Fxed deposit rates for senior citizens offered by major banks including SBI, PNB, HDFC bank and more.
Senior Citizen fixed deposits offer higher interest rates, flexible tenures from 7 days to 10 years, and the option for premature withdrawals or loans. They include nomination facilities, automatic renewals, and tax-saving benefits under Section 80C for 5-year tenures. Bulk deposits are available but may not provide preferential rates. Here are senior citizen fixed deposit rates offered by major banks including SBI, PNB, HDFC bank and more.
State Bank of India (SBI)
Interest Rate: 7.75%
Tenure: 444 days
HDFC Bank
Interest Rate: 7.9%
Tenure: 4 Years 7 Months (55 months)
Axis Bank
Interest Rate: 7.75%
Tenure: 5 years to 10 years
Punjab National Bank (PNB)
Interest Rate: 7.75%
Tenure: 400 days
Bank of India (BOI)
Interest Rate: 7.8%
Tenure: 666 days
ICICI Bank
Interest Rate: 7.8%
Tenure: 15 months to less than 18 months
Canara Bank
Interest Rate: 7.75%
Tenure: 444 days
Bank of Baroda (BOB)
Interest Rate: 7.75%
Tenure: 399 days
Higher Interest Rates
Senior Citizen Fixed Deposits offer higher interest rates compared to regular FDs, usually ranging from 0.25% to 0.65% more.
Flexible Tenure
The tenure for these FDs can range from as short as 7 days to as long as 10 years, allowing flexibility based on individual needs.
Premature Withdrawals & Loans
FDs allow premature withdrawals with a penalty and can also be used as collateral for loans, making them a versatile financial tool.
Nomination & Automatic Renewals
Senior Citizen FDs come with a nomination facility to ease the claim process, and many banks offer automatic renewals upon maturity.
Tax Savings & Bulk Deposits
FDs with a 5-year tenure qualify for tax savings under Section 80C, and bulk deposits (starting from Rs. 2 crores) are also available, though they may not offer preferential rates.
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