Stories
Senior Citizen FD: How much return on 10 lakh in mother's name for 3 years
N
News18•10-10-2026, 13:12
Senior Citizen FD: How much return on 10 lakh in mother's name for 3 years
- •Banks offer higher interest rates to senior citizens aged 60 and above compared to regular customers.
- •At an 8.50 percent interest rate, an FD of 10 lakh rupees for 3 years can earn approximately 2.89 lakh rupees in interest.
- •Small finance banks are offering relatively higher interest rates up to 8.50 percent for senior citizens.
- •Before investing, check the applicable interest rate, tenure, tax rules, and premature withdrawal penalties.
Key Questions Answered
If you invest 10 lakh rupees in a senior citizen fixed deposit for 3 years at an annual interest rate of 8.50 percent with quarterly compounding, you can earn approximately 2.89 lakh rupees in interest, bringing the total maturity amount to around 12.89 lakh rupees.
Several small finance banks provide up to 8.50 percent interest rates on fixed deposits for senior citizens, including Equitas Small Finance Bank, ESAF Small Finance Bank, and Suryoday Small Finance Bank.
Among public sector banks, the Bank of India offers up to 7.45 percent interest on fixed deposits to senior citizens, while the Bank of Baroda provides up to 7.25 percent.
