Senior citizens looking for a secure investment option can consider fixed deposits (FDs), which provide fixed returns for a predetermined period. Several banks are offering special 555-day FD schemes with competitive interest rates for both regular customers and senior citizens.
According to the rates mentioned in the available information, interest on these special-tenure deposits goes up to 7.25% for regular customers, while senior citizens can receive rates as high as 7.50%.
City Union Bank Offers 7.50% for Senior Citizens
City Union Bank is offering an interest rate of 7.25% per year to regular customers on its 555-day FD. Senior citizens are eligible for a higher rate of 7.50% for the same tenure.
Karnataka Bank and Bank of Baroda FD Rates
Karnataka Bank is offering 7% interest to regular investors on its 555-day fixed deposit. For customers aged 60 years and above, the rate increases to 7.40%.
Bank of Baroda is offering 6.75% to regular customers under its 555-day FD scheme. Senior citizens receive an additional benefit, with the interest rate going up to 7.25%.
Indian Bank and Canara Bank Rates
Indian Bank is offering 6.65% interest to regular customers on its 555-day FD. Senior citizens receive an additional 0.50% interest, taking the applicable rate to 7.15%.
Canara Bank is offering 6.60% to regular investors for the same 555-day tenure. Senior citizens can earn 7.10% under the scheme.
Union Bank of India FD Interest Rate
Union Bank of India is offering 6.55% interest to regular customers on its 555-day fixed deposit. For senior citizens, the interest rate is 7.05%.
These special-tenure FDs can provide fixed returns over the selected period. However, investors should check the applicable terms, conditions and current interest rates with the respective bank before making an investment.
Disclaimer: The interest rates mentioned in this article are based on the information provided and are subject to change. Investors should verify the latest FD rates, eligibility criteria and applicable terms directly with the respective bank before investing. This article is for informational purposes only and should not be considered financial advice.