Consumer Price Index (CPI) data shows that retail inflation, which stood at 6.71% in July, rose to 7.00% in August. To meet the credit demand, banks have increased their lending and deposit rates after the Reserve Bank of India (RBI) raised the repo rate from 0.50% to 5.90% to beat inflation. Since banks have been raising interest rates, investors should look for a bank that not only guarantees maximum returns but also offers interest rates that beat inflation. Investment returns that outweigh inflation can help you avoid getting negative returns, improve your standard of living by giving you more purchasing power, and keep your income from depleting. In the current environment, especially for elderly citizens, getting inflation-beating returns from fixed deposits is not a difficult problem. Hence senior citizens can look to these private sector banks if they are looking for fixed deposits that will provide them inflation-beating returns.
DCB Bank
DCB Bank has recently increased its interest rates for fixed deposits of less than Rs. 2 crore, with effect from October 1, 2022. The bank is presently paying senior citizens 7.50% on deposits maturing in 5 years and 7.60% on deposits maturing in 3 years after revision.
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Bandhan Bank
Most recent interest rate change for retail fixed deposits of less than Rs. 2 crore was made by Bandhan Bank on August 22, 2022. The bank is now offering an interest rate of 7.50% to senior citizens on fixed deposits with maturity between three to five years. NRIs are not eligible for senior citizen rates; These are exclusively available to Indian residents.
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indusind bank
Under the most recent interest rate change for domestic deposits 2 crore was made by IndusInd Bank on September 23, 2022. After the amendment, the bank is now offering deposits maturing in 3 to 5 years at an interest rate of 7.50% to the elderly citizens. For Senior Citizen Fixed Deposit in IndusInd Bank, the value of which is Rs. 2 crore, in addition to the card rates an additional interest rate of 0.75% is available.
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RBL Bank
On October 1, 2022, RBL Bank increased its interest rates on domestic deposits under After 2 crore changes, RBL Bank is now offering senior citizens an interest rate of 7.25% on deposits maturing in 3 years and 7.05% on deposits maturing in 5 years. At RBL Bank, senior citizens aged 60 to below 80 years are eligible for an additional 0.50% per annum interest rate, and super senior citizens of 80 years and above are eligible for an additional 0.75% per annum interest rate.
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Yes Bank
Yes Bank last revised its interest rates for domestic deposits 2 crore on August 10, 2022. Senior citizens can now earn 7.25% on deposits maturing in three years and 7.50% on deposits maturing in five years from Yes Bank.
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