As they can earn higher rates than the general public and have their deposits covered by the DICGC up to ₹5 lakhs, fixed deposits are the safest and finest alternative for senior citizens. As some banks have begun giving returns that outpace inflation, senior citizens are choosing fixed deposits as their first choice of fixed income instrument for their golden years in the context of rising interest rates. Elderly individuals can pick from a variety of interest pay-out alternatives such as monthly, quarterly, half-yearly, and annual payouts based on their requirements for golden years. As the maturity period for fixed deposits ranges from 7 days to 10 years, they are the most flexible option in the debt category. As a result, for senior citizens who want to invest in a fixed deposit scheme for 2 years, here are the 5 banks that are offering an interest rate ranging from 7.50% to 8.25%.