India's senior citizens can earn up to 9.10% on FDs

Senior citizens in India are looking for fixed deposit (FD) options that provide better interest rates. Many banks and non-banking financial companies (NBFCs) offer rates between 2.50% and 9.10% per annum for senior citizens. The tenure for these deposits can range from 7 days to 10 years. Fixed deposits are popular among seniors because they provide stability and a steady income. Banks give an additional interest rate of 0.50% over the regular rates to senior citizens. Some private sector banks and small finance banks offer rates of 7% and above, making these options attractive for older adults. Some of the top public sector banks offer the following rates: - Bank of Baroda: 7.80% - Canara Bank: 7.75% - State Bank of India: 7.75% In the private sector, the rates are slightly higher with several banks offering competitive rates: - Bandhan Bank: 8.55% - DCB Bank: 8.50% - YES Bank: 8.25% Small finance banks also provide appealing rates: - North East Small Finance Bank: 9.00% - Ujjivan Small Finance Bank: 8.75% - Unity Small Finance Bank: 9.10% The key features of senior citizen FDs include a minimum deposit amount of Rs 100. There are flexible interest payout options available, such as monthly or annual payments. Banks allow partial withdrawals and premature closures. Additionally, FDs are insured up to Rs 5 lakhs by the Deposit Insurance and Credit Guarantee Corporation (DICGC). This makes fixed deposits a safe investment option for senior citizens aiming for financial security.