4 Private Banks Offering Inflation Beating Return of 7% To Senior Citizens On Fixed Deposits

The retail inflation rate in India currently stands at 6.95 per cent, the highest since October 2020, and in response to rising inflation, the Reserve Bank of India (RBI) recently raised the repo rate to 4.4 per cent, prompting a handful of banks to raise interest rates on fixed deposits, with more interest rate hikes expected in the coming days. Given the high inflation rate of 6.95 per cent, it is difficult for elderly folks to earn real returns in their golden years. As a consequence, we have identified four private sector banks that are offering inflation-beating returns of 7% on fixed deposits of less than Rs 2 Cr.

Bandhan Bank

Bandhan Bank revised its fixed deposit interest rates on May 4, 2022, and now offers senior citizens a maximum return of 7.00 per cent on term deposits maturing in 2 years to less than 3 years and 3 years to less than 5 years.

Tenure	Interest Rates for Senior Citizens
7 days to 14 days	3.75%
15 days to 30 days	3.75%
31 days to Less than 2 months	4.25%
2 months to less than 3 months	4.25%
3 months to less than 6 months	4.25%
6 months to less than 1 year	5.25%
1 year to 18 months	6.50%
Above 18 months to less than 2 years	6.50%
2 years to less than 3 years	7.00%
3 years to less than 5 years	7.00%
5 years to up to 10 years	6.35%
Source: Bank Website

IndusInd Bank

IndusInd Bank revised its term deposit interest rates on February 16th, 2022. The bank is now providing elderly people with a maximum interest rate of 7% on deposits maturing in two years to 61 months, as well as on the Indus Tax Saver Scheme (5 years).

Tenure	Interest Rates for Senior Citizens
7 days to 14 days	3.25
15 days to 30 days	3.5
31 days to 45 days	3.75
46 days to 60 days	4
61 days to 90 days	4.25
91 days to 120 days	4.5
121 days to 180 days	5
181 days to 210 days	5.1
211 days to 269 days	5.25
270 days to 354 days	6
355 days to 364 days	6
1 Year to below 1 Year 6 Months	6.5
1 Year 6 Months to below 1 Year 7 Months	6.5
1 Year 7 Months to below 2 Years	6.5
2 years to below 2 years 6 Months	7
2 years 6 Months to below 2 years 9 Months	7
2 years 9 months to below 3 years	7
3 years to below 61 months	7
61 month and above	6.5
Indus Tax Saver Scheme (5 years)	7
Source: Bank Website

RBL Bank

RBL Bank updated its fixed deposit interest rates on February 3, 2022. Senior citizens can now get a maximum rate of 7% on deposits maturing in 24 months to less than 36 months as a result of the change.

Tenure	Interest Rates for Senior Citizens
7 days to 14 days	3.75%
15 days to 45 days	4.25%
46 days to 90 days	4.50%
91 days to 180 days	5.00%
181 days to 240 days	5.50%
241 days to 364 days	5.75%
12 months to less than 24 months	6.75%
24 months to less than 36 months	7.00%
36 months to less than 60 months	6.80%
60 months to 60 months 1 day	6.80%
60 months 2 days to less than 120 months	6.25%
120 months to 240 months	6.25%
Tax Savings Fixed Deposit (60 months)	6.80%
Source: Bank Website

Yes Bank

Yes Bank's fixed deposit rates were last revised on January 4, 2022, and elderly persons can now enjoy a maximum rate of 7% if they invest for a period of 3 to 10 years with the bank.

Tenure	Interest Rates for Senior Citizens
7 to 14 days	3.75%
15 to 45 days	4.00%
46 to 90 days	4.50%
3 months to less than 6 months	5.00%
6 months to less than 9 months	5.25%
9 months to less than 1 year	5.50%
1 Year less than 18 months	6.25%
18 months to less than 3 years	6.50%
3 years to less than or equal to 10 years	7.00%
Source: Bank Website