Fixed Deposit, FD: Bank fixed deposit is a safe investment option for senior citizens. Investing in it guarantees returns. Let us find out which bank is giving the highest interest on senior citizen FDs these days.
Highest Interest Rates on Senior citizen FD: Senior citizens need money to meet their daily needs after retirement. They can get it in the form of monthly pension, property rental, or returns from investments. After retirement, they cannot take much risk in investments, so they invest in guaranteed return schemes like fixed deposits (FD). In FD, they invest once and get returns in the form of interest. They can get interest on maturity of FD, monthly, quarterly and annually. Banks offer additional interest rates on FD to senior citizens as compared to common people.
For the past few years, both common people and senior citizens are getting good interest on fixed deposits (FD) from banks. If you also want to get good interest on FD, then this is the right opportunity to invest. Interest rates are likely to come down in the coming months.
We will tell you about those banks in the country which are paying the highest interest on FD.
Unity Small Finance Bank is giving the highest interest on FD in the country. In the bank, common people are getting 9% annual interest on FD of 1001 days and senior citizens are getting 9.5% annual interest. 7.85% interest is being given on 1 year FD, 8.15% on 3 year FD and 8.15% on 5 year FD. Most banks offer 0.50% additional interest on FD to senior citizens as compared to common people.
In North East Small Finance Bank also, common customers are getting 9% annual interest and senior citizens are getting 9.5% interest in the period of 1111 days. Similarly, the bank is giving 7% interest to common customers on 1 year FD, 9% on 3 year FD and 6.25% interest on depositing money in 5 year period.
Suryoday Small Finance Bank is offering 8.65% interest to general customers and 9.15% interest to senior citizens for a period of 2 years 2 days. The bank’s 1-year FD interest rate is 6.85%, 3-year FD interest rate is 8.60% and 5-year FD interest rate is 8.25%.
Utkarsh Bank is offering 8.5% interest on 2-3 year FDs, while senior citizens are getting 9.10% interest.
If you are a senior citizen and are thinking of investing your savings for safe and better returns, then FD can be a good option for you. Investing in long-term FDs can ensure a stable income for senior citizens. However, delaying it can also lead to missing out on the opportunity to cut interest rates.
This is the right time for senior citizens to invest in long-term FD schemes so that they can get the benefit of higher interest rates. If you delay, then this opportunity may be lost due to RBI’s repo rate cut. Some private banks are offering excellent interest rates (Fixed Deposit Interest Rate) on three-year FDs to senior citizens. Let’s know which banks are offering what interest rates:
| Name of the Bank | Annual Interest Rate on Senior Citizen FD | ||||
| Where will you get the most interest? | 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 | 365 days to 1095 days | 8.75 | 8.75 | 7.75 |
| 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 | 7.35 | 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 |
| CSB Bank | 7.75 | 401 days | 5.50 | 6.25 | 6.25 |
| indian 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 |
| SBI Bank India | 8.75 | Above 18 months to less than 2 years 3 days | 7.55 | 7.80 | 8.25 |
| South Indian Bank | 7.75 | 400 days | 7.20 | 7.20 | 6.50 |
| Tamilnad Mercantile Bank | 8.00 | 400 days | 7.50 | 7.00 | 7.00 |
| Yes Bank | 8.50 | 18 months | 7.75 | 8.00 | 8.00 |
| Government Bank | |||||
| Bank Of Baroda | 7.80 | 400 days – Bob Utsav | 7.35 | 7.65 | 7.40 |
| Bank of India | 7.80 | 400 days | 7.30 | 7.25 | 6.75 |
| Maharashtra Bank | 7.75 | 777 days | 7.25 | 7.00 | 7.00 |
| Canara Bank | 7.75 | 444 days | 7.35 | 7.30 | 7.20 |
| 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 |
| Indian Overseas Bank | 7.80 | 444 days | 7.60 | 7.00 | 7.00 |
| Punjab National Bank | 7.75 | 400 days | 7.30 | 7.50 | 7.00 |
| Punjab & Sind Bank | 7.80 | 666 days | 6.80 | 6.50 | 6.50 |
| State Bank Of India | 7.75 | 444 days – Amrit Vrishti | 7.30 | 7.25 | 7.50 |
| Union Bank Of India | 7.90 | 333 days | 7.30 | 7.20 | 7.00 |
