Top 5 banks offer highest interest rate on FDs to senior citizens (2024)

Most conservative investors still opt for safe havens to earn fixed returns on their investment. Among all the options, the safest and most reliable option is fixed deposits (FDs).

Those who want to earn marginally higher interest rates on their FDs, at times, lock them in the name of their old parents since banks offer generally 50 basis points higher interest rate to senior citizens.

Here we present the highest interest rates offered by most top banks to senior citizens on their fixed deposits across tenures.

Top 5 banks offering highest interest rates on FDs:

HDFC Bank

HDFC Bank offers 7.10 percent to senior citizens on deposits of one year to 15 months. The interest rate rises to 7.60 percent on FDs of 15 to 18 month-tenure.

When the tenure is between 18 months to 2 years 11 months, the interest rate falls to 7.5 percent.

For a long duration, the private lender offers the highest interest. The highest rate of 7.75 percent is offered for an FD with tenure of 5 -10 years. An interest rate of 7.7 percent is offered on tenure that ranges between 4 years 7 months to 55 months. So, the interest rate range is between 7.1 to 7.75 percent for tenure of one year and longer.

ICICI Bank

ICICI Bankoffers interest in the range of 7 to 7.25 per cent depending on the tenure. For one year to 15 months, interest is 7.25 percent. For tenure between 15 months to 2 years, interest is 7.05 percent. For long tenure deposits, the interest rate is 7 percent.

State Bank of India

SBIoffers interest rate in the range of 7.3 to 7.5 percent across tenures. For one year to less than two years, the interest rate is 7.30 percent.

For 2-3 years, interest is 7.5 percent. For 3-5 years, the interest rate is 7.25 percent. And for FDs with tenure longer than 5 years, the interest rate is 7.5 percent.

The highest interest of 7.6 percent is given to senior citizens under a specific tenor scheme (400 days) called Amrit Kalash. The last date for the scheme is March 31.

Bank of Baroda

Bank of Baroda offers interest rate in the range of 7.35 percent to 7.75 percent based on the tenure. For one to two years, for instance, the bank offers 7.35 percent to senior citizens. When the tenure rises to 2-3 years, the interest rate is 7.75 percent.

The bank also offers 399 deposits known as Baroda Tiranga Plus Deposit Scheme that gives 7.65 percent interest.

Top 5 banks offer highest interest rate on FDs to senior citizens (1)

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Kotak Mahindra Bank

The private lender offers interest rate in the range of 6.7 percent to 7.8 percent based on the tenure.

For one-year deposits, the bank offers 7.6 percent which rises to 7.65 percent when the tenure rises to 390 days. For 23 months to less than two years, interest rate is 7.8 percent.

For 2-3 years, the bank offers 7.65 percent.

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Published: 02 Feb 2024, 04:32 PM IST

Top 5 banks offer highest interest rate on FDs to senior citizens (2024)

FAQs

Which bank FD rate is high for senior citizens? ›

HDFC Bank FD rates for senior citizens

The bank offers interest rates between 3.50% to 7.75% on tenures ranging from 7 days to 10 years for amounts below Rs 3 crore. The highest interest rate of 7.75% is offered on tenure of 18 months to less than 21 months. The rates are effective from June 19, 2024.

Which bank gives 8.5 interest on FD? ›

Highest FD interest rates in small finance banks
Bank NameHighest Interest rateTenure
Ujjivan Small Finance Bank8.50%15 months
Jana Small Finance Bank8.50%365 days
Equitas Small Finance Bank8.50%444 days
Utkarsh Small Finance Bank8.50%two years and three years
2 more rows
Apr 27, 2024

Which banks offer higher rate of interest on fixed deposit for? ›

The rates for FDs with a tenor of 2 years 11 months to less than three years have been increased to 7.15% from 7%. Interest on FDs from 3-year 1 day to 4 years and 7 months has been revised upwards from 7% to 7.2%. Bank FDs are no doubt a safe investment option compared to fixed income mutual funds (MFs).

