Bank fd: Fixed deposits (FDs are considered safe by many people because there is no risk of decline like the stock market. Investors get returns at a fixed interest rate, which provides them stability. For investors who do not want to take risks on their investments, FD is a good option. (bank fd rates)

Fixed deposits remain an attractive investment option for senior citizens, as many banks are offering them higher interest rates than general investors. It is common for senior citizens above the age of 60 to get more than 8 percent interest on 3-year FDs. This helps them get better returns on their savings and maintain financial stability.

Tax benefits-

Senior citizens also get income tax exemption on investment in an FD. Senior citizens can avail of a deduction of up to Rs 1.50 lakh in income tax by investing in an FD under Section 80C of the Income Tax Act 1961. However, this exemption is available only on FDs whose lock-in period is 5 years.

Which bank is giving how much interest?

Many banks are offering good interest rates to senior citizens on three-year FDs. This interest rate is more than 8 percent. These banks include banks from both the private sector to the public sectors.

Axis Bank-
This private sector bank is offering an FD to senior citizens at an annual interest rate of 7.6%. In this bank, an FD of ₹ 1 lakh will give ₹ 1,07,819 in one year and ₹ 1,25,340 in three years. This scheme is an attractive investment option for senior citizens.

Bandhan Bank-
Bandhan Bank is also giving good returns on FD to senior citizens. This bank is offering an annual interest rate of 7.75 percent to investors. If you make an FD of Rs 1 lakh in this bank, you will get Rs 1,07,978 after one year. On the other hand, if you keep the FD for three years, you will get Rs 1,25,895.

RBL Bank-
This private sector bank is offering 8 percent annual interest to senior citizens. If you are investing Rs 1 lakh in this bank for one year, you will get Rs 1,08,243. On the other hand, this investment will increase to Rs 1,26,824 in three years. (private sector bank)

DCB Bank-
This bank is offering the highest interest on FD to senior citizens. The annual interest rate of this bank is 8.05 percent. If you make an FD of Rs 1 lakh in this bank, this amount will become Rs 1,08,296 after one year. Whereas on a three-year FD, this amount will increase to Rs 1,27,011.