Best FD rates for senior citizens:Lenders revise interest rates for elderly; DCB Bank gives 7.65% RoI on FDs of 60-61 months

Over the past few days, many banks have revised the Fixed Deposit (FD) interest rates. What This Means for Senior Citizens? Senior citizens usually get a higher interest rate on term deposits compared to general citizens. This is because banks want to encourage seniors to save with them. Breaking Down the Best Rates Let’s take a closer look at some of the best rates offered by these banks: City Union Bank: Offers up to 7.25% to senior citizens (60 years and above to less than 70 years) on certain term deposits DCB Bank: Provides a maximum of 7.65% to seniors on FDs of 60–61 months JK Bank: Offers a top rate of 7.50% for senior citizens on specific FD durations South Indian Bank: Has rates up to 6.85% for seniors on 1-year deposits Kotak Mahindra Bank: Offers a maximum of 7.20% for senior citizens on some FD terms How to Choose the Right FD? When choosing an FD, it’s important to compare the rates offered by different banks. You should also consider how long you want to keep your money in the account. Generally, the longer the deposit period, the higher the interest rate.