PSU Bank FD Interest Rates for Senior Citizens: Most commercial banks in India offer higher fixed deposit returns to customers aged 60 and above compared to younger depositors. As of July 1, State Bank of India (SBI), Punjab National Bank (PNB), and Bank of Baroda (BoB) provide interest rates ranging from 4 per cent to 7.75 per cent per annum on term deposits up to Rs 3 crore for senior citizens, which are typically 50 basis points (bps) higher than rates for depositors under 60. These banks offer varying lock-in periods for these fixed deposits, ranging from seven days to 10 years, as per their respective websites.
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PSU Bank FD Interest Rates for Senior Citizens: Most commercial banks in the country offer slightly better fixed deposit returns to those above 60 years of age compared to other depositors. As of July 1, India’s three largest state-run lenders, State Bank of India (SBI), Punjab National Bank (PNB) and Bank of Baroda (BoB) offer interest rates to the tune of 4-7.75 per cent per annum on term deposits – also known as fixed deposits (FDs) – of up to Rs 3 crore to senior citizen depositors. In most cases, these interest rates are about 50 basis points (bps), or half a percentage point, higher than those offered to other depositors – those below 60 years old. The three PSU banks offer a range of lock-in periods – or FD maturity periods – for these fixed deposits, starting from as short as seven days to as long as 10 years, according to their respective websites.
While SBI provides interest at the rate of 4-7.5 per cent per annum on FDs to its senior citizen customers, the annual returns delivered by PNB and Bank of Baroda stand at 4-7.75 per cent and 4.75-7.65 per cent, respectively. Here’s a comparison of the interest rates offered by the three lenders, SBI, PNB and BoB, to senior citizens and to other depositors:
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SBI FD interest rates with effect from June 15, 2024
| Term | General public | Senior citizens |
| 7 days to 45 days | 3.5 | 4 |
| 46 days to 179 days | 5.5 | 6 |
| 180 days to 210 days | 6.25 | 6.75 |
| 211 days to less than 1 year | 6.5 | 7 |
| 1 Year to less than 2 years | 6.8 | 7.3 |
| 2 years to less than 3 years | 7 | 7.5 |
| 3 years to less than 5 years | 6.75 | 7.25 |
| 5 years and up to 10 years | 6.5 | 7.50* |
| *Including additional premium of 50 bps under SBI We-Care deposit scheme | ||
Source: sbi.co.in
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PNB FD interest rates with effect from June 10, 2024
| Term | General public | Senior citizens | Super senior citizens |
| 7 to 14 days | 3.5 | 4 | 4.3 |
| 15 to 29 days | 3.5 | 4 | 4.3 |
| 30 to 45 days | 3.5 | 4 | 4.3 |
| 46 to 60 days | 4.5 | 5 | 5.3 |
| 61 to 90 days | 4.5 | 5 | 5.3 |
| 91 to 179 days | 4.5 | 5 | 5.3 |
| 180 to 270 days | 6 | 6.5 | 6.8 |
| 271 days to 299 days | 6.25 | 6.75 | 7.05 |
| 300 days | 7.05 | 7.55 | 7.85 |
| 301 days to < 1 Year | 6.25 | 6.75 | 7.05 |
| 1 Year | 6.75 | 7.25 | 7.55 |
| > 1 Year to 399 days | 6.8 | 7.3 | 7.6 |
| 400 days | 7.25 | 7.75 | 8.05 |
| 401 days to 2 Years | 6.8 | 7.3 | 7.6 |
| > 2 years to 3 years | 7 | 7.5 | 7.8 |
| > 3 years to 1203 days | 6.5 | 7 | 7.3 |
| 1204 days** | 6.4 | 6.9 | 7.2 |
| 1205 days to 5 years | 6.5 | 7 | 7.3 |
| > 5 years to 1894 days | 6.5 | 7.3 | 7.3 |
| 1895 days** | 6.35 | 7.15 | 7.15 |
| 1896 days to 10 years | 6.5 | 7.3 | 7.3 |
Source: pnbindia.in
Bank of Baroda FD interest rates with effect from June 12, 2024
| Term | General public | Senior citizen |
| 7 days to 14 days | 4.25 | 4.75* |
| 15 days to 45 days | 4.5 | 5.00* |
| 46 days to 90 days | 6 | 6.50* |
| 91 days to 180 days | 5.6 | 6.10* |
| 181 days to 210 days | 5.75 | 6.25* |
| 211 days to 270 days | 6.15 | 6.65* |
| 271 days & above and less than 1 year | 6.25 | 6.75* |
| 360D (bob360) | 7.1 | 7.60* |
| 1 year | 6.85 | 7.35* |
| Above 1 year to 400 days | 6.85 | 7.35* |
| Above 400 days and up to 2 Years | 6.85 | 7.35* |
| Above 2 Years and up to 3 Years | 7.25 | 7.75* |
| Above 3 Years and up to 5 Years | 6.5 | 7.15 # |
| Above 5 Years and up to 10 Years | 6.5 | 7.50*** |
| Above 10 years (MACT/MACAD | 6.25 | 6.75* |
| Court Order schemes only) | ||
| 399 days (Baroda Tiranga Plus Deposit Scheme) | 7.15 | 7.65* |
| *Including additional ROI 0.50%, #including additional RoI of 0.50+0.15, ***Including additional RoI of 0.50%+0.50%) | ||
Source: bankofbaroda.in
