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.
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|
|bank of India||9.25%||Quarterly|
|Punjab National Bank||9.25%||Quarterly|
|Central bank of India||9.25%||Quarterly|
|Bank of Baroda||9.25%||Quarterly|