After retirement, our regular source of income comes to an end. Hence, it becomes all the more important to plan your finances. You depend primarily on your savings. Experts suggest senior citizens focus on investments that come with the lowest risk and yet provide guaranteed profits.
While taking these two aspects into consideration, the first thing that comes to the mind of many in India is a fixed deposit or FD — considered the most reliable way to earn money through your investments. They offer fixed returns over a period of time.
Read More: Hidden charges on SBI ATM cards: Is your money disappearing quietly?
Here’s a complete list of top public and private sector banks that are offering interest rate of 7.5% and above on 5 year Fixed Deposit period for the senior citizens, according to Paisabazaar.com.
| Name of Banks | Interest rate on Fixed Deposit (in %) |
| Axis Bank | 7.75 |
| DCB Bank | 7.90 |
| Federal Bank | 7.75 |
| HDFC Bank | 7.50 |
| ICICI Bank | 7.50 |
| IndusInd Bank | 7.75 |
| Karur Vysya Bank | 7.50 |
| RBL Bank | 7.60 |
| SBM Bank | 8.25 |
| Yes Bank | 8.00 |
| State Bank of India (SBI) | 7.50 |
Read More: HDFC Bank personal loan interest rates: What salaried employees need to know
Interest rate between 7-7.50
| Name of Banks | Interest rate on Fixed Deposit (in %) |
| Bank of Baroda | 7.40 |
| Bank of Maharashtra | 7.00 |
| Canara Bank | 7.20 |
| Indian Overseas Bank | 7.00 |
| Punjab National Bank | 7.00 |
| Union Bank of India | 7.00 |
| DBS Bank | 7.00 |
| Dhanlaxmi Bank | 7.10 |
| IDBI Bank | 7.00 |
| IDFC First Bank | 7.25 |
| J&K Bank | 7.00 |
| Karnataka Bank | 7.00 |
| Tamilnad Mercantile Bank | 7.00 |
The above-mentioned senior citizen FD rates have been updated as of December 2024. These are applicable for deposits less than Rs 2 crore.
Read More: FD interest rates: Get up to 7.4% interest on five-year FDs; Check full list here
Senior citizen FD: Eligibility
Resident individuals who are 60 years old or above are eligible to book for Fixed Deposits at preferential interest rates.
The NRI senior citizens too are eligible for these through NRE or NRO accounts.
Documents Required
- Age-proof documents like senior citizen ID card or others
- Aadhaar Card
- Passport
- PAN Card
- Photograph
- Telephone bill/electricity bill
- Bank statement with cheque
