Senior citizens especially the retired folk often look for regular monthly income to manage their needs. Some also look at options of quarterly and half yearly payout of interest.

HDFC

The HDFC deposits come with a slightly higher interest rate for senior citizens. The monthly income plan on a 15 month deposit offers an interest rate of 9 per cent for senior citizens, while the 22 month deposit comes with an interest rate of 9.05 per cent.

The deposits are highly rated and come with a AAA rating from both CRISIL and ICRA for 20 consecutive years. Here are the interest rates for senior citizens on the monthly income plan.

PNB Housing Finance Fixed Deposits

PNB Housing Finance is yet another safe FAAA rated fixed deposit. The company is a subsidiary of PNB Housing Finance. The interest rates on the fixed deposits of PNB housing Finance is as follows for quarterly and half yearly periods:

Mahindra Finance Fixed Deposits

The deposits from Mahindra Finance like the above two peers comes with FAAA rating. The company offers both cumulative and non cumulative scheme. The interest rate for its quarterly scheme is as follows:

Interest rates are falling

Interest rates in the economy are expected to fall and it would be good if senior citizens lock money in safe high yielding fixed deposits. Banks have also dropped interest rates in the last few months on fixed deposits and its almost impossible to get the above mentioned interest rates from bank deposits.