It is important to note that banks offer additional basis points to senior citizens, resulting in higher interest rates for these depositors.
Any investor seeking to invest their money in a fixed deposit needs to compare the interest rates offered by different banks. This becomes crucial as even a slight difference, for example, 50 basis points, in the interest rates offered by banks can make a huge difference during the time of fund maturity.
For example, if someone invests Rs 5 lakhs over 3 years with a bank offering a higher interest rate of only 50 basis points, they can save an additional Rs 7,500. Further, when the deposit amount increases to Rs 10 lakh, it will give the investor a total savings of Rs 15,000.
It is important to note that banks offer additional basis points to senior citizens, resulting in higher interest rates for these depositors.
Here’s a list of banks offering different interest rates on three-year fixed deposits.
RBL Bank: Offering an interest rate of 7.70 per cent on fixed deposits to senior citizens for a 3-year tenor, this bank promises regular citizens a 7.20 per cent interest.
Yes Bank: Offering a return of 7.75 per cent on three-year fixed deposits, this private sector bank offers considerably high returns. Notably, regular citizens are given an interest of 7 per cent on a three-year FB by the bank.
IDFC First Bank: The bank offers senior citizens an interest rate of 7.50 per cent on 3-year fixed deposits. For regular citizens, the interest rates offered are 50 basis points lower than this.
