homepersonal finance NewsSenior citizens can get extra 0.75 percent interest on FDs with Yes Bank

Senior citizens can get extra 0.75 percent interest on FDs with Yes Bank

Senior citizens can get extra 0.75 percent interest on FDs with Yes Bank
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By CNBCTV18.com Mar 16, 2022 4:37:08 PM IST (Published)

The bank is offering 7% interest to senior citizens which is 0.75% more than its normal rate of 6.25%.

Private lender Yes Bank is offering an extra 0.75 percent interest to senior citizens on fixed deposits of up to Rs 2 crore. The bank is offering offers a 7 percent rate to senior citizens for 3 to 10 years tenure, which is 0.75% more as compared to the usual rate of 6.25% offered.

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The annualised yield of deposits with tenure 3-10 years is 0.79 percent more for senior citizens as compared to the usual rate of 6.40 percent.
The bank is giving 3.75 percent interest on the lowest tenure deposit of 7 to 14 days which is 0.50 percent more than what it offers to other customers.
Also Read:
The State Bank of India is offering a 5.95 percent interest rate on FDs with tenure of 3 years to less than 5 years for senior citizens. FDs with tenure of 5 years to up to 10 years will receive 6.30 percent interest.
Also, the state lender introduced the 'SBI WeCare’ deposit scheme for the elderly that offers an extra 30 bps interest rate over the existing extra 50 bps interest rate. This offer is only available till September 30, 2022.
HDFC Bank and ICICI Bank are offering 6.35 percent interest on FDs below Rs 2 crore with tenure of 5 years to up to 10 years for senior citizens.
FDs are not just a great investment for secured returns, but they can also save taxes up to Rs. 1.5 Lakh under section 80C. However, it is best to invest in a higher interest rate FD to minimize the inflation impact and ensure secured returns.
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