Senior citizen FD rates: The Reserve Bank of India (RBI) announced its bi-monthly monetary policy on October 7, with Governor Sanjay Malhotra announcing a 25-basis-point repo rate hike from 5.25 per cent to 5.50 per cent. The decision was announced following the conclusion of the Monetary Policy Committee’s three-day meeting. Following the rate hike, banks may revise their fixed deposit (FD) interest rates, depending on their funding requirements and liquidity conditions. Here’s a comparison of senior citizen FD interest rates offered by SBI, PNB, Bank of India (BoI), Bank of Baroda (BoB) and Canara Bank to find out which bank offers the highest returns. We also calculate the maturity amount on a Rs 6 lakh FD for tenures of three and five years.
Senior citizen FD rates: SBI vs PNB vs BOI – Which banks offer the highest interest on 5-year deposits?
Senior citizen FD rates: SBI vs PNB vs BOI vs BoB
1. SBI’s 5-year FD interest rate
State Bank of India offers an interest rate of 7.05 per cent per annum to senior citizens on a 5-year fixed deposit.
How much would you get on a Rs 6 lakh deposit in a 5-year FD?
At an interest rate of 7.05 per cent, a Rs 6 lakh FD deposit would grow to approximately Rs 8.50 lakh in a 5-year FD.
2. PNB’s 5-year FD interest rate
Punjab National Bank offers an interest rate of 6.85 per cent per annum to senior citizens on a 5-year fixed deposit.
How much would you get on a Rs 6 lakh deposit in a 5-year FD?
At an interest rate of 6.85 per cent, a Rs 6 lakh FD deposit would grow to approximately Rs 8.42 lakh in a 5-year FD.
Read more: Small Cap Mutual Funds: 4 low-cost schemes that delivered over 16% CAGR in 5 years
3. BOI’s 5-year FD interest rate
Bank of India offers an interest rate of 6.75 per cent per annum to senior citizens on a 5-year fixed deposit.
How much would you get on a Rs 6 lakh deposit in a 5-year FD?
At an interest rate of 6.75 per cent, a Rs 6 lakh FD deposit would grow to approximately Rs 8.38 lakh in a 5-year FD.
What is fixed deposit?
A Fixed Deposit (FD), also known as a term or time deposit, is a financial investment where you deposit a lump sum of money with a bank or financial institution for a set period at a guaranteed, fixed interest rate.
Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience consult their financial advisors before making any money-related decisions.)