MyLoanCare is a FREE of cost service for borrowers

MyLoanCare - Baat Aapke Interest Ki

MyLoanCare Customer Ratings - 4.5/5.0

Senior Citizen FD Rates

Best FD Rates for Senior Citizens 2021

Last Updated 20th Jan 2021

Bank Senior Citizen FD Rates
Bajaj Finserv 6.35% - 6.85%
ICICI Home Finance 6.25% - 6.75%
PNB Housing Finance 6.15% - 6.95%
HDFC 6.10% - 6.50%
SBI 3.40% - 6.20%
IDFC First Bank 3.25% - 6.35%
Axis Bank 2.50% - 6.05%
Earn upto 6.95% on FD APPLY NOW

FD Interest rates for Senior Citizens

Senior Citizen fixed deposits are the financial instrument for increasing wealth and saving on taxes. The interest rate on senior citizens fixed deposits are higher than general FD rates. Senior citizens FD provide an excellent choice for senior citizens who have low or irregular income. Most banks offer a higher interest rate on FD Interest rates for Senior Citizens.

Senior Citizen Fixed Deposit Interest Rates - Commercial Banks

Commercial Bank Senior Citizens FD Interest Rate
Yes Bank4.00% - 7.50%
RBL Bank3.75% - 7.25%
DCB Bank4.75% - 7.25%
IndusInd Bank3.50% - 7.00%
Karnataka Bank3.80% - 6.95%
Bandhan Bank3.75% - 6.75%
India Post Office5.50% - 6.70%
Lakshmi Vilas Bank2.50% - 6.50%
IDFC First Bank3.25% - 6.35%
ICICI Bank3.00% - 6.30%
HDFC Bank3.00% - 6.25%
SBI3.40% - 6.20%
Karur Vysya Bank0.00% - 6.15%
Dhan Laxmi Bank4.00% - 6.10%
Union Bank of India3.50% - 6.10%
Andhra Bank3.50% - 6.10%
Corporation Bank3.50% - 6.10%
Axis Bank2.50% - 6.05%
Federal Bank3.00% - 6.00%
Syndicate Bank2.95% - 6.00%
Canara Bank2.95% - 6.00%
South Indian Bank4.00% - 6.00%
Punjab and Sind Bank3.60% - 5.95%
OBC3.50% - 5.80%
United Bank of India3.50% - 5.80%
Jammu And Kashmir Bank3.50% - 5.80%
PNB3.50% - 5.80%
Bank of India3.75% - 5.80%
Bank of Baroda3.30% - 5.75%
Indian Overseas Bank3.90% - 5.75%
Indian Bank3.40% - 5.65%
Allahabad Bank3.40% - 5.65%
IDBI Bank3.40% - 5.60%
Central Bank of India3.25% - 5.60%
UCO Bank3.00% - 5.50%
Bank of Maharashtra2.75% - 5.40%
Kotak Bank3.00% - 5.25%

Senior Citizen FD Rates - Small Finance Banks

Small Finance Bank Senior Citizens FD Interest Rates
Jana Small Finance Bank3.00% - 7.75%
Equitas Small Finance Bank4.10% - 7.50%
AU Small Finance Bank4.25% - 7.25%
Ujjivan Small Finance Bank3.55% - 7.00%
ESAF Small Finance Bank5.00% - 7.00%

Senior Citizen FD Rates – Non Banks

Non Banks Senior Citizens FD Interest Rates
PNB Housing Finance6.15% - 6.95%
Bajaj Finserv6.35% - 6.85%
ICICI Home Finance6.25% - 6.75%
HDFC6.10% - 6.50%
LIC Housing Finance5.75% - 5.85%

FD Schemes for Senior Citizens - Features

Features of the senior citizens FD are as follow:

  • The term of the Senior Citizen FDs lies between 7 days to 10 years.
  • Most banks offer a higher rate of interest on senior Citizen FDs.
  • Nomination facility is available under this type of FD.
  • Individuals can also opt for special FD such as Tax saver FD to save taxes. Tax savers FD have a lock-in period of 5 years
  • The interest earned is compounded on a monthly, quarterly, half- yearly or annual basis.
  • The maximum limits under the senior Citizen usually lie around Rs. 1 crore and may differ from banks to banks.

