Senior Citizens Alert! THESE banks offering 7.25% interest rate

FD account can be opened in single or joint mode of holding and notably, the first holder can get the tax deduction benefits when it comes to a tax saving FD opened in a ‘joint’ mode of holding.

Fixed deposits are often considered the best kind of investment, given the low-risk but guaranteed returns. Customers need to invest in FDs on a monthly, quarterly or annual basis. 

With RBI keeping the repo rate unchanged at 4%, almost every bank is offering less interest rates on FDs.

Besides that, FD returns are totally taxable according to the income tax slab of the investor, which means that the actual rate of returns is further reduced. This also means that the accounting for inflation, post-tax FD returns may turn out to be negative. This has created confusion in the minds of senior citizen investors on how to depend on FDs for a regular income.