Most senior citizens invest their rupees in fixed deposits every month of retirement for fixed income. On the other hand, in the last one year banks have cut interest rates on fixed deposits. The reduction comes after the Reserve Bank of India reduced the repo rate. Which has impacted the investment for all the periods of the small savings scheme. After the rates are low, some banks are giving good interest on FD to senior citizens. Especially small private banks, which are trying to stand up against the big government and private ones. Today, you are being told how much private and public banks are paying interest on FD for a period of 3 years. At the same time, how much will his investment of 1 rupee increase in 3 years? Let’s start with private banks.
Private banks are giving so much benefit
First of all, RBL Bank is giving the most benefit to private banks. Where the senior citizen is getting an interest rate of 7.65 percent on a 3-year FD. If a senior citizen has invested Rs 1 lakh, they will get an additional Rs 25,525 after the end of the period. On the other hand, senior citizens in DCB, with an interest rate of 7.45 per cent, will benefit Rs 24,788 after three years at Rs 1 lakh. On the other hand, Yes Bank and IndusInd Bank are paying 7.25% interest to senior citizens. At the end of the period they will get Rs 1,24,055. Bandhan Bank Senior Citizen has an interest of 6.50% on the FD of 3 years, which will be an advantage of Rs 21,341 when the tenure ends.
FD of public sector banks will benefit so much
On the other hand, in case of FD of public sector banks, the reduction in the repo rate has resulted in a fall in the interest rates on the FD of senior citizens. Even after that, Punjab National Bank is paying 6% interest to the senior citizen for a period of three years, after maturity, the amount will be Rs 1,19,562. On the other hand, Punjab and Sindh Bank is paying 6.05 per cent interest to senior citizens, which will be Rs 1,19,739 of one lakh after three years. SBI and Canara Bank have an interest rate of 5.80% on FDs of senior citizens, after three years, investors will benefit by Rs 18,857. Apart from this, one lakh investment will increase to Rs 1,18,681 after three years with an interest of 5.75% in IDBI Bank.
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