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Banks offer better interest on Fixed Deposit Accounts and more so on Fixed Deposit Accounts of Senior Citizens.
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HDFC Bank offers 2.75% annual interest on 7 days to 14 days deposit of senior citizens. HDFC Bank offers an annual interest rate of 6.60% on senior citizens’ deposits for tenures of 3 years to 5 years.
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HDFC Bank offers 6.50% annual interest on deposits of senior citizens over 5 years.
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SBI Bank offers 6.45% annual interest on deposits of senior citizens for tenure of 5 years to 10 years.
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ICICI Bank offers 6.60% annual interest on deposits of senior citizens over 3 years, with a minimum deposit of Rs.10,000 to open an FD account with this bank.