One of the simplest and most accessible investments for guaranteed income is traditional fixed deposits (FDs) with banks. They are secured for up to Rs 5 lakh under the Deposit Insurance and Credit Guarantee Corporation (DICGC) and offer flexibility to withdraw anytime after paying a penalty. During the week ending on January 11, 2025, three banks, including Central Bank of India, J&K Bank, and Federal Bank revised their FD interest rates. Senior citizens, who often prefer to keep their savings in FDs and receive interest on a monthly or quarterly basis, can avail of a maximum of 8.00 per cent. Here are the interest rates for senior citizens for callable FDs of less than Rs 3 crore.
Central Bank Of India:
This public sector bank revised its FD interest on January 10, 2025, and offers a maximum of 7.75 per cent to seniors, which is 50 basis points (0.50 per cent) additional rate over the interest rates for the general public. It offers seniors:
6.75 per cent for 180 to 364 days
7.35 per cent for one year to less than two years
7.75 per cent for two years to less than three years
7.50 per cent for three years to less than five years
7.25 per cent for five years to 10 years.
J&K Bank:
The bank offers the higher 7.50 per cent to senior citizens after revising its FD rates on January 11, 2025. Seniors can avail of:
6.75 per cent for 181 days to 332 days
7.50 per cent for 333 days
6.75 per cent for 334 days to less than one year
7.50 per cent for one year to less than three years
7.25 per cent for three years to less than five years
7.00 per cent for five years to 10 years.
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Federal Bank:
This private sector bank offers seniors a maximum of 8.00 per cent. However, it provides a range of interest rates between 6.75 per cent and 8.00 across various tenures. It revised rates on January 10, 2025, and gives seniors:
7.00 per cent for 181 days
6.75 per cent for 182 days to 270 days
7.00 per cent for 271 days to less than one year
7.50 per cent for one year
7.75 per cent for above one year to 399 days
7.85 per cent for 400 days
7.75 per cent for 401 days to 443 days
8.00 per cent for 444 days
7.75 per cent for 445 days to less than two years
7.65 per cent for two years to 776 days
7.90 per cent for 777 days
7.65 per cent for 778 days to less than three years
7.60 per cent for three years to less than 50 months
7.90 per cent for 50 months
7.60 per cent for above 50 months to five years
7.10 per cent for the above five years.
