Senior Citizens Can Get Annualised Interest of 9.88% for Their FDs
May 09, 2019
Even though interest rates are falling, there are some banks that have made it attractive for people to opt for fixed deposits. The three-year FDs offer attractive interest rates, with DCB Bank offering a quarterly compounded interest rate of 8.25% for fixed deposits of three years. This rate is for the general public and it increases to 8.75% for senior citizens.
When the interest rate is annualized, it works out to 9.25% for the general public and a lucrative 9.88% for senior citizens, making it highly appealing for investors who are seeking low-risk investment opportunities.
The interest rate is said to be higher compared to top banks, like SBI, ICICI Bank, PNB and HDFC Bank which offer an annualized return of 7 to 8% for three-year fixed deposits.
With the repo rate cut by 50 basis points by RBI, the rate cut has not reached depositors as yet. So, financial experts reckon this is the best time to lock funds for a higher interest rate.