💨 Abstract

Senior citizens in India are currently benefiting from high fixed deposit (FD) rates, which have risen due to the Reserve Bank of India's repo rate hikes to combat inflation. Major banks and NBFCs are offering rates between 5% and 8.6% for senior citizens. This period is seen as an opportune time to lock in these rates before potential cuts, ensuring stable, long-term returns. Factors influencing rates include inflation levels, liquidity, and global economic cues.

Courtesy: theprint.in

Summarized by Einstein Beta 🤖