Senior citizens can lock FD rates up to 8.5% now
Right now, senior citizens can lock in fixed deposit (FD) rates as high as 8.5%, even though most banks have lowered their rates lately.
Small finance banks (SFBs) are offering the best deals, but several private and public sector banks aren't far behind, with options for one to 10 years.
Comparing rates before investing can really boost returns, especially if you're helping your parents or grandparents manage their money.
Small finance banks offer 8.5% FDs
Equitas and Shivalik Small Finance Banks top the list at 8.5%.
Jana and Ujjivan SFBs follow at 8.3%, with ESAF and Suryoday SFBs close behind at 8.25%.
Private players like DCB Bank (up to 8%) and Bandhan Bank (7.95%) also have solid offers, while public sector banks like Jammu & Kashmir Bank (7.8%), Bank of India (up to 7.45%), and Punjab & Sind Bank offer up to 7.35%.
Experts suggest splitting deposits across different banks for safety and matching FD tenure with cash needs.
FDs remain a safe bet for retirees looking for steady income.