Senior citizens searching for means to boost their savings can obtain the benefits of fixed deposits, with many offering competitive interest rates. It has become one of the most popular options among the senior population, mainly due to the safety of the principal investment and the option of a periodic interest payout.
FDs ensure a steady income stream after retirement. In addition to that, banks also offer a higher rate of interest to senior citizens compared to those offered on general citizen FDs. With that said, banks often revise their rates on various tenures, such as the State Bank of India’s latest hike in FD interest rates for senior citizens.
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Check the FD Rates Offered by Banks to Senior Citizens;
State Bank of India FD Rates
According to the latest revision, SBI has hiked its fixed deposit interest rates by 75 basis points (bps) on deposits maturing between 46 and 179 days, taking them from 5.25 per cent to 6 per cent for senior citizens. Similarly, for deposits with tenures of 180 and 210 days, the interest rates have increased by 25 basis points, from 6.25 per cent to 6.50 per cent.
For tenures of 211 days to less than a year, the FD rates are hiked by 25 bps i.e., from 6.50 per cent to 6.75 per cent. Interest rates on other maturity buckets beyond one year remain unchanged.
HDFC Bank FD Rates
HDFC Bank offers interest rates on fixed deposits ranging from 3.50 per cent to the highest of 7.75 per cent on various tenures. Effective February 9, 2024, the highest interest rates can be obtained on deposits maturing between 18 months and 21 months.
ICICI Bank FD Rates
The bank’s FD rates range from 3.50 per cent to 7.75 per cent on tenures ranging from a minimum of 7 days to 14 days and a maximum of 5 years to 10 years. The highest interest rate of 7.75 per cent is available for tenures of 18 months to less than 18 months and 18 months to 2 years.
Axis Bank FD Rates
Axis Bank’s fixed deposit rates for senior citizens range from 3.50 per cent to 7.85 per cent on tenures ranging from 7 days to a maximum of 10 years. The highest rate is provided for the tenure of 17 months and less than 18 months, in effect from May 13, 2024.
Read More: Premature Withdrawals from Fixed Deposits: Pros, Cons, and Guidelines
Canara Bank FD Rates
For senior citizen fixed deposits at Canara Bank, interest rates are offered between 40 per cent and 7.75 per cent on tenures ranging from 7 days to 10 years. The highest interest rate of 7.75 per cent will be available on deposits with a tenure of 444 days.
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