Senior citizen fixed deposit rates reach new highs on 3 and 5-year terms

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Multiple banks and non-banking finance companies are now offering the highest interest rates in recent times on fixed deposits specifically for senior citizens. These elevated rates are available on 3-year and 5-year deposit tenures. The trend is reported by the Economic Times, though specific financial institutions are not named. The increased rates are a competitive move to attract deposits from this demographic amid a rising interest rate environment.

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