Banks Interest Rate
Many banks, including private, public, and small financing, raised interest rates on FDs shortly after the RBI decided to boost the repo rate. In an unexpected meeting on May 4, 2022, the RBI raised the repo rate by 40 basis points. Yes Bank, Kotak Mahindra, Shivalik Small Finance Bank, Axis Bank, ICICI, Canara Bank, Bank of India, and others have increased interest rates on three-year term deposits for senior folks. Check out how much money older citizens can make by investing in the following banks:
ICICI Bank
ICICI Bank is currently offering senior citizens an interest rate of 5.90 percent on FDs with terms ranging from two years and one day to three years. For example, if you deposit Rs 1 lakh at ICICI Bank for a term of 2 years 1 day to 3 years, you will receive Rs 1, 19, 209 at maturity. [Banks Interest Rate]
DCB Bank
For FDs expiring in 36 months, DCB bank is currently offering a 7.10 percent interest rate to senior residents. As a result, if you invest Rs 1 lakh in a 3-year term deposit, you will receive Rs 1,23,508 when the deposit matures. [Banks Interest Rate]
SBI Bank
Senior citizens can get a 5.70 percent interest rate on FDs with a term of two years to less than three years from the bank. If you put Rs 100,000 into this FD, it will rise to Rs 1, 18,506 when it matures at the end of the term. [Banks Interest Rate]
Shivalik Small Finance Bank
The bank is now offering senior citizens 6.00 percent interest rates on FDs maturing in 999 days or more. If you put in Rs 100,000, your money will rise to about Rs 1,19,562. [Banks Interest Rate]
Kotak Mahindra Bank
On senior citizens’ FDs, the bank additionally offers competitive interest rates. Senior citizens can currently borrow money at a rate of 6.10 percent for a period of two to three years. If you invest Rs 100,000 in this FD, you would receive approximately Rs 19,915 in interest when it matures. [Banks Interest Rate]
Axis Bank
If you invest in a three-year FD with this bank, you will receive a 6.25 percent interest rate. If you invest Rs 1 lakh during this period, you will receive around Rs 20,449 in income. [Banks Interest Rate]
Shriram Transport Finance
It is a leading non-banking financial company that gives older adults a high interest rate of 7.98 percent for a term of 36 months. If you invest Rs 1 lakh for this term, you will earn Rs 26,948 in interest. It is one of the best NBFCs, with a CRISIL rating of AAA. [Banks Interest Rate]
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