One of the safest investments in India is the Fixed Deposits (FDs). Senior citizens and most people like to use FDs as it provides guaranteed returns and capital security. Various banks offer varying interest rates on various deposits based on the amount and period.
Bank of Baroda
Interest Rate: 7.75%
The 3-year deposit of ₹ 100,000 rupees will increase to approximately₹1.26 lakh.
It is a great choice as one of the highest returns to senior citizens.
Axis Bank
Interest Rate: 7.60%
₹1,00,000 becomes ₹1.25 lakh in 3 years.
Stable interest rates and sure returns.
HDFC Bank, ICICI Bank and Punjab National bank.
Interest Rate: 7.50%
₹1,00,000 grows to ₹1.25 lakh in 3 years.
All three banks have similar returns and are reliable options to the elderly investors.
State Bank of India (SBI)
Interest Rate: 7.25%
₹1,00,000 becomes ₹1.24 lakh in 3 years.
Minor discount, yet highly reputed because of the good reputation and stability of SBI.
Canara Bank
Interest Rate: 7.30%
₹1,00,000 grows to ₹1.24 lakh in 3 years.
It is also appropriate in case one wants to invest safely and get moderate returns.
Union Bank of India and Bank of India.
Interest Rate: 7.00%
₹1,00,000 becomes around ₹1.23–1.24 lakh in 3 years.
Be fairly generous and highly dependable.
Why FDs Are a Good Option
Safe Investment: Your money is safe as opposed to the risky market choices.
Guaranteed Returns: Predictable growth is guaranteed by fixed interest.
Best with Seniors: Banks usually offer a better interest rate to older citizens.
Assuming about 1,00,000 money invested in a senior citizen FD through 3 years, you would get approximately 26,000 as interest, and that is a healthy and risk-free interest.