FD (Fixed Deposit) is considered a safe and reliable option among investors. Especially for senior citizens, because the risk is low and the return is fixed. In this article, we will tell you in which bank senior citizens are getting FD at what interest rate and how much one lakh rupees will be after three years.

Senior citizens are getting more interest

Senior citizens (people above 60 years of age) get higher interest on FDs than ordinary investors. Many banks are now offering FDs to senior citizens at an interest rate of 8% or more. This is giving them better returns and has become an attractive investment option for them.

tax exemption too

Senior citizens also get income tax exemption on investing in FD. Under Section 80C of the Income Tax Act, they can avail deduction of up to Rs 1.5 lakh. However, this exemption is available only on FDs with a lock-in period of 5 years.

Which bank is giving how much interest?

Nowadays many banks are giving good interest on FD to senior citizens. Let us know the interest rates of some major banks and how much money will be available after three years:

Axis Bank (7.6% interest)

If you make an FD of Rs 1 lakh in this bank, you will get Rs 1,07,819 after one year. This amount will increase to Rs 1,25,340 in three years.

Bandhan Bank (7.75% interest)

An FD of Rs 1 lakh in Bandhan Bank will yield Rs 1,07,978 after one year. This amount will increase to Rs 1,25,895 in three years.

RBL Bank (8% interest)

If you invest in this bank, you will get Rs 1,08,243 after one year. After three years, it will become Rs 1,26,824.

DCB Bank (8.05% interest)

DCB Bank is offering the highest interest. An FD of Rs 1 lakh will yield Rs 1,08,296 in one year. After three years, this amount will become Rs 1,27,011.

It is worth noting that FD is a safe and profitable investment option for senior citizens. Along with good interest rates, you also get the benefit of tax exemption. If you are a senior citizen, then these banks can be a great option for you.