Senior Citizen Saving Scheme | Senior citizens will get more than 8% interest on FD from these banks, see list
Senior Citizen Saving Scheme In fixed deposits or FD, investors get returns with fixed interest. Therefore, many investors prefer FD. Also, FD is a good option for those who do not want to take risk on investment. Many banks are offering attractive returns on FD. Senior citizens earn higher interest rates than general investors. As a result, senior citizens also prefer to invest in FDs. Currently, some banks are offering more than 8% interest on 3 year FD to senior citizens above 60 years of age. Senior citizens also get income tax exemption on investment in FD. Under Section 80C of the Income Tax Act, 1961, senior citizens can avail income tax exemption of up to Rs 1.50 lakh by investing in FDs.
What is the interest rate of which bank?
Many banks are offering good interest rates on three-year FDs to senior citizens. The interest rate is more than 8%. These banks range from private sector to public sector.
axis Bank
Private sector Axis Bank is offering an annual interest rate of 7.6% to senior citizens. If you make an FD of Rs 1 lakh in this bank, you will get Rs 1,07,819 in a year. An investment of Rs 10,000 crore has been made over three years. You will get Rs 1,25,340.
Bank
Bank is also giving good returns on FD to senior citizens. The bank is offering investors an annual interest rate of 7.75 percent. If you make an FD of Rs 1 lakh in this bank, you will get Rs 1,07,978 after one year. If you keep FD with you for three years then you will get Rs 1,25,895.
RBL Bank
This private sector bank is giving 8% interest annually to senior citizens. If you invest Rs 1 lakh in this bank for a year, you will get Rs 1,08,243. The investment will increase to Rs 1,26,824 in three years.
DCB Bank
The bank is offering the highest interest rate on FD to senior citizens. The annual interest rate of this bank is 8.05%. If you make an FD of Rs 1 lakh in this bank, then this amount will become Rs 1,08,296 after one year. This amount on three year FD will be Rs 1,27,011.
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