Highest Interest rate on Senior citizen FD: As people approach retirement, it’s natural for the way they manage their finances to change. With the income from job decreasing, their focus is now more on how they can maintain regular and stable income. It is very important for senior citizens to ensure financial security and generate regular income from their savings. In such a situation, fixed deposit (FD) can prove to be a reliable financial option. Investing in FD gives senior citizens an opportunity to keep their savings safe for a fixed period and get better returns on it, thereby strengthening their financial position.
Senior citizens are getting better returns on FD in these banks
Senior Citizen Fixed Deposit is an investment option specially designed for people aged 60 years and above. Senior citizens can invest money in FD ranging from 7 days to 10 years according to their financial needs and goals. If you are a senior citizen and want better returns on your savings, then you can consider investing money in fixed deposit schemes with different tenures. These days many banks are offering returns of 9 percent per annum on senior citizen FD.
Also read: EPFO Alert: If you fail to activate the Universal Account Number, you will not get the benefit of ELI Scheme, December 15 is the last date.
For information about senior citizen FD rates and tenure, a list of 40 banks is given here. To earn good income from your savings, you can check this list before deciding to invest money in FD scheme.
| Senior Citizen FD Rate | ||||||
| bank name | annual interest rate | Additional interest for those above 80 years | ||||
| highest interest |
Interest on 1 year FD (%) |
Interest on 3 year FD (%) |
Interest on 5 year FD (%) |
|||
| Annual Interest (%) | Tenure | |||||
| Small Finance Bank | ||||||
| AU Small Finance Bank | 8.50 | 18 months | 7.75 | 8.00 | 7.75 | , |
| Equitas Small Finance Bank | 8.75 | 888 days | 8.60 | 8.50 | 7.75 | , |
| ESAF Small Finance Bank | 8.75 | 2 years to less than 3 years | 6.50 | 7.25 | 6.75 | , |
| Jana Small Finance Bank | 8.75 | 1 year to 3 years | 8.75 | 8.75 | 8.20 | , |
| NorthEast Small Finance Bank | 9.50 | 546 days to 1111 days | 7.50 | 9.50 | 6.75 | , |
| Suryoday Small Finance Bank | 9.10 | Above 2 years to 3 years | 8.55 | 9.10 | 8.75 | , |
| Ujjivan Small Finance Bank | 8.75 | 12 months | 8.75 | 7.70 | 7.70 | , |
| Unity Small Finance Bank | 9.50 | 1001 days | 8.35 | 8.65 | 8.65 | , |
| Utkarsh Small Finance Bank | 9.10 | 2 years to 3 years; 1500 days | 8.60 | 9.10 | 8.35 | , |
|
private bank |
||||||
| Axis Bank | 7.75 | 15 months to less than 2 years; 5 years to 10 years | 7.20 | 7.60 | 7.75 | , |
| Bandhan Bank | 8.55 | 1 year | 8.55 | 7.75 | 6.60 | , |
| City Union Bank | 8.00 | 333 days | 7.25 | 6.75 | 6.50 | 0.10% on 333 days; 0.05% on 334 days to 400 days tenure |
| CSB Bank | 7.75 | 401 days | 5.50 | 6.25 | 6.25 | , |
| DBS Bank | 8.00 | 376 days to 540 days | 7.50 | 7.00 | 7.00 | , |
| DCB Bank | 8.55 | 19 months to 20 months | 7.60 | 8.05 | 7.90 | , |
| Federal Bank | 7.90 | 50 months; 777 days | 7.30 | 7.50 | 7.25 | , |
| HDFC Bank | 7.90 | 4 Years 7 Months (55 months) | 7.10 | 7.50 | 7.50 | , |
| ICICI Bank | 7.80 | 15 months to less than 18 months | 7.20 | 7.50 | 7.50 | , |
| IDFC First Bank | 8.40 | 400 days to 500 days | 7.00 | 7.30 | 7.25 | , |
| IndusInd Bank | 8.49 | 1 year 5 months to less than 1 year 6 months | 8.25 | 7.75 | 7.75 | , |
| Jammu & Kashmir Bank | 7.50 | 1 year to less than 3 years | 7.50 | 7.25 | 7.00 | , |
| Karur Vysya Bank | 8.10 | 760 days – Special Deposit | 7.40 | 7.40 | 7.40 | , |
| Karnataka Bank | 8.00 | 375 days | 7.75 | 7.00 | 7.00 | , |
| Kotak Mahindra Bank | 7.90 | 390 days to less than 23 months / 390 Days (12 months 25 days) | 7.60 | 7.60 | 6.70 | , |
| RBL Bank | 8.60 | 500 days | 8.00 | 8.00 | 7.60 |
