Higher Interest rates on Senior Citizen FD: Fixed Deposits (FDs) are a safe and profitable investment option, especially for senior citizens who want to keep their money safe and receive regular income. Senior citizens usually get additional returns in FD compared to ordinary people. Senior Citizen FD helps people aged 60 years and above have a secure and comfortable post-retirement life
What is Senior Citizen FD?
Senior Citizen FD is a special fixed deposit scheme offered by banks and financial institutions for people aged 60 years and above. These have higher interest rates than normal FDs, providing retirees with a reliable source of income and financial security during their golden years.
Benefits of senior citizen FD
higher interest rate
Senior citizen FD offers 0.25% to 0.75% higher interest rates than normal FD, which increases income after retirement.
stable returns
Investing in FD provides fixed and stable returns, which is suitable for safe investment.
Flexible Income Option
Senior citizens can get interest on monthly, quarterly, half yearly or yearly basis as per their needs.
tax benefit
Under Section 80TTB of Income Tax, senior citizens can claim tax deduction on interest earned on deposits in banks, co-operative banks and post offices, which reduces their taxable income and increases returns.
To get maximum benefit on senior citizen FD, keep these things in mind
Senior citizen FDs provide a good opportunity for stable income and capital appreciation for retirees. To get the most out of these investments, keep the following points in mind:
compare interest rates
Compare rates from different banks and financial institutions and choose the best option.
Understand tax rules
Reduce your tax burden by utilizing the tax benefits available under Section 80TTB of Income Tax.
Strengthen your investment portfolio like this
Strengthen your portfolio and reduce risk by combining FDs with other financial instruments.
review period
Choose the deposit tenure as per your financial goals and liquidity needs.
By keeping the above in mind, senior citizens can optimize their FD investments and enjoy financial security and a comfortable retirement.
Where will you get the highest interest on senior citizen FD?
The list of banks given below compares the interest rates and tenure of Senior Citizen FD, so that you can choose the right option as per your financial needs.
|
Senior Citizen FD Rate |
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| bank name | annual interest rate |
Additional interest for those above 80 years |
||||
| For how many days is the highest interest on FD? |
Interest on 1 year FD (%) |
Interest on 3 year FD (%) |
Interest on 5 year FD (%) |
|||
| 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 | 444 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 | 8.25 | 400 days to 500 days | 7.00 | 7.30 | 7.25 | , |
| IndusInd Bank | 8.25 | 1 year to 2 years | 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 | 7.85 | 7.00 | 7.00 | , |
| Kotak Mahindra Bank | 7.90 | 390 days to less than 23 months | 7.60 | 7.60 | 6.70 | , |
| RBL Bank | 8.60 | 500 days | 8.00 | 8.00 | 7.60 | 0.25% on all tenures |
| 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 | 7.90 | 333 days | 7.25 | 7.00 | 7.00 | , |
| Canara Bank | 7.75 | 444 days | 7.35 | 7.30 | 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 |
| 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 | ||||||
| Source: Paisabazaar.com | ||||||
| Interest rates as of 13 November 2024 | ||||||
(Note:Senior citizens of different agesThis list of more than 35 banks regarding FD rates has been prepared by Paisa Bazaar.com. Paisa Bazaar has been told that this information related to the rates of the respective banks is till November 13.Please note that this list is for the information of the readers.Banks keep changing their interest rates from time to time. In such a situation, investors are advised to confirm from the official website of the concerned bank or the nearest branch before investing money in any FD scheme.,
The small finance banks included in the above list are offering better returns to senior citizens on FDs of different tenures compared to major government and private banks. In small finance banks like Unity Small Finance Bank and NorthEast Small Finance Bank, people aged 60 years and above are getting the highest interest of 9.50 percent on FD. This interest is available on FD of 1001 days in Unity Small Finance Bank and FD of 546 to 1111 days in NorthEast Small Finance Bank.
