6.70% rate is given above 2 years upto 10 years tenure. For normal category, FD rate is 6.70% on 1 year tenure below Rs 2 crore deposits, followed by 6.85% on above 1 year to 400 days tenure and 6.80% on above 400 days and upto 2 Years. 2.00 Crore from Senior Citizens for all tenors in terms of extant guidelines. Lowest FD rate here is 4.50% from 7 days tenure t0 7.25% less than 1 year.īank of Baroda - The bank on its website states that, branches may continue to pay an additional interest of 0.50% on domestic term deposits of less than Rs. ICICI Bank - On less than Rs 2 crore FD, a senior gets 7.40% rate on 1 year to 389 days, followed by 7.50% rate on 390 days to 2 years tenure, 7.80% on 2 years 1 day upto 3 years, 7.75% on 3 years 1 day upto 5 years and 7.50% again on 5 years 1 day upto 10 years tenures. Lowest interest rate would be 3.50% on beginning 7 days tenure. A 7.75% rate is also given on tenures starting from 1 year to less than 1 year 25 days. The rate is 7.80% on 30 months < 3 years tenure, while it decreases to 7.75% on 3 years < 5 years and to 7.50% on 5 years to 10 years tenure. From 7 days to less than 1 year, interest rate varies from 4% to 7.60%.Īxis Bank - The highest rate a senior citizen enjoys here would be 7.95% given on tenures from 1 year 25 days to 2 years < 30 months on FDs below Rs 2 crore. 7.75% rate is given on 3 years 1day - 5 years tenure, while 7% rate each is earned between 5 Years 1 Day to 10 years. The rate is higher at 7.90% on tenure starting at 2 years 1 day to less than 3years. HDFC Bank - Here for making below Rs 2 crore deposits, the bank offers 7.80% rate each on tenure starting from 1 year to less than 2 years. From 7 day tenure to less than 1 year, FD rates for this category is between 6.25% to 6.90%. SBI - Below Rs 2 crore FD, a senior citizen will earn 7.50% rate for tenure like 1 year to less than 2 year, followed by 7.25% rate on 2 years to less than 3 years tenure, 7.20% on 3 years to less than 5 years tenure and 7.10% on maximum tenure of 5 years and up to 10 years. Let’s compare who offers best senior citizen FD rates:

Also, tax benefit of upto Rs 1.5 lakh is given under section 80C of the Income Tax Act. Unlike normal bank FD account meant for general category, a senior citizen has the privilege to avail tax exemption of up to Rs 50,000 on interest income arising from this scheme. This reduces their burden on repaying loans, as FD amount is a guarantee kept with the bank.įD gains can be used for fulfilling responsibilities like household expenses, marriage, children's education and more. Also, in case if there is a requirement of loans, a senior can also avail one against their FD investment made at banks.

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