Banks and NBFCs offer FD interest rates of 2.50-9.60% 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.