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Banks and NBFCs offer FD interest rates of 2.50-8.80% p.a. to senior citizens on tenures ranging from 7 days to 10 years. Most banks and NBFCs offer an additional interest rate of 50 bps over the regular fixed deposit interest rates. However, these preferential interest rates are only offered to resident senior citizen FD depositors.
Some banks and NBFCs also offer additional interest rates of 20-30 bps, over and above the additional senior citizen FD rates. However, the additional rates offered over and above the senior citizen FD interest rates are provided under special FD schemes for pre-determined tenures.
Some private sector banks (SBM Bank, RBL Bank, Bandhan Bank and IndusInd Bank) and small finance banks (such as AU Small Finance Bank, Jana Small Finance Bank, Suryoday Small Finance Bank and Ujjivan Small Finance Bank) offer the highest FD slab rates of 7.00% p.a. and above to senior citizen depositors.
Fixed Deposit Interest Rates for Senior Citizens Offered by Top Public Sector Banks
| Bank Name | Interest Rates (% p.a.) | |||
| Highest slab | 1-year tenure | 3-years tenure | 5-years tenure | |
| Bank of Baroda | 6.95 | 6.60 | 6.75 | 6.90 |
| Bank of India | 7.20 | 6.75 | 7.00 | 6.75 |
| Bank of Maharashtra | 7.15 | 6.70 | 5.75 | 5.50 |
| Canara Bank | 7.00 | 6.75 | 6.75 | 6.75 |
| Central Bank of India | 7.00 | 6.70 | 6.50 | 6.50 |
| Indian Bank | 6.95 | 6.60 | 6.55 | 6.50 |
| Indian Overseas Bank | 7.10 | 7.00 | 6.60 | 6.60 |
| Punjab National Bank | 6.90 | 6.60 | 6.80 | 6.60 |
| Punjab & Sind Bank | 7.10 | 6.35 | 6.35 | 6.45 |
| State Bank of India | 7.05 | 6.75 | 6.80 | 7.05 |
| UCO Bank | 6.95 | 6.35 | 6.50 | 6.50 |
| Union Bank of India | 6.80 | 6.75 | 6.50 | 6.40 |
Note: The above-stated senior citizen FD rates are updated as of 5 February 2026 and are applicable to deposits below Rs 3 crores.
Also Know: Best 15 FD Interest Rates Offered by Banks/NBFCs in India
Best FD Interest Rates for Senior Citizens Offered by Top Private Sector Banks
| Bank Name | Interest Rates (% p.a.) | |||
| Highest slab |
1-year tenure | 3-years tenure | 5-years tenure | |
| Axis Bank | 7.20 | 6.75 | 6.95 | 7.20 |
| Bandhan Bank | 7.70 | 7.50 | 7.50 | 6.60 |
| CSB Bank | 7.30 | 5.30 | 6.05 | 6.05 |
| City Union Bank | 7.00 | 6.75 | 6.75 | 6.50 |
| DBS Bank | 7.10 | 6.80 | 6.90 | 6.75 |
| DCB Bank | 7.65 | 7.15 | 7.25 | 7.25 |
| Dhanlaxmi Bank | 7.45 | 6.75 | 7.00 | 7.00 |
| Federal Bank | 7.25 | 6.75 | 7.25 | 6.90 |
| HDFC Bank | 6.95 | 6.75 | 6.95 | 6.90 |
| ICICI Bank | 7.10 | 6.75 | 6.95 | 6.90 |
| IDBI Bank | 7.00 | 6.70 | 6.85 | 6.75 |
| IDFC FIRST Bank | 7.50 | 6.80 | 7.50 | 7.50 |
| IndusInd Bank | 7.50 | 7.25 | 7.40 | 7.15 |
| J&K Bank | 7.50 | 7.00 | 7.15 | 7.10 |
| Karnataka Bank | 7.05 | 6.90 | 6.55 | 6.55 |
| Kotak Mahindra Bank | 7.20 | 6.75 | 6.90 | 6.75 |
| Karur Vysya Bank | 7.20 | 6.95 | 6.95 | 6.95 |
| Nainital Bank | 7.55 | 7.20 | 6.75 | 6.25 |
| RBL Bank | 7.70 | 7.50 | 7.70 | 7.20 |
| SBM Bank | 7.80 | 7.50 | 7.60 | 7.50 |
| South Indian Bank | 7.10 | 6.85 | 6.70 | 6.20 |
| Tamilnad Mercantile Bank | 7.40 | 7.30 | 7.10 | 7.10 |
| YES Bank | 7.75 | 7.15 | 7.75 | 7.50 |
Note: The above-stated senior citizen FD rates are updated as of 5 February 2026 and are applicable to deposits below Rs 3 crores.