Eligibility for Senior Citizen Fixed deposit

You have to fulfil the following eligibility to open a senior citizen fixed deposit account:

  • Individuals should be above the age of 60 years. However, some banks allow individuals above the age of 55 or those who have taken early retirement but the rules and terms and conditions for this differs from bank to bank.
  • NRI senior citizens can open a fixed deposit account with NRE or NRO accounts.

Documents required for opening Senior Citizen FD

  • Age proof document
  • Passport
  • Aadhaar Card
  • PAN card and PAN
  • Photograph

Senior Citizen Tax Saver FD

Tax Saver FD is a type of fixed deposits by investing in which you can get tax deduction under section 80C of the Indian Income Tax Act, 1961. An individual can claim a deduction of a maximum of ₹ 1.50 Lakh by investing in tax saver fixed deposits. Some of the main features of tax-saving FD are as follow:

  • The lock-in period is of 5 years.
  • Interest earned is taxable.
  • Rate of interest earned on tax savers FD generally lies from 5% to 7%.

  • State Bank of India extends the date for SBI WeCare FD Scheme
    SBI has extended the date for special senior citizen FD scheme for the second time. This scheme is now valid till 31st March 2021. Earlier, the scheme was introduced to offer financial aid to the senior citizens in the times of falling interest rates due to the Covid-19 pandemic and was valid till 31st December 2020. Under this scheme, senior citizens can earn upto 6.20% on their deposit, which is 80 points above the applicable rates to the general public.

FAQs

Who can open a senior citizen fixed deposit account?

An individual who falls in the senior citizens’ category, who is 60 years old or above can apply for senior citizens fixed deposit account. To open an FD account, proof of residence and proof of address is required.

Which bank is best for senior citizens?

The best bank for senior citizens depend on the individual’s requirement and may differ. Some of the best banks that offer higher returns on senior citizens FD account are India Post Office, ESAF Small Finance Bank, DCB Bank, AU Small Finance Bank, Equitas Small Finance Bank.

Is interest on FD taxable for senior Citizen?

The senior citizens who are residents of India are exempted from income tax on their interest earned up to ₹ 50,000 in a financial year. If the interest earned is above ₹ 50,000 in a financial year, then the interest amount will be eligible for a tax deduction.

What is the age for senior Citizen for bank FD?

Age of senior Citizen should be 60 years or above on the date of opening an FD account.

How much interest is tax-free for senior Citizen?

Interest income of upto ₹ 50,000 in a financial year is tax exempted for a senior citizen.


Notification ×
  • Home Loan

    Home Loan starting at 6.75%. Cashback of up to ₹ 1,000 plus Free COVID Insurance of ₹ 1 lakh.

    Apply Now
  • Personal Loan

    Instant Personal Loan with Cashback of up to ₹ 1,000 or Free Corona Insurance Cover of up to ₹ 5 Lakhs.

    Check Offers
  • Fixed Deposit

    AAA rated FDs with returns as high as 6.95%.

    Invest Now
  • Demat Account

    Open Instant Demat Account and Get Cashback of ₹ 500*. *T&C Apply

    Apply Now
  • DBS Savings Account

    Open Account Online and Cashback of up to ₹ 4,800.

    Open Account
  • Gold Loan

    Instant Gold Loan starting at 9.90% with Cashback of up to ₹ 500 or Free Corona Health Cover of upto ₹ 1 Lakh.

    Apply Now
  • Loan Against Property

    Best Loan Against Property Offers starting @ 7.50%. Cashback of up to ₹ 1,000*.

    Apply Now
  • Credit Card

    Get amazing offers, discounts and welcome gift vouchers on SBI Credit Cards.

    Apply Now
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
Loader
Please wait while your information is being processed...