Union Bank of India and ICICI Bank are offering the highest returns to senior citizens on 3-year FDs, both offering an interest rate of 7.10%. This is followed by State Bank of India at 7.05%, Bank of Baroda at 7%, HDFC Bank at 6.95%, and Punjab National Bank at 6.90%.
Highest FD interest: Senior citizens investing in 3-year fixed deposits receive 0.50% higher interest than the normal rate. Among public sector banks, Union Bank of India is offering 7.10% and in the private sector, ICICI Bank offers 7.10%. State Bank of India offers 7.05%, Bank of Baroda 7%, HDFC Bank 6.95%, and Punjab National Bank 6.90%. Axis Bank and Union Bank are giving returns up to 6.60% on normal FDs.
Top Banks and Their Interest Rates for Senior Citizens
In the past few months, banks have updated their interest rates. The banks offering the highest returns to senior citizens on 3-year FDs are as follows.
Interest Rates in Public Sector Banks
- Union Bank of India 7.10%
- State Bank of India 7.05%
- Bank of Baroda 7.00%
- Punjab National Bank 6.90%
Interest Rates in Private Banks
- ICICI Bank 7.10%
- HDFC Bank 6.95%
It is clear from this list that Union Bank is offering the highest returns to senior citizens among public sector banks. In the private sector, ICICI Bank has offered the highest interest in this category.
3-Year FD Interest Rates for General Investors
For general investors, the top banks and their interest rates for a 3-year term in FDs are as follows.
- Axis Bank 6.60%
- ICICI Bank 6.60%
- Union Bank of India 6.60%
- Bank of Baroda 6.50%
- HDFC Bank 6.45%
- Punjab National Bank 6.40%
- State Bank of India 6.30%
- Canara Bank 6.25%
- Bank of India 6.25%
This list shows that Axis Bank is offering the highest interest on 3-year FDs for general investors. In the private sector, Union Bank of India is at the top with 6.50% interest.
Benefits of Investing in FDs
The biggest advantage of investing in FDs is that the risk involved is very low. This investment is even safer for senior citizens because they receive an additional interest rate, which increases their monthly income.
Even a slight difference in interest rates can affect the annual income of senior citizens. Therefore, it is important for senior citizens to compare the interest rates of different banks before planning their investment.
Which Bank to Choose
If senior citizens want to make a 3-year FD, then Union Bank of India in public sector banks and ICICI Bank in private banks are offering the highest interest. Apart from this, State Bank of India and Bank of Baroda are also good options.
For general investors, Axis Bank, ICICI Bank, and Union Bank of India remain top choices. Banks like HDFC and PNB also provide satisfactory returns.
