Senior Citizen Fixed Deposit Calculator: Turn Rs 1 lakh into Rs 1.27 lakh in 3 years with this FD | The Financial Express

Senior Citizen Fixed Deposit Calculator: Earn Rs 27,760 in 3 years on Rs 1 lakh FD with this Private Bank

Senior Citizen Fixed Deposit calculation: Fixed DCB Bank is offering up to 8.25% interest to senior citizens on FDs of 36 months.

Senior Citizen Fixed Deposit Calculator: Earn Rs 27,760 in 3 years on Rs 1 lakh FD with this Private Bank
DCB bank is offering 8.25% interest to senior citizens. Representational image

DCB Bank Fixed Deposit Interest Rate for Senior Citizens: DCB Bank is offering up to 8.25% interest to senior citizens on FDs of 36 months. The bank is offering 8.25% interest also on deposits of more than 700 days to less than 36 months.

The Fixed Deposit calculator shows that senior citizens can earn Rs 27,760 as interest on an investment of Rs 1 lakh in DCB Bank FD for three years. In a statement on Thursday (December 1), DCB Bank said that its latest Fixed Deposit interest rates provide senior citizens with a much-needed financial cushion with an opportunity to earn attractive returns in their golden years.

The bank said that the senior citizen FD offers higher earnings for individuals aged 60 years and above. On deposits of less than Rs 2 crore for 700 days with DCB Bank, Senior Citizens can earn 7.60% per annum interest. The bank provides an even higher interest rate of 8.25% per cent to senior citizens on FD for a duration of over 700 days to less than 36 months.

Also Read: Senior Citizen Fixed Deposit interest rate jumps to 9%: Know how much return is guaranteed

Senior citizens also have the option to book longer duration FDs, for example, more than 36 months to 60 months at 7.75% per annum.

“These lucrative FD interest rates are progressive; that is, the interest rate increase with a higher amount deposited in the DCB Fixed Deposit,” the bank said.

DCB Bank is offering one of the highest FD rates among private-sector banks.

Also Read: SCSS interest rate is rising again – Will it reach 9.3% ATH?

FD becomes attractive for senior citizens

The Reserve Bank of India (RBI) has increased the Repo rate four times since May 2022. Amid rising lending rates, FDs have become more attractive for senior citizens with a low-risk appetite.

With DCB Bank FD, senior citizens get an option to select interest payout options such as monthly, quarterly, half-yearly or yearly. They also get an option to transfer interest directly to Savings Bank Account.

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First published on: 02-12-2022 at 12:34 IST