For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

SBI Vs Axis Vs HDFC Vs ICICI Vs BOB: Latest Senior Citizens FD Rates Compared

|

A fixed deposit (FD) has always been the most popular investment option among investors of all ages, particularly senior citizens. Senior citizens generally receive an additional interest rate of 0.50 percent to 0.65 percent, based on the bank and period of deposit. They can also pick the frequency of interest payout option i.e. monthly, quarterly, half-yearly or annually. Interest rates on senior citizen special fixed deposit schemes are even more appealing and higher: Senior citizens can also take advantage of these schemes until June 30, 2021, which deliver interest rates on more than 5 year deposits. The senior citizen special fixed deposit schemes are currently provided by 4 leading banks of India. Let's take a peek at the banks that have special fixed deposit schemes, as well as the five leading Indian banks that are currently offering the highest interest rates on senior citizen FDs.

 

SBI Fixed Deposit For Senior Citizens

SBI Fixed Deposit For Senior Citizens

The interest rate on the SBI's 'Wecare Deposit' special FD scheme for senior citizens is 80 basis points (bps) higher than the interest rate offered to the general public. A senior citizen will be eligible to earn a 6.20 percent interest rate on his or her deposit under the special FD scheme. The senior citizen FD rates offered by SBI for a deposit amount of less than Rs 2 Cr are listed below for periods spanning from 7 days to 10 years.

TenureSenior Citizen FD Rates
7 days to 45 days 3.40%
46 days to 179 days 4.40%
180 days to 210 days 4.90%
211 days to less than 1 year 4.90%
1 year to less than 2 year 5.50%
2 years to less than 3 years 5.60%
3 years to less than 5 years 5.80%
5 years and up to 10 years 6.20%
Source: SBI, W.e.f. 08.01.2021

Axis Bank FD Rates For Senior Citizens
 

Axis Bank FD Rates For Senior Citizens

On certain maturities, Axis Bank gives senior citizens a higher rate. For deposits maturing in 7 days to 10 years, senior citizens can get interest rates ranging from 2.5 percent to 6.50 percent. Below are the revised interest rates of Axis Bank for senior citizens for a deposit amount of less than Rs 2 Cr.

TenureSenior Citizen FD Rates in %
7 days to 14 days 2.50
15 days to 29 day 2.50
30 days to 45 days 3.00
46 days to 60 days 3.00
61 days to less than 3 months 3.00
3 months to less than 4 months 3.50
4 months to less than 5 months 3.50
5 months to less than 6 months 3.50
6 months to less than 7 months 4.65
7 months to less than 8 months 4.65
8 months to less than 9 months 4.65
9 months to less than 10 months 4.65
10 months to less than 11 months 4.65
11 months to less than 11 months 25 days 4.65
11 months 25 days to less than 1 year 4.65
1 year to less than 1 year 5 days 5.75
1 year 5 days to less than 1 year 11 days 5.80
1 year 11 days to less than 1 year 25 days 5.75
1 year 25 days to less than 13 months 5.75
13 months to less than 14 months 5.75
14 months to less than 15 months 5.75
15 months to less than 16 months 5.75
16 months to less than 17 months 5.75
17 months to less than 18 months 5.75
18 Months to less than 2 years 5.90
2 years to less than 30 months 6.05
30 months to less than 3 years 5.90
3 years to less than 5 years 5.90
5 years to 10 years 6.50
Source: Axis Bank, W.e.f. 21.05.2021

HDFC Bank Fixed Deposit For Senior Citizens

HDFC Bank Fixed Deposit For Senior Citizens

The HDFC Bank Senior Citizen Care FD has a 75 basis point higher interest rate for senior citizens. Under the special FD scheme, an interest rate of 6.25 percent is provided on a fixed deposit made by a senior citizen. HDFC's senior citizen FD rates for deposits less than Rs 2 crore are mentioned below, for terms ranging from 7 days to 10 years.

TenureSenior Citizen FD Rates
7 - 14 days 3.00%
15 - 29 days 3.00%
30 - 45 days 3.50%
46 - 60 days 3.50%
61 - 90 days 3.50%
91 days - 6 months 4.00%
6 months 1 days - 9 months 4.90%
9 months 1 day less than 1 Year 4.90%
1 Year 5.40%
1 year 1 day - 2 years 5.40%
2 years 1 day - 3 years 5.65%
3 year 1 day- 5 years 5.80%
5 years 1 day - 10 years 6.25%
Source: HDFC Bank, W.e.f. 13th Nov, 2020

ICICI Bank Fixed Deposit For Senior Citizens

ICICI Bank Fixed Deposit For Senior Citizens

The ICICI Bank Golden Years FD scheme offers senior citizens a 6.30 percent annual interest rate. Senior citizens can earn an additional 0.30 percent interest rate on fixed deposits. It only applies to single fixed deposits worth less than Rs 2 crore. The ICICI Bank's senior citizen FD rates for deposits of less than Rs 2 crore are framed below, with terms varying from 7 days to 10 years.

TenureSenior Citizen FD Rates
7 days to 14 days 3.00%
15 days to 29 days 3.00%
30 days to 45 days 3.50%
46 days to 60 days 3.50%
61 days to 90 days 3.50%
91 days to 120 days 4.00%
121 days to 184 days 4.00%
185 days to 210 days 4.90%
211 days to 270 days 4.90%
271 days to 289 days 4.90%
290 days to less than 1 year 4.90%
1 year to 389 days 5.40%
390 days to less than 18 months 5.40%
18 months days to 2 years 5.50%
2 years 1 day to 3 years 5.65%
3 years 1 day to 5 years 5.85%
5 years 1 day to 10 years 6.30%
5 Years (80C FD) 5.85%
Source: ICICI Bank, W.e.f. October 21, 2020

Bank of Baroda Fixed Deposit For Senior Citizens

Bank of Baroda Fixed Deposit For Senior Citizens

At Bank of Baroda, senior citizens can get a 100 basis point benefit on these deposits. A senior citizen who holds a fixed deposit under the special FD scheme for more than 5 years and up to 10 years will get a 6.25 percent interest rate. The senior citizen FD rates offered by Bank of Baroda for deposits of less than Rs 2 crore are mentioned below.

TenureSenior Citizen FD Rates
7 days to 14 days 3.30%
15 days to 45 days 3.30%
46 days to 90 days 4.20%
91 days to 180 days 4.20%
181 days to 270 days 4.80%
271 days & above and less than 1 year 4.90%
1 year 5.40%
Above 1 year to 400 days 5.50%
Above 400 days and up to 2 Years 5.50%
Above 2 Years and up to 3 Years 5.60%
Above 3 Years and up to 5 Years 5.75%
Above 5 Years and up to 10 Years 6.25%
Source: BOB, W.e.f. 16/11/2020

Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X