New Delhi: Comparing interest offered by various banks rates is a smart decision before you invest your money in a fixed deposit (FD). While most banks provide similar returns on term deposits, senior citizens typically receive around 50 basis points more than regular customers. That’s why many people even choose to open FDs in their parents’ names to earn an additional interest boost. Making the right choice can help you maximise your savings effortlessly.
Let’s take a look at which banks are offering the highest fixed deposit (FD) interest rates for senior citizens.
Top Banks Offering Attractive FD Rates for Senior Citizens
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Here are some leading banks that currently provide competitive fixed deposit (FD) interest rates for senior citizens — check out the options:
Federal Bank: Offers up to 7.2% interest on a 36-month FD. For a 1-year deposit, the rate is 6.75%.
Kotak Mahindra Bank: Provides 7.2% interest on FDs with a 391-day to less than 2-year tenor. A 1-year FD earns 6.75%.
ICICI Bank: Gives 7.2% interest for deposits between 2–5 years, while a 1-year tenor starts at 6.75%.
Union Bank of India: Offers 7.1% interest on a 3-year FD and 6.9% for a 1-year deposit.
HDFC Bank: Provides 7.1% interest for 18–21 months, and between 6.75%–6.9% for other tenors up to 5 years.
State Bank of India (SBI): Offers 7.05% interest on FDs with 5–10 years tenor, including a 50 bps premium under the SBI We Care scheme.
Canara Bank: Gives 7% interest on a 444-day FD and 6.75% for a 1-year deposit.
These rates can help senior citizens maximise their savings returns — comparing your options before investing is always a smart move.
(Source: Bank websites)