number of banks raised interest rates on their term deposit products. Small depositors, who are mostly retirees and depend on FD interest and bank deposits as their main source of income, are relieved by the development.

For the investment security that these institutions offer, the majority of seniors choose term deposits for lifelong savings. Banks are raising interest rates on term deposits for seniors by 30 to 40 basis points. Depending on the amount of the deposit and the length of the maturity, this premium can sometimes be considerably higher.

Let’s look at some banks that pay those seniors who deposit money at high interest rates.

IndusInd Bank: For borrowers over 60, the private lender’s Senior Citizen Scheme offers higher interest rates. It was created especially for the elderly.

On deposits of less than Rs 2 crore, senior citizens receive 7.50% over the following maturity periods: 1 year 6 months to less than 1 year 7 months, 1 year 7 months to less than 2 years and 2 years less than 2 years old. This offer does not apply to NRO deposits. 6 months, 2 years or less than 6 years Indus Tax Saver Scheme, 9 months, 2 years, 9 months to less than 3 years, 3 years to less than 61 months, 61 months and more (5 years).

DCB Bank: The lender offers seniors 7.10% interest on fixed rate (FD) debt with maturities ranging from 18 months to less than 700 days, 700 days to less than 36 months, 36 months to more than 60 months, and over 60 months to 120 months.

RBL Bank: Known for having some of the highest FD rates, the bank gives seniors access to up to 7.25% on deposits of less than Rs 2 crore with maturities between 24 and 36 months. On deposits of less than Rs 2 crore with maturities of 36 months to less than 60 months, 60 months to 60 months 1 day and the tax savings fixed deposit, the bank offers senior citizens interest rates of 7 .05% (60 months).

Kotak Mahindra Bank FD rate: Effective September 6, interest on Kotak Mahindra Bank FDs maturing in 390 days to less than 23 months will increase to 6%. With maturities ranging from 23 months to less than two years, the bank will now provide fixed deposits at an interest rate of 6.10%. The lender raised interest rates on FDs with maturities between two and ten years to 6%. FD rate at a rate of 6.10% for terms of 23 months to less than two years.

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