SBI vs HDFC Bank vs ICICI Bank vs PNB Deposit: Which Bank Offer Highest Senior Citizen FD Interest Rate

Most banks, including SBI, HDFC Bank, and ICICI Bank, have recently raised the interest rates on fixed deposits. Senior citizens benefit greatly from FD rate increases because most of them invest a significant portion of their retirement funds in various term deposit schemes offered by banks. Take a look at the comparison of senior citizen FD interest rates from top banks such as SBI, HDFC Bank, ICICI Bank, PNB, and Yes Bank.

SBI

Senior citizens can double their money by opening a 10-year FD with the State Bank of India. Senior citizens can currently earn 7.5% interest at the bank. The bank has introduced a 400-day (Amrit Kalash) tenor scheme with a 7.60% interest rate for senior citizens. The programme will remain in effect until March 31, 2023. SBI has introduced a new deposit scheme for resident individuals and non-resident individuals called SBI 'Sarvottam' (Non-Callable) Term Deposits for deposits exceeding Rs 15 lakh. The interest rate for amounts ranging from Rs 15 lakhs to Rs 2 crores 7.55% for senior citizens on a one-year tenor. The bank offers 7.40% for a two-year tenor to the general public.

HDFC Bank

Senior citizens can also double their money with HDFC Bank by opening a 10-year FD. The bank is currently offering senior citizens 7.75% interest, which is the highest rate among the three banks compared here. According to the online FD calculator, the maturity value of a Rs 50,000 deposit in 10 years would be more than Rs 1.07 lakh.

ICICI Bank

ICICI Bank provides senior citizens with interest rates ranging from 3.50% to 7.50% on terms ranging from 7 days to 10 years. The bank offers a 0.10% interest rate on the Golden Years FD.

PNB

Senior citizens will receive an additional 50 basis points on top of the standard card rates for any domestic deposit maturity of less than Rs 2 crore, according to the bank's website. The bank offers senior citizens interest rates ranging from 4% to 7.75% for terms ranging from 7 days to 10 years. The bank offers the highest interest rate of 8.05% to super senior citizens.