Senior citizens enjoy higher fixed deposit interest rates

Senior Citizen Fixed Deposits (FDs) are now offering higher interest rates in March 2025, making them an attractive option for retirees. These accounts provide rates that are typically 0.25% to 0.75% higher than standard FDs. These specialized FDs cater to individuals aged 60 and above, ensuring stable returns and regular income. Interest payments can be scheduled to suit individual financial needs, enhancing their appeal for seniors. Additionally, senior citizens can benefit from tax deductions on interest earned under Section 80TTB of the Income Tax Act. This feature helps reduce the tax burden for retirees relying on these deposits for income.