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Fix deposit is among the most trusted investment policies for long terms. Most popular among the elder generations, the deposits are most secure and easily manageable through banks and post offices. Although the interest rates in fixed deposits have lowered in the past decade there are schemes offered by both the public sector and private banks which offer a handsome return over up to 8.5 per cent for senior citizens.
FDs are most preferred for the senior citizens because most of the banks offer them 0.5 per cent higher interest that general deposit holders.
List of public sector banks with higher interest
Bank
Highest interest
Tenure
Bank of Baroda
7.80
400 days
Bank of India
7.80
400 days
Bank of Maharashtra
7.85
333 days
Central Bank of India
795
444 days
Canara Bank
7.9
Between 3 to 5 years
Indian Bank
7.80
1 year to 375 days
Punjab National Bank
7.75
400 days
Indian Overseas Bank
7.80
444 days
Punjab & Sind Bank
7.95
555 days
State Bank of India
7.75
444 days
UCO Bank
7.55
444 days
Union Bank of India
7.80
456
List of private sector banks with higher interest
Bank
Higher interest
Tenure
Axis Bank
7.75
15 days to less than 2 years
Bandhan Bank
8.55
1 year
City Union Bank
8.00
333 days
DBS Bank
8.00
376 to 540 days
DCB Bank
8.55
19 months to 20 months
Federal Bank
7.90
55 months, 777 days
HDFC Bank
7.90
55 months
ICICI Bank
7.80
Between 15 to 18 months
IDFC First Bank
8.40
400-500 days
IndusInd Bank
8.49
1 year 5 months to 1 year 6 months
J&K Bank
7.50
1 year to less than 3 years
Karnataka Bank
8.00
375 days
Kotak Mahindra
7.90
390 days to less than 23 months
Karur Vysya Bank
8.10
760 days
RBL Bank
8.50
500 days
SBM Bank
8.75
Between 18 months and 2 year 3 days
South Indian Bank
7.90
1 year 7 days
YES Bank
8.25
18 months to less than 24 m0nths
