Fixed Deposit for Senior Citizen: When it comes to saving, most people like to invest in FD (Fixed Deposit Scheme). Investing in this scheme gives guaranteed returns. Also, it is also away from market risks. Many banks offer Tax Saving Fixed Deposit Scheme to the customers. If you invest in this scheme, you can invest up to Rs 1.5 lakh exemption under section 80C of Income Tax.
Senior Citizens Post Retirement (Senior Citizen Tax Saving FDs) like to invest their money away from market risk in such a place where they can get tax saving as well as higher returns. In such a situation, you can get more returns by making tax saving FDs by three private banks. You can invest in tax saving FD option for 5 years. So let us tell you about those FD options-
1. Yes Bank
If you want to invest in Tax Saving FD Scheme then you can invest in FD Scheme of Yes Bank. By investing in this scheme, one can invest from Rs 1000 to Rs 1.5 lakh in a financial year. It has a lock-in period of 5 years in which the nominee gets all the money in case of death of an account holder before maturity. Under this scheme, where common customers get 6.25 percent interest rate. On the other hand, senior citizen customers get 7 percent return.
2. RBL Bank
RBL Bank gives the benefit of Tax Saving FD to its customers. Under this scheme, you can open FDs ranging from Rs 100 to Rs 1.5 lakh in multiples of 100. In this also you get a lock in period of 5 years. Under this scheme, customers get an annual return of 6.80 percent for senior citizens.
3. DCB Bank
DCB Bank also runs tax saving FDs for senior citizens. Under this scheme, you can invest from Rs 1,000 to Rs 1.5 lakh. In this you get exemption under 80C. It gives a return of around 7.10 percent, giving big benefits to senior citizens. On the other hand, common people get a return of 6.60 percent on FD.
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