Senior citizens in India can get up to 8.5% FDs
If you're helping your parents or grandparents manage their savings, here's some good news: senior citizens in India can now get up to 8.5% interest on fixed deposits (FDs).
Small finance banks are offering the highest rates, while private and public sector banks have solid options too for one- to 10-year terms.
It's smart to compare rates and pick the right tenure for better returns with low risk.
Small finance banks offer 8.5% FDs
Equitas, ESAF, Shivalik, and Suryoday small finance banks top the list with 8.5% interest.
Jana and Ujjivan offer up to 8.3%, while Utkarsh gives up to 8.25%.
Among private banks, SBM Bank India goes as high as 8.15%, and DCB Bank offers up to 8%.
For those sticking with public sector banks, Bank of India leads at 7.45%.
Experts suggest spreading deposits across banks (to stay within insurance limits) and matching FD terms with cash needs for extra safety.