Explore Investment Options:
| Bonds | Types of Bonds | Bonds vs FD |
| Corporate Bonds | Tax Free Bonds | Capital Gain Bonds |
| Government Bonds | Zero Coupon Bonds | Floating Rate Bonds |
FD Rates for Senior Citizens Offered by Small Finance Banks
| Bank Name | Interest Rates (% p.a.) | |||
| Highest slab | 1-year tenure | 3-years tenure | 5-years tenure | |
| AU Small Finance Bank | 7.60 | 6.85 | 7.60 | 7.25 |
| Capital Small Finance Bank | 7.65 | 7.40 | 7.40 | 7.30 |
| Equitas Small Finance Bank | 7.70 | 7.40 | 7.50 | 7.50 |
| ESAF Small Finance Bank | 8.10 | 5.25 | 6.50 | 6.25 |
| Fincare Small Finance Bank | 7.60 | 6.85 | 7.60 | 7.25 |
| Jana Small Finance Bank | 8.00 | 7.50 | 8.00 | 7.77 |
| Shivalik Small Finance Bank | 8.00 | 6.50 | 7.25 | 6.75 |
| Suryoday Small Finance Bank | 7.90 | 7.45 | 7.45 | 7.90 |
| Ujjivan Small Finance Bank | 7.95 | 7.75 | 7.70 | 7.70 |
| Unity Small Finance Bank | 7.75 | 7.00 | 7.25 | 7.25 |
| Utkarsh Small Finance Bank | 8.00 | 6.50 | 8.00 | 7.50 |
Note: The above-stated senior citizen FD rates are updated as of 5 February 2026 and are applicable to deposits below Rs 3 crores.
Top 4 Special Fixed Deposit Schemes for Senior Citizens
1. SBI We-Care Fixed Deposit Scheme
State Bank of India (SBI) introduced the SBI We-care Deposit Scheme for senior citizens wherein an additional premium of 50 bps (over & above the existing 50 bps on the regular FD rates) will be paid for ‘5 years to 10 years’ tenure.
2. Indian Bank Senior Citizen FD
Indian Bank offers an additional premium of 25 bps (over and above the existing premium of 50 bps) on the tenure of above 5 years to 10 years and for deposits of less than Rs 3 crores.
3. Bank of Baroda Senior Citizen FD
Bank of Baroda offers an additional premium of 15 bps (over and above the existing premium of 50 bps) on the tenure of above 3 years to 5 years and an additional premium of 50 bps (over and above the existing premium of 50 bps) on the tenure of above 5 years to 10 years to senior citizen FD depositors. The additional interest rates are applicable on deposits of less than Rs 3 crores.
4. ICICI Bank Senior Citizen FD
Senior citizen FD customers of the ICICI Bank are offered an additional interest rate of 10 bps over and above the existing additional senior citizen FD rates of 50 bps, on a tenure of 15 months to less than 18 months. The scheme is applicable to deposits of less than Rs 3 crores.
Features of Senior Citizen FDs
- Deposit amount: Minimum amount: Rs 100; Maximum: No limit
- Tenure ranges from 7 days to 10 years
- Banks/NBFCs provide various interest pay-out options from which senior citizens can choose based on their requirements. These include monthly, quarterly, half-yearly pay-out and annual pay-out options. Alternatively, depositors can choose the cumulative FD option to keep the interest component invested till the FD maturity. The cumulative investment option would help the depositor benefit from the power of compounding, as the interest component starts generating returns on its own. Thus, the cumulative option would help the depositor generate higher returns than non-cumulative options.
- Further, banks/NBFCs allow senior citizens to withdraw fixed deposit amounts partially or prematurely. However, most banks levy a penal rate (which can go up to 2%) on the applicable interest rate. Note, that a premature withdrawal facility is not available in non-callable fixed deposits.
- Banks also provide an automatic renewal facility to depositors. This means the fixed deposit account will be automatically renewed when it reaches its maturity date.
- Fixed deposits are secured under the insurance cover of up to Rs. 5 lakhs by the Deposit Insurance and Credit Guarantee Corporation (DICGC).
Eligibility for Senior Citizen Fixed Deposit
Resident individuals who are 60 years or above can book FD at preferential interest rates. Moreover, some banks/NBFCs also offer additional interest rates to super senior citizens aged 80 years and above. For instance, Indian Overseas Bank, Indian Bank, Union Bank of India and RBL Bank offer an additional 0.75% interest rate over and above the regular fixed deposit rates to super senior citizens. Further, Punjab National Bank offers an additional 0.80% p.a. interest rates to super senior FD depositors.
Documents Required for Opening Senior Citizen FD Account
If a depositor wishes to open FD in the same bank where he/she already holds a savings account or current account, he/she can log on to net banking or mobile banking and open a fixed deposit account right away or can simply visit the branch with the required documents.
If the concerned depositor is not a customer of the bank, he/she has to visit the bank branch with the necessary documents required as per KYC (Know Your Customer) guidelines.
Identity Proof
- Senior citizen ID card
- Passport
- PAN card
- Voter ID card
- Driving licence
- Photo ration card
Address Proof
- Passport
- Telephone bill
- Electricity bill
- Bank Statement with Cheque
- Certificate/ ID card issued by Post office
FAQs
Q. Who can open a senior citizen fixed deposit account?
A. Individuals aged 60 years and above can open senior citizens’ fixed deposit accounts and avail of additional senior citizen FD rates offered by top banks. To apply, they are required to provide age proof along with other required documents as well.
Q. Who is a senior citizen?
A. An individual who is 60 years of age or more is legally termed a senior citizen.
Q. Are investments made in fixed deposits taxable for senior citizens?
A. Yes. If the interest earned in a financial year (1st April to 31st March) crosses Rs. 50,000, TDS is charged at 10%.
