These 6 private banks offering 7.5% return on FDs to senior citizens, know how much they will earn

pkbnewsJanuary 11, 2023

Many private banks like HDFC Bank, ICICI Bank, Yes Bank, IDFC First Bank have increased fixed deposit rates and are now offering interest rates of 7.5 percent or more.

With the Reserve Bank of India (RBI) repo rate hike, many private sector banks have hiked their fixed deposit interest rates. Most senior citizens invest in this investment category. If the RBI hikes the repo rate again in the February monetary policy meeting, there is still a possibility that banks may hike the FD rate again.

Many private banks like HDFC Bank, ICICI Bank, Yes Bank, IDFC First Bank have increased fixed deposit rates and are now offering interest rates of 7.5 percent or more. Here’s a look at 6 private sector banks that are offering FD rates of 7.5% or more.

HDFC Bank

HDFC Bank is offering interest rates ranging from 3.50 percent to 7.75 percent for senior citizens. The maximum interest rate is offered for a tenure of 5 years 1 day to 10 years.

Source: HDFC Bank

ICICI Bank

ICICI Bank is offering interest rates ranging from 3.50% to 7.50% for senior citizens. The highest interest rates are offered for tenures of 15 months to 10 years.

Source: ICICI Bank

Axis Bank

Axis Bank offers interest rates between 3.50% and 8.01% for senior citizens. The highest interest rates are offered for tenures ranging from 2 years to less than 30 months.

Source: Axis Bank

yes bank

Yes Bank offers interest rates between 3.75% to 7.75% to senior citizens. The interest rate on its Special Fixed Deposit is 8 percent. The maximum interest rate is offered for a tenure of 30 months.

Source: yes bank

Bandhan Bank

Bandhan Bank offers interest rates ranging from 3.75% to 8% for senior citizens. The maximum interest rate is offered for a tenure of 600 days (1 year, 7 months, 22 days).