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Elderly FD: Get profit after inflation up to 7.60% for 3-5 year term


Consumer Price Index (CPI) data showed retail inflation, which was 6.71% in July, rose to 7.00% in August. To meet credit demand, banks raised lending and deposit rates after the Reserve Bank of India (RBI) raised repo rate from 0.50% to 5.90% to curb inflation. . Since banks raise interest rates, investors should look for a bank that not only guarantees maximum returns but also offers interest rates above inflation. A return on investment that exceeds inflation can help you avoid getting negative returns, improve your standard of living by giving you more purchasing power, and keep your income from being wiped out. In the current environment, especially for elderly citizens, getting an inflation-defying return from fixed deposits is not a problem. Hence, seniors may consider these private sector banks if they are looking for fixed deposits that will give them returns that beat inflation.

DCCB Bank

DCB recently raised interest rates on fixed deposits below 2 With a current account, effective from 1 October 2022. The bank is currently paying seniors 7.50% on deposits due in 5 years and 7.60% on deposits due for 3 years after modification.

Bank DCB Rate FD

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Bank DCB Rate FD (dcbbank.com)

Bandhan Bank

The most recent interest rate change for retail deposits with terms below 2 Cr was implemented by Bandhan Bank on August 22, 2022. Currently, the bank is giving the elderly an interest rate of 7.50% for fixed deposits with terms from 3 to 5 years. NRIs do not qualify for the proportion of elderly citizens; these are only for Indian residents.

Bank Bandhan Rate FD

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Bank Bandhan Rate FD (bandhanbank.com)

Bank IndusInd

The most recent interest rate change for domestic deposits by 2 crore was made by IndusInd Bank on September 23, 2022. After the amendment, the bank is now offering seniors a term deposit of 3 to 5 years at an interest rate of 7.50%. For seniors term deposits at IndusInd Bank with a value of less than Rs. 2 crore, an additional interest rate of 0.75% or more compared to the card interest rate.

IndusInd Bank FD Rates

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IndusInd Bank FD Rates (indusind.com)

RBL . Bank

On October 1, 2022, RBL Bank raised the domestic deposit rate by 2 Cr. After the change, RBL Bank is now offering seniors an interest rate of 7.25% for 3-year term deposits and 7.05% for 5-year term deposits. At RBL Bank, the elderly from 60 to under 80 years old enjoy an additional interest rate of 0.50%/year, and the elderly from 80 years old and above enjoy an additional interest rate of 0.75%/year.

Bank RBL Rate FD

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Bank RBL Rate FD (rblbank.com)

Have a Bank

Yes The Bank has last revised interest rates for domestic deposits in accordance with 2 crore on 10 Aug 2022. Seniors can now earn 7.25% on deposits due in three years and 7.50% on deposits due in five years from Yes Bank .

Yes Bank FD Rate

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Yes Bank FD Rate (yesbank.in)

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