Senior Citizen: Senior Citizens are happy, these banks have announced bumper interest on 3 year FD

Breaking News, Digital Desk- (Bank fd) Many people consider fixed deposits (FD) to be safe 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 risk 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 60 years of age to get more than 8 percent interest on 3-year FDs. This helps them get better returns on their savings and maintain financial stability.

You get benefit in tax-

Senior citizens also get income tax exemption on investment in FD. Senior citizens can avail income tax deduction of up to Rs 1.50 lakh on investment in FD under section 80C of 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 to senior citizens on three-year FDs. This interest rate is more than 8 percent. These banks include banks from private sector to public sector.

Axis Bank-

This private sector bank is offering FD to senior citizens at an annual interest rate of 7.6%. On an FD of ₹1 lakh in this bank, you will get ₹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 FDs to senior citizens. This bank is offering an interest rate of 7.75 percent per annum 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% annual interest to senior citizens. If you invest Rs 1 lakh in this bank for one year, you will get Rs 1,08,243. In three years, this investment will grow to Rs 1,26,824. (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. On making an FD of Rs 1 lakh in this bank, this amount will become Rs 1,08,296 after one year. On a three-year FD, this amount will increase to Rs 1,27,011.