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These 3 Banks Are Offering Seniors Up To 8.60% On FDs, Learn More

These three banks have revised their interest rates, offering up to 8.60 per cent to seniors after RBI kept the repo rate unchanged for the fifth consecutive time last week.

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Outlook Money
December 16, 2023
Company FD or Bank FD

Company FD or Bank FD

Kotak, DCB, and J&K banks have revised the interest rates on fixed deposits (FDs) after the Reserve Bank of India (RBI) left the repo rate untouched for the fifth consecutive time at 6.5 percent during its monetary policy committee (MPC) meeting on December 8, 2023.

Senior citizens can earn up to 8.60 percent on FDs from these banks. Know the details. 

Kotak Mahindra Bank: The bank revised its FD rates for deposits of less than Rs 2 crore on December 11. Seniors can get a maximum of 7.80 percent, or 8.03 percent annualized yield. For the general public, the highest interest is 7.25 percent. Kotak offers seniors7.50 percent for the 180-day FD and 6.50 percent for tenures from 181 to 363 days. Beyond this, the rate is 7.0 percent and above for tenures up to five years. Seniors can avail of 7.00 percent for 364-day FDs, 7.60 percent for 365-389-day FDs, and 7.65 percent for 390-day FDs.

Further, for 391 days to less than 23 months, the rate is 7.70 percent, for 23 months to less than two years, it is 7.80 percent, and for two years to less than three years, it is 7.65 percent. For three years to less than five years, Kotak pays 7.60 percent interest, and for five years to up to 10 years, it pays 6.70 percent interest to seniors.

DCB Bank: It offers the highest interest rate of 8.60 percent to senior citizens for 25-26-month FDs. It revised the rates on December 13, 2023. The bank offers over 7 percent for tenures from 10 months to 10 years. Senior citizens can earn 7.65 percent for FDs of 12 months and 12 months 11 days to 18 months five days, 8.35 percent for 12 months one day to 12 months 10 days, and 8.00 and 8.05 percent for 18-month six days to less than 700 days and 700 days to less than 25 months, respectively.

Its highest rate is 8.60 percent offered on FDs of 25-26 months. For more than 26 months to less than 37 months, it is 8.10 percent, for 37-38 months, it is 8.50 percent, for over 38 months to less than 61 months, it is 7.90 percent, and for 61 months and more than 61 months to 120 months’, the rates are 8.15 percent and 7.75 percent, respectively.

J&K Bank: It pays an additional 0.50 percent on FDs across tenures to senior citizens. It offers the general public the maximum 7.50 percent rate for 555-day FDs. For seniors, the maximum interest rate is 8.00 percent, including the additional 0.50 percent offered to them.

In its rate revision on December 11, 2023, the bank increased the standard FD rates from 6.10 percent to 6.25 percent. It offers seniors 7.60 percent for one-year to 554-day and 556-day to less than two-year FDs, 8.00 percent for 555-day FDs, and 7.50 percent for two-year to less than three-year FDs. From three years to up to 10 years, the rate is 7.00 percent for seniors.

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