Senior Citizens: Interest Rates Offered by Government Banks

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In India, senior citizens are entitled to receive some additional benefits than most of the other individuals do not and rightly so.

On bank fixed deposits senior citizens receive an extra interest rate of 0.5 per cent. Interest rates could vary when it comes to company fixed deposits, but it is certainly more than other individuals.

Senior citizens have to submit form 15H for claiming TDS exemption on their fixed deposits.

Senior Citizens: Interest Rates Offered by Government Banks

Recently, government hiked the interest rate of the the Senior Citizens Savings Scheme which is only meant for senior citizens and provides a decent interest rate of 9.3 per cent.

Also read: 7 Must Know Facts About Bank Fixed Deposits

Let us consider the tenure of the bank deposit is between 1 year to 2 years. Bank interest rates differ depending on the tenure you choose.

Name of Bank Interest Rate for Senior Citizen Compounding
State Bank of India 8.75% Quarterly
State Bank of Mysore 9.35% Quarterly
Bank Of Maharashtra 9.25% Quarterly
UCO Bank 9.25% Quarterly
bank of India 9.25% Quarterly
Syndicate bank 9% Quarterly
Punjab National Bank 9.25% Quarterly
Central bank of India 9.25% Quarterly
Bank of Baroda 9.25% Quarterly
SBH 8.8% Monthly
Canara Bank 9.3% Yearly

GoodReturns.in

Read more about: interest rates, senior citizens, banks
Story first published: Monday, April 6, 2015, 12:05 [IST]
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