Senior Citizen FD Rates 2022
FD Interest Rates For Senior Citizens
| Bank | Senior Citizen FD Rates |
|---|---|
| PNB Housing Finance | 6.15% - 6.95% |
| HDFC | 6.00% - 6.50% |
| Bajaj Finserv | 5.90% - 7.05% |
| ICICI Home Finance | 4.55% - 6.70% |
| SBI | 3.40% - 6.20% |
| IDFC First Bank | 3.00% - 6.50% |
| Axis Bank | 2.50% - 6.25% |
Please Re-confirm Your Number
Please Re-confirm Your
Best Senior Citizen Fixed Deposit Rates from Top Banks
| Commercial Bank | Senior Citizens FD Interest Rate |
|---|---|
| IndusInd Bank ⊕ Compare | 3.00% - 7.00% |
| RBL Bank ⊕ Compare | 3.75% - 6.80% |
| Yes Bank ⊕ Compare | 3.75% - 6.75% |
| India Post Office ⊕ Compare | 5.50% - 6.70% |
| IDFC First Bank ⊕ Compare | 3.00% - 6.50% |
| DCB Bank ⊕ Compare | 4.85% - 6.45% |
| HDFC Bank ⊕ Compare | 3.00% - 6.25% |
| Federal Bank ⊕ Compare | 3.00% - 6.25% |
| Axis Bank ⊕ Compare | 2.50% - 6.25% |
| Bandhan Bank ⊕ Compare | 3.75% - 6.25% |
| SBI ⊕ Compare | 3.40% - 6.20% |
| South Indian Bank ⊕ Compare | 4.00% - 6.15% |
| Lakshmi Vilas Bank ⊕ Compare | 2.50% - 6.15% |
| Dhan Laxmi Bank ⊕ Compare | 3.75% - 6.10% |
| Union Bank of India ⊕ Compare | 3.50% - 6.10% |
| Andhra Bank ⊕ Compare | 3.50% - 6.10% |
| Karur Vysya Bank ⊕ Compare | 3.50% - 6.10% |
| Corporation Bank ⊕ Compare | 3.50% - 6.10% |
| Karnataka Bank ⊕ Compare | 5.50% - 6.00% |
| Syndicate Bank ⊕ Compare | 2.95% - 6.00% |
| Punjab and Sind Bank ⊕ Compare | 3.50% - 5.95% |
| Kotak Bank ⊕ Compare | 3.00% - 5.80% |
| OBC ⊕ Compare | 3.50% - 5.80% |
| United Bank of India ⊕ Compare | 3.50% - 5.80% |
| Jammu And Kashmir Bank ⊕ Compare | 3.50% - 5.80% |
| Allahabad Bank ⊕ Compare | 3.30% - 5.75% |
| IDBI Bank ⊕ Compare | 3.20% - 5.75% |
| Bank of Baroda ⊕ Compare | 3.30% - 5.75% |
| Indian Bank ⊕ Compare | 3.30% - 5.75% |
| Canara Bank ⊕ Compare | 2.90% - 5.75% |
| PNB ⊕ Compare | 3.40% - 5.75% |
| Indian Overseas Bank ⊕ Compare | 3.90% - 5.70% |
| Bank of India ⊕ Compare | 3.50% - 5.65% |
| Central Bank of India ⊕ Compare | 3.25% - 5.60% |
| UCO Bank ⊕ Compare | 2.80% - 5.55% |
| Bank of Maharashtra ⊕ Compare | 2.75% - 5.40% |
| ICICI Bank ⊕ Compare | 2.75% - 4.70% |
Senior Citizen Fixed Deposit
Senior Citizen fixed deposits are investment options for increasing wealth and saving on taxes. The senior citizen fixed deposit interest rates are higher than general FD rates. Senior citizens FD provides 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.
Features & Benefits of Senior Citizen Fixed Deposit
Features and benefits of fd for senior citizens are as follow:
Eligibility for Senior Citizen Fixed deposit
You have to fulfil the following eligibility to open a senior citizen fixed deposit account:
Documents required for opening Senior Citizen FD
Senior Citizen FD Rates - Small Finance Banks
| Small Finance Bank | Senior Citizens Interest Rates |
|---|---|
| Ujjivan Small Finance Bank | 3.40% - 7.35% |
| Jana Small Finance Bank | 3.00% - 7.25% |
| ESAF Small Finance Bank | 4.50% - 6.75% |
| AU Small Finance Bank | 4.25% - 6.75% |
| Equitas Small Finance Bank | 4.00% - 6.50% |
Senior Citizen FD Rates – Non Banks
| Non Banks | Senior Citizens Interest Rates |
|---|---|
| Bajaj Finserv | 5.90% - 7.05% |
| PNB Housing Finance | 6.15% - 6.95% |
| ICICI Home Finance | 4.55% - 6.70% |
| HDFC | 6.00% - 6.50% |
| LIC Housing Finance | 5.50% - 6.00% |
How to open a Senior Citizen Fixed Deposit Account?
You can open a senior citizen fixed deposit offline by visiting a bank branch or online via the bank's website. You can also open a senior citizen FD with MyLoanCare. To open a senior citizen fixed deposit account perform the following steps:-
Senior Citizen Tax Saving Fixed Deposits Schemes
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:
Latest news about Special FD Scheme for Senior Citizens
FAQs
✅Which bank is best for senior citizens?
The best bank for senior citizens depend on your requirement and may differ. Some of the best banks that offer higher returns on senior citizens FD account are Karnataka Bank, India Post Office, DCB Bank, ESAF Small Finance Bank, AU Small Finance Bank. On the basis of senior citizen FD interest rate, IndusInd Bank offers the highest FD interest rate of 7.00%.
✅Is interest on FD taxable for senior Citizen?
If you are a senior citizen and a resident of India, you are exempted from income tax on the 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. Most of the banks like HDFC Bank, SBI, ICICI, Axis Bank and IDFC First open a senior citizen account if you are above 60 years.
✅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. This exemption is given under section 80C of the Indian Income Tax Act, 1961.
✅Can a senior citizen open a fixed deposit account jointly with a person who is not a senior citizen?
Yes, if you are a senior citizen you can open a fixed deposit account jointly with a person who is not a senior citizen. But to avail the fd interest rates for senior citizens, the primary depositor should be a senior citizen.
✅Which bank gives maximum FD interest rates for senior citizens?
IndusInd Bank and RBL Bank are offering the highest senior citizen interest rate. They are giving a rate of 7.00% and 6.80%, respectively.
