Fixed Deposits are one of the safest and most popular investment instrument among Senior Citizens. Individuals of or above the age of 60 years can enjoy a 0.25% – 0.65% extra interest rate over the normal FD rates. Let’s have a look at the best senior citizen FD rates from SBI, HDFC, Axis Bank, and more.
Best Senior Citizen FD Rates 2021 from Top Banks
Given below are the updated Senior Citizen FD Rates from Top Banks in India.
|Name of the Bank/Tenure||1 year||3 years||5 years|
|IDFC First Bank||6%||6.5%||6.25%|
|Bank of Baroda||5.4%||5.75%||5.75%|
|State Bank of India (SBI)||5.5%||5.8%||6.2% (SBI We Care)|
Note: The above-stated FD rates for senior citizens are updated as of 8th June 2021. and are applicable to deposits below Rs. 2 crores.
*Oriental Bank of Commerce has been merged with Punjab National Bank and the updated rates are those of PNB only, effectively from 1st April 2020.
Most of the banks, as well as the Non-Banking Financial Companies or NBFCs, provide preferential/extra FD rates to senior citizens at an extra rate of 0.25% – 1.00% (approximately).