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Top 10 Banks Promising Best Interest Rates On Tax-Saving FDs To Senior Citizens

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Investors, particularly elderly persons, who want to reap tax benefits of up to Rs 1.5 lakh under section 80C of the Income Tax Act and deposit safety up to Rs 5 lakhs provided by DICGC can invest in a tax-saving fixed deposit for a 5-year lock-in term. Interest earned on tax-saving fixed deposits are payable on a monthly or quarterly basis and also the interest amount earned can be reinvested by the account holder. When it comes to senior citizens, most of the banks provide them additional rates of interest as compared to the general public. For senior citizens who want to invest for 5 years without making a premature withdrawal, here we have picked up the top 10 private, public and small finance banks that are promising higher returns on tax-saving fixed deposits in 2021 even after the repo rate is kept unchanged by RBI.

 

Top 10 Government Banks Offering Best Interest Rates On Tax-Saving FDs In 2021
 

Top 10 Government Banks Offering Best Interest Rates On Tax-Saving FDs In 2021

For senior citizens who want to open a tax-saving fixed deposit account for a deposit amount of less than Rs 2 Cr, here are the top 10 public sector banks offering the best interest rates.

Sr No.BanksInterest Rates For Senior CitizensTenureW.e.f.
1 Union Bank of India 6.00% More than 3 years to 5 years 09/07/2021
2 Canara Bank 6.00% 3 years & above to less than 5 years 08.02.2021
3 State Bank of India 5.80% 3 years to less than 5 years 08.01.2021
4 Punjab & Sind Bank 5.80% 3 Years - 5 Years 16.05.2021
5 Bank of Baroda 5.75% Above 3 Years and upto 5 Years 16.11.2020
6 Punjab National Bank 5.75% Above 3 year & upto 5 years 01.08.2021
7 Indian Overseas Bank 5.70% 3 Years & Above 09.11.2020
8 Indian Bank 5.65% 5 Years 05.02.2021
9 Bank of India 5.55% 3 years & above to less than 5 years 01.08.2021
10 UCO Bank 5.50% Above 3 Years and upto 5 Years 16.12.2020
Source: Bank Websites

Top 10 Private Sector Banks Promising Higher Interest Rates On Tax-Saving FDs In 2021

Top 10 Private Sector Banks Promising Higher Interest Rates On Tax-Saving FDs In 2021

For a deposit amount of less than Rs 2 Cr, here are the top 10 private sector banks providing higher returns on tax-saving fixed deposits to senior citizens.

Sr No.BanksInterest Rates For Senior CitizensTenureW.e.f.
1 DCB Bank 7.00% More than 36 months to 60 months 15 May 2021
2 Yes Bank 7.00% 3 years to less than 5 Years 05.08.2021
3 RBL Bank 7.00% 60 months 02.07.2021
4 IndusInd Bank 6.50% Indus Tax Saver Scheme (5 years) 23.07.2021
5 IDFC First Bank 6.25% Tax Saver Deposit (5 Years) May 1, 2021
6 South Indian Bank 6.15% Tax Gain ( 5 Years ) July 21, 2021
7 Karur Vysya Bank 6.00% KVB - Tax Shield 08.07.2021
8 Bandhan Bank 6.00% 3 Years to less than 5 Years June 7, 2021
9 Axis Bank 5.90% 3 years to 5 years 22.06.2021
10 ICICI Bank 5.85% 5 Years (80C FD) 21.10.2020
Source: Bank Websites

Top 10 Small Finance Banks Providing Good Returns On Tax Saving Fixed Deposits In 2021

Top 10 Small Finance Banks Providing Good Returns On Tax Saving Fixed Deposits In 2021

Here are the 10 small finance banks promising higher returns on tax-saving fixed deposits to senior citizens for a deposit amount of less than Rs 2 Cr.

Sr No.BanksInterest Rates For Senior CitizensTenureW.e.f.
1 Ujjivan Small Finance Bank 7.25% 3 years and 1 day to 5 years 05.03.2021
2 Jana Small Finance Bank 7.00% 5 Years[1825 Days] 07.05.2021
3 North East Small Finance Bank 7.00% 1096 days to less than 1825 days 19 April 2021
4 Fincare Small Finance Bank 6.75% 48 months 1 day to 59 months 29 July 2021
5 Equitas Small Finance Bank 6.75% 4 years 1 day to 5 years 1 June 2021
6 Suryoday Small Finance Bank 6.50% 5 Years June 21, 2021
7 Utkarsh Small Finance Bank 6.50% 701 Days to 3652 Days July 1, 2021
8 AU Small Finance Bank 6.50% 45 Months 1 Day to 60 Months 23 June 2021
9 Capital Small Finance Bank 6.00% 1 Year to less than 5 Years June 3, 2021
10 ESAF Small Finance Bank 5.75% 1821 days to 3653 days 01.08.2021
Source: Bank Websites

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