5 Best 1-2 Year Fixed Deposits For Senior Citizens
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1-Year FDs For Senior Citizens
For a one-year term and a deposit amount of less than Rs 2 crore, here are the top five bank fixed deposit interest rates.
| Banks | 1-Year FD Rates | W.e.f. |
|---|---|---|
| Suryoday Small Finance Bank | 7.25% | 15.02.2021 |
| IndusInd Bank | 7.00% | April 26th, 2021 |
| Ujjivan Small Finance Bank | 7.00% | 5th March, 2021 |
| Equitas Small Finance Bank | 7.00% | 25.01.2021 |
| RBL Bank | 6.75% | May 7, 2021 |
| Source: Bank Websites |
How To Get Higher Returns On FD Without Making Premature Withdrawals?
2-Year FDs For Senior Citizens
Here are the top five bank fixed deposit interest rates for a two-year term and a deposit amount of less than Rs 2 crore.
| Banks | 2-Year FD Rates | W.e.f. |
|---|---|---|
| Suryoday Small Finance Bank | 7.25% | 15.02.2021 |
| IndusInd Bank | 7.00% | April 26th, 2021 |
| Ujjivan Small Finance Bank | 7.00% | 5th March, 2021 |
| RBL Bank | 6.75% | May 7, 2021 |
| Yes Bank | 6.50% | 10th May, 2021 |
| Source: Bank Websites |
Note
Banks had lowered interest rates in the wake of the Covid-19 pandemic. Senior citizens who depend on a steady stream of income have been struck the hardest by the current low interest rate climate. Leading banks, such as State Bank of India (SBI), promise senior citizens a maximum of 6.2 percent on fixed deposits with a period of 5-10 years, whereas post office small savings schemes promise a better rate if the investment goal is for the long term. However, if a senior citizen is searching for a short-term investment, such as one or two years, the above-mentioned fixed deposits can be considered. Since all of the above-mentioned banks are covered by DICGC for a Rs 5 lakh insurance cover, investing for 1 to 2 years in the above-mentioned bank FDs is secure, which is a consideration that always outweighs interest rates.
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