What is the highest interest rate on FD for senior citizens in post office? ›

The minimum investment in Post Office FD is INR 1,000. However, there is no limit on the maximum amount of investment in Post Office FD. What is senior citizen fixed deposit interest rates in Post Office? The senior citizen fixed deposit interest rates in Post Office range between 6.9% to 7.5% p.a.

What is the interest rate for senior citizens at Federal Bank FD? ›

Federal Bank FD Interest Rates 2024
TenureNormal Citizen FD RateSenior Citizen FD Rate
1 month 16 days - 1 month 30 days4%4.5%
2 months - 3 months 27 days4.75%5.25%
3 months 28 days - 5 months 27 days5%5.5%
5 months 28 days - 8 months 25 days5.75%6.25%
10 more rows

What is the new FD rates for senior citizens SBI? ›

SBI FD Interest Rates 2024 Features of SBI Bank FD. SBI Bank offers FD interest rates of 3.50% - 7.10% p.a. to the general public and 4% - 7.60% p.a. to senior citizens for tenures ranging from 7 days to 10 years.

Which bank gives a 9 interest rate on FD? ›

SBM Bank India is offering an interest of 9% for the tenure above 3 years 2 days to less than 5 years, 7.6% for 1st year tenure, 8.15% for 2nd year tenure and 7.55% for the third-year tenure.

Which bank is safest for FD? ›

Top Banks for FDs in India
Sr NoList Of BanksScore
1.State Bank of IndiaAAA
2.HDFC BankAAA
3.Bank of BarodaAAA
4,ICICI BankAAA
12 more rows

Which bank gives the maximum return on FD? ›

Which bank gives the highest interest rate on FD? As of 2024, Canara Bank offers the highest interest rate of 7.25% for 444 days.

Which is better bank or post office fixed deposit? ›

The choice between Post office and bank FDs largely depends on individual preferences and financial goals. Post office FDs may be the better choice for those prioritising higher interest rates and government-backed security.

Which post office scheme is best for senior citizens? ›

Senior Citizen Savings Scheme(SCSS)

The government offers 8.2% interest on the Senior Citizen Savings Scheme. Minimum deposit shall be Rs. 1000 and in multiple of 1000, subject to maximum limit up to Rs. 30 lakh in all SCSS accounts opened by an individual.

What is the current post office MIS interest rate for senior citizens? ›

8.2% p.a.

Which bank gives the highest interest rate on FD in 2024? ›

Top Banks FD Interest Rates 2024
FD SchemeAll Bank FD Interest Rates 2024
IndusInd Bank Tax Saver Scheme6.75% - 7.50%
SBI Bank Tax Saving FD6.10% - 6.60%
RBL Bank Tax Saving FD6.55% - 7.05%
Canara Bank Tax Saving FD6.50% -
8 more rows

Which bank gives 9 percent interest? ›

Unity Small Finance Bank offers FD interest rates ranging from 4.50% to 9% for tenures maturing between 7 days and 10 years to general citizens. The highest interest rate of 9% is offered on FDs maturing in 1001 Days. The rates are effective from October 9, 2023.

What is the maximum FD limit for senior citizens? ›

For senior citizens, this limit set is Rs. 50,000. However, if the total income is below the taxable limit, individuals can submit Form 15H to the bank to avoid TDS deduction.

Which bank has the highest fixed deposit rate? ›

Overall best fixed deposit rates—highest in Singapore (Jun 2024)
  • Syfe Cash+ Guaranteed (3.75% p.a.—3 or 6 months with no minimum amount)
  • StashAway Simple Guaranteed (3.75% p.a.—3 months with no minimum amount)
  • SBI (3.35% p.a.—min. $50,000 for 6 months)
  • ICBC (3.40% p.a.—min. $500 for 3 months)
Jun 3, 2024

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