Senior Citizen Fixed Deposits (FDs) are term deposit plans with special interest rates offered to individuals who are over the age of 60. The rate of interest on senior citizen FDs in India varies from bank to bank. Apart from the additional rate of interest, which can be 0.50% more than what is offered to the general public, these fixed deposit accounts also offer a wide range of other benefits to elderly people. Some banks changed their fixed deposit rates in the week ending February 3, 2024.
Let's take a look at the FD rates offered by these banks to senior citizens
Unity Small Finance Bank FD rates for senior citizens
Small finance banks generally offer higher rates than larger banks. At Unity Small Finance Bank, senior citizens can get up to 9.50 per cent on FDs of 1,001 days. The bank revised rates on February 2, 2024. It provides 9.25 per cent to senior citizens for more than six months to 201-day FDs. For 501-day FDs, the bank offers the elderly 9.25 per cent. For 701 days, Unity Bank offers senior citizens 9.45 per cent.
Punjab & Sind Bank FD rates for senior citizens
The bank revised the rates on February 1. For FDs for 444 days, Punjab & Sind Bank offers 8.10 per cent. These special FDs are valid up to March 31, 2024. These rates were revised on February 2, 2024
Senior citizens can get a maximum of 7.75 per cent on FDs of 400 days. The bank revised rates on February 1, 2024. PNB hiked the rate for 300 days deposits by 80 basis points for general, senior citizens as well as super seniors. These deposits will guarantee a return of 7.55 per cent for senior citizens and 7.85 per cent for super senior citizens.
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Federal Bank offers FD interest rates of 3.00-7.40% p.a. to the general public and 3.50-7.90% p.a. to senior citizens on tenures ranging from 7 days to 2223 days & above.
Unity Small Finance Bank is offering a 9% interest rate for FDs maturing in 1001 days. Suryoday Small Finance Bank is offering an interest rate of 8.65% for FDs maturing in two years and two days. Ujjivan Small Finance Bank is offering an interest rate of 8.5% for FDs maturing in 15 months.
Jana Small Finance Bank provides an 8.5% interest rate for FDs maturing in 365 days. Equitas Small Finance Bank offers an 8.5% interest rate for FDs maturing in 444 days.
The table gives you a list of more than 40 banks — including SBI, PNB, BoI, HDFC Bank, ICICI Bank, and Axis Bank – offering up to 9% interest rate on fixed deposits.
The interest earned on these deposits can be changed into monthly income, ensuring that you have a steady flow of income after retirement. Senior citizens can also opt for tax saving fixed deposit scheme that will help them to save on taxes under Section 80C of the IT ...
7.50% p.a. Note that unlike banks and most NBFCs, India Post does not offer higher interest rates on its Post Office FD schemes for senior citizens. Senior citizens seeking higher interest rates can opt for the Senior Citizens Savings Scheme.
SBI offers FD interest rates of 3.50%-7.10% p.a. to the general public and 4.00%-7.60% p.a. to senior citizens for tenures ranging from 7 days to 10 years. The interest rate of SBI Tax Saving FD is 6.50% p.a. for the general public and 7.50% p.a.
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