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Consumer Price Index (CPI) data shows that retail inflation, which was 6.71% in July, surged to 7.00% in August. In order to fulfill credit demand, banks have upped their lending and deposit rates after the Reserve Bank of India (RBI) increased the repo rate by 0.50% to 5.90% to tame inflation. Since banks have been raising interest rates, investors should seek a bank that not only guarantees the maximum return but also offers interest rates that outperform inflation. Investment returns that outpace inflation can help you avoid receiving negative returns, improve your standard of life by giving you more purchasing power, and keep your income from being wiped out. In the existing environment, particularly for elderly citizens, obtaining inflation-beating returns from fixed deposits is not a daunting problem. Senior citizens can therefore look at these private sector banks if they are searching for fixed deposits that will provide them returns that beat inflation.
DCB Bank
DCB Bank recently hiked its interest rates for fixed deposits of less than ₹2 Cr, effective October 1, 2022. The bank is currently paying senior citizens 7.50% on deposits maturing in 5 years and 7.60% on deposits maturing in 3 years following the modification.
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Bandhan Bank
The most recent interest rate change for retail term deposits of less than ₹2 Cr was made by Bandhan Bank on August 22, 2022. The bank is now giving senior citizens an interest rate of 7.50% on fixed deposits with maturities between three and five years. NRIs are not eligible for senior citizen rates; these are exclusively available to Indian residents.
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IndusInd Bank
The most recent interest rate change for domestic deposits under ₹2 crore was made by IndusInd Bank on September 23, 2022. Following the revision, the bank is now providing elderly citizens with deposits maturing in 3 to 5 years at an interest rate of 7.50%. For senior citizen term deposits at IndusInd Bank with a value below Rs. 2 crore, an additional interest rate of 0.75% over and above the card rates is available.
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RBL Bank
On October 1, 2022, RBL Bank increased its interest rates on domestic deposits under ₹2 Cr. After the change, RBL Bank is now providing senior citizens with 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 60 to less than 80 years of age are eligible for an additional 0.50% p.a. interest rate, and super senior citizens 80 years of age and above are eligible for an additional 0.75% p.a. interest rate.
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Yes Bank
Yes Bank last modified its interest rates for domestic deposits under ₹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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