Latest News
-
Indian Railway Finance Corp (IRFC): Top NBFC Railway Stock Advised To BUY; Short-To-Long Term Target Prices -
2 Multibagger Defence To Shield Your Money, Buy On April 24; Prabhudas Sets Target Prices, Stop Loss -
Rs 3.5/Share Dividend Declared: NBFC Declares 55.5% YoY Surge In PAT, Shares Up 87% In 1-Yr -
Rs 118/Share Dividend: Healthcare Stock Below Rs 400 Turned Ex-Dividend, Payout Soon; Buy For Rs 515 Target -
6,693% Returns: Below Rs 75, Pharma Penny Stock Ex-Dividend For Rs 40/Sh Payout After 9 Years; Do You Own? -
TCS Vs Infosys Vs Wipro Shares, ADRs, Upcoming Dividends: Which Mega IT Stocks To Buy After Q4 Results? -
SBI Card Launches 3 New Variants of Its Travel Credit Card ‘SBI Card MILES’ -
25% Dividend Record Date: Logistic Stock Nears 1-Year High And It Belongs To Mahindra; Motilal Neutral -
1:10 Split, 26 Dividends: Tata's 26-Year-Old Retail Stock In Focus, Q4, Dividend Ahead; Buy For Target Rs 4200 -
1:5 Split Soon: Rs 2,300 Defence Stock To Split Into Five Shares, Rs 400 Cr Fundraising Too; Hits 52-Week High
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
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.
| Tenure | Senior 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
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.
| Tenure | Senior 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
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.
| Tenure | Senior 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
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.
| Tenure | Senior 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
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.
| Tenure | Senior 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 |
