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Senior Citizen FD Rates

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हिंदी में पढ़े
Updated: 24-01-2023 09:39:42 AM

Banks and NBFCs offer FD interest rates of 2.55-9.00% 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.

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Fixed Deposit Interest Rates for Senior Citizens Offered by Top Public Sector Banks

Bank NameInterest Rates (% p.a.)
Highest slab1-year tenure3-years tenure5-years tenure
Bank of Baroda7.557.257.256.90
Bank of India7.256.507.256.75
Bank of Maharashtra7.506.656.506.25
Canara Bank7.657.257.007.00
Indian Bank7.156.606.757.00
Indian Overseas Bank7.056.907.007.00
Punjab National Bank7.757.257.257.00
Punjab & Sind Bank7.756.756.756.75
State Bank of India7.257.256.757.25
UCO Bank7.256.756.706.60
Union Bank of India7.806.807.807.20

Note: The above-stated senior citizen FD rates are updated as of 24 January 2023 and are applicable to deposits below Rs. 2 crores.

Also Know: Best 15 FD Interest Rates Offered by Banks/NBFCs in India

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8%INTEREST ON FD

Best FD Interest Rates for Senior Citizens Offered by Top Private Sector Banks

Bank NameInterest Rates (% p.a.)
Highest
slab		1-year tenure3-years tenure5-years tenure
Axis Bank7.757.507.757.75
Bandhan Bank8.007.757.756.60
City Union Bank8.007.007.257.25
DBS Bank7.006.757.007.00
DCB Bank8.357.758.358.10
Dhanlaxmi Bank7.756.756.506.60
Federal Bank7.757.257.006.95
HDFC Bank7.757.107.507.50
ICICI Bank7.507.107.507.50
IDBI Bank7.507.257.007.00
IDFC First Bank8.007.258.007.50
IndusInd Bank7.857.257.357.35
J&K Bank7.757.257.007.00
Karnataka Bank7.707.206.156.15
Kotak Mahindra Bank7.507.257.006.70
Karur Vysya Bank7.656.907.406.65
Nainital Bank7.557.106.756.25
RBL Bank8.057.507.507.05
SBM Bank8.757.257.508.50
South Indian Bank7.507.107.006.50
Tamilnad Mercantile Bank7.507.257.007.00
YES Bank8.257.507.757.75

Note: The above-stated senior citizen FD rates are updated as of 24 January 2023 and are applicable to deposits below Rs. 2 crores. 

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FD Rates for Senior Citizens Offered by Small Finance Banks

Bank NameInterest Rates (% p.a.)
Highest slab1-year tenure3-years tenure5-years tenure
AU Small Finance Bank8.256.608.257.70
Capital Small Finance Bank8.157.757.757.75
Equitas Small Finance Bank8.508.008.257.50
ESAF Small Finance Bank8.506.006.255.75
Fincare Small Finance Bank8.507.757.507.50
Jana Small Finance Bank8.808.208.808.20
North East Small Finance Bank8.506.007.757.00
Shivalik Small Finance Bank 8.508.008.507.50
Suryoday Small Finance Bank8.767.507.757.25
Ujjivan Small Finance Bank8.758.257.957.95
Unity Small Finance Bank9.007.858.158.15
Utkarsh Small Finance Bank8.758.258.258.25

Note: The above-stated senior citizen FD rates are updated as of 24 January 2023 and are applicable to deposits below Rs. 2 crores.

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Top 4 Special Fixed Deposit Schemes for Senior Citizens to Invest in 2023

1. SBI Wecare Fixed Deposit Scheme

State Bank of India (SBI) introduced “SBI Wecare” Deposit for senior citizens wherein an additional premium of 50 bps (over & above the existing 50 bps on the regular FD rates) will be paid on FD for ‘5 years and above’ tenure. The scheme is applicable till 31st March 2023.

2. HDFC Senior Citizen Care FD

HDFC Bank offers an additional premium of 25 bps (over and above the existing premium of 50 bps) to senior citizen FD depositors on the tenure of 5 years 1 day to 10 years on deposits less than Rs 5 crores for tenures of 5 years 1 day to 10 years.

3. ICICI Bank Golden Years

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 tenure ranging from 5 years and 1 day to 10 years till 7 April 2023. The scheme is applicable on deposits of less than Rs 2 crore.

4. IDBI Naman Senior Citizen Deposit Scheme

IDBI Bank offers an additional interest rate of 0.25% p.a. over and above the prevailing additional senior citizen fd rates of 0.50% p.a., for tenures of above 1 year to 10 years. The scheme is valid till 31st March 2023.

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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 amount partially or prematurely. However, most banks levy a penal rate (which can go up to 2%) on the applicable interest rate. Note, a premature withdrawal facility is not available in non-callable fixed deposits.
  • Banks also provide an automatic renewal facility to depositors. This means that 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).

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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 of age 80 years and above. For instance, Indian Overseas Bank, Indian Bank, 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 saving 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 following documents required as per KYC (Know Your Customer) guidelines.

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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

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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 of 60 years of age or more is legally termed a senior citizen.

Q. Which bank gives the best interest rates for senior citizens?

A. Unity Small Finance Bank offers the highest FD interest rates to senior citizens – 9.00% p.a.; followed by 8.76% p.a. FD interest rate offered by Suryoday Small Finance Bank

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%.

 

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