Many senior citizens prefer fixed deposit (FD) investments because they want low-risk, stable returns and a regular source of income in their old age. Banks and small finance banks (SFBs) offer senior citizens with FD options of different tenures and interest rates. These banks also provide senior citizens with additional FD interest rates compared to general citizens. Many senior citizens invest in 5-year FDs to get attractive returns offered by various banks. Currently, some SFBs are offering up to 8.05% interest rates to senior citizens on the 5-year FD, while private and public sector banks are also offering attractive and competitive rates to senior citizens. Here's a comparison of the highest five-year senior citizen FD interest rates offered by different banks.