Super Senior Citizens (80 years and above) are eligible for additional interest rate of 0.75% pa |
| SBM Bank India | 8.75 | Above 18 months to less than 2 years 3 days | 7.55 | 7.80 | 8.25 | , |
| South Indian Bank | 7.90 | 1 year 7 days | 7.20 | 7.20 | 6.50 | , |
| Tamilnad Mercantile Bank | 8.10 | 300 days (TMB300) | 7.50 | 7.00 | 7.00 | , |
| Yes Bank | 8.25 | 18 months to less than 24 months | 7.75 | 8.00 | 8.00 | , |
| government bank | ||||||
| Bank of Baroda | 7.80 | 400 days – Bob Utsav | 7.35 | 7.65 | 7.40 | 0.10% on tenures of above 1 year to 5 years |
| Bank of India | 7.80 | 400 days | 7.30 | 7.25 | 6.75 | 0.15% on tenures of 180 days to 10 years |
| Bank of Maharashtra | 7.85 | 333 days | 7.25 | 7.00 | 7.00 | , |
| Canara Bank | 7.9 | 3 Years & above to less than 5 Years | 7.35 | 7.90 | 7.20 | 0.10% on tenure of 444 days |
| Central Bank of India | 7.95 | 444 days | 7.35 | 7.25 | 7.00 | , |
| Indian Bank | 7.80 | 1 year to 375 days | 6.60 | 6.75 | 6.75 | 0.25% on all tenures |
| Indian Overseas Bank | 7.80 | 444 days | 7.60 | 7.00 | 7.00 | 0.25% on all tenures |
| Punjab National Bank | 7.75 | 400 days | 7.30 | 7.50 | 7.00 | 0.30% for tenures up to 5 years |
| Punjab & Sind Bank | 7.95 | 555 days | 6.80 | 6.50 | 6.50 | 0.15% on tenure of 222 days, 333 days, 444 days, 555 days, 777 days, 999 days & PSB Green Earth (22 months, 44 months, 66 months) |
| State Bank of India | 7.75 | 444 days – Amrit Vrishti | 7.30 | 7.25 | 7.50 | , |
| Union Bank of India | 7.80 | 456 days | 7.30 | 7.20 | 7.00 | 0.25% on all tenures |
| Note: *Depositors aged 80 years and above | ||||||
| Interest rates as of 11th December 2024 | ||||||
,Note: This list of 40 banks related to senior citizen FD rates has been prepared by Paisa Bazaar.com, which is for the information of the readers. Paisa Bazaar claims that the updates related to the interest rates offered by the banks on senior citizen FDs of different tenures in the list are till December 11. Let us tell you that banks keep changing their rates from time to time. In such a situation, investors are advised to understand the exact interest rate and conditions from the official website or branch of the concerned bank before investing money in the FD scheme of any bank.
Also read: Free Aadhaar Update: Deadline for updating documents in Aadhaar extended again, free facility will be available till this date in the new year.
Where is more than 9% interest available on senior citizen FD?
Government banks like Canara, Punjab and Sindh are offering the highest interest rate of 7.95 percent per annum on FD to their senior citizen customers. In Canara Bank, interest is being given at the rate of 7.95 percent per annum on FD of 3 years to 5 years, whereas in Punjab and Sindh Bank, the rate of return on FD of 555 days is being given at the rate of 7.95 percent per annum.
Talking about private sector banks, in terms of giving the highest returns on senior citizen FD, the names of banks like SBM Bank India, followed by RBL Bank and Bandhan Bank, DCB Bank are included. Senior citizens can get 8.75% on FD of 18 months to 2 years and 3 days in SBM Bank India, 8.60% on FD of 500 days in RBL Bank, 1 year FD in Bandhan Bank and 19 months to 20 months FD in DCB Bank. But it is getting returns at the annual rate of 8.55%.
Compared to government and private banks, small finance banks are offering higher returns on their FD schemes of different tenures. Unity Small Finance Bank is offering returns of 9.50 per cent per annum to senior citizens on FDs of 1001 days and NorthEast Small Finance Bank on FDs of 546 days to 1111 days. At the same time, in Suryoday Small Finance Bank and Utkarsh Small Finance Bank, such investors are getting higher interest rate of 9 percent per annum. In the above list, senior citizens can check complete details about FD rates and tenure as per the bank.
