Fixed Deposits (FDs) remain one of the safest and most dependable investment choices for senior citizens, offering both capital protection and steady returns. Banks generally provide higher interest rates to senior citizens compared to regular investors. As per BankBazaar data dated October 27, several leading banks across India are offering attractive FD rates ranging from 7% to 7.5% on deposits of up to Rs 3 crore.
IndusInd Bank: IndusInd Bank offers the highest FD rate among private banks — 7.5% interest for tenures between 6 to 12 months.
Axis Bank: Senior citizens can earn 7.35% interest on FDs with tenures ranging from 5 to 10 years.
HDFC Bank: India’s largest private bank, HDFC, provides 7.10% interest on deposits with tenures between 18 and 21 months.
ICICI Bank: The second-largest private sector bank, ICICI, offers 7.10% interest on FDs ranging from 2 years and 1 day to 10 years.
Kotak Mahindra Bank: Kotak Mahindra offers 7.10% interest on FDs with tenures from 391 days to just under 23 months.
Union Bank of India, Bank of Baroda, and Punjab National Bank: These public sector banks offer 7.10% interest on FDs for senior citizens.
SBI: The State Bank of India, the largest public sector bank, provides 7.05% annual interest on deposits maturing in 5 to 10 years.