Senior Citizens FD Rates: Four Banks Hiked Fixed Deposits Rates In August So Far, Offering Up To 9.10% Rate

Fixed deposits are generally packed with exceptional interest rates that are offered to senior citizens compared to individuals below the age of 60 years. FDs are the most common, traditional, and risk-free investment options that offer guaranteed returns to elderlies. In August so far, four banks from the both private and public sectors have hiked their FD rates and senior citizens are among the biggest beneficiaries. These banks are offering inflation-beating interest rates to seniors. These banks are Axis Bank, Canara Bank, Suryoday Small Finance Bank and Federal Bank.

Elderlies above the age of 60 years can enjoy as high as 9.10% interest rates on their fixed deposits.

Here are the latest FD rates that these four banks are offering to senior citizens here:

Axis Bank FD rates:

This private sector bank is the latest to hike fixed deposit interest rates across tenures with effect from August 18, 2023.

On FDs below Rs 2 crore, senior citizens get as high as 7.95% on 2 years to less than 30 months tenure, while they earn 7.85% rates on tenures from 13 months to less than 2 years. The rate is 7.75% on tenures from 30 months to 10 years.

However, the bank offers a massive 8% on maturity periods from 1 year to less than 15 months for FDs ranging from Rs 2 crore to less than Rs 2.30 crore. The same rate is applicable on FDs from Rs 2.40 crore to Rs 4.91 crore and FDs from Rs 4.92 crore to Rs 5 crore on similar tenures.

From below Rs 2 crore up to Rs 5 crore FDs, Axis Bank's FD rates range from as low as 3.50% to as high as 8% for elderlies, however, it varies from tenure to tenure.

On FDs above Rs 5 crore, senior citizens can earn a massive 8.15% on deposits from Rs 25 crore to Rs 100 crore and above on 1 year to 1 year 4 days tenure.

Canara Bank FD rates:

This public sector lender is offering as high as 7.75% rate to senior citizens on FDs below Rs 2 crore for 444 days tenure under the callable category which means a pre-mature withdrawal option is available. Further, the bank is offering 7.40% on 1 year tenure and also on above 1 year to less than 2 years tenure. The rate is 7.35% on 2 Years & above to less than 3 Years; 7.30% on 3 Years & above to less than 5 Years; and 7.20% on 5 Years & above to 10 Years maturities.

Under the non-callable category, on FDs above Rs 15 lakh, senior citizens can earn up to 7.90% on 444 days. The bank offers a 7.55% rate on 1 1-year tenure and also on above 1 Year to less than 2 Years tenures. The rate is 7.50% for 2 years and above for less than 3 years.

Federal Bank FD rates:

Senior citizens here can earn up to 8.07% on 13 months to 21 months tenure, while the rate is 7.30% on 1 year to less than 13 months tenure.

The lender offers 7.25% interest rates each for above 21 months to less than 3 years, and 5 years & above tenures. A 7.10% rate is offered on 3 years to less than 5 years tenure.

On FDs below Rs 2 crore, the bank's rates for senior citizens vary from 3.50% to 8.07%.

Suryoday Small Finance Bank FD rates:

At this small finance bank, senior citizens can earn a whopping 9.10% rate on above 2 years to 3 years tenure on FDs below Rs 2 crore. The next highest rate would be 9% which is given on the above 15 months to 2 years tenure. The bank also offers 8.75% each on above 1 year to 15 months and 5 years tenure. The rate is 7.75% on the above 5 years to 10 years tenure.

For 1-year FDs, the rate is fixed at 7.35%, and for above 3 years to less than 5 years tenure, the rate is set at 7.25%.

Below 1 year, the FD rates range from 4.50% to 6.50%.