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Among PSU banks, Union Bank of India (UBI) is currently offering best rates on 3-years FD's less than Rs 2 crores.

To live a comfortable life post-retirement, it is important to invest in schemes that provide higher returns and negligible risk. Fixed deposits are considered to be one of the best investment options for senior citizens. They are safe and can provide stable income in old age.

Many banks offer high fixed deposit interest rates for senior citizens.

Most of the banks offer the highest rate of interest on FD for senior citizens. So, if the regular FD investor is getting 7% interest, senior citizens will be offered 7.50% or 7.75%, which varies with the bank.

Senior citizens can time and align their FDs with the varying tenures offered by the bank and encash them accordingly. Be it a medical emergency, child’s marriage, a vacation they can encash the short-tenure FD at the same time keep investing in long-term FDs.

Senior citizens can also opt for quarterly or semi-annual pay-out on the senior citizen FD, and avoid visiting the bank every month. In case if they have other regular income sources, then they can opt for the cumulative pay-out option. At high interest rates, the cumulative investment option could result in a significantly higher corpus.

Here are the latest fixed deposit rates:

Term deposit rates for senior citizens in various banks

(These interest rates are for domestic term deposits of less than Rs 2 crore for Indian senior citizens)