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    Senior Citizen Fixed Deposit

    We found 111 Senior Citizen Fixed Deposit

    Institution Name
    Deposit Amount Range
    Tenure Range
    Interest Rate
    Up to ₹25L
    1 Year to 5 Years
    7.49% - 8.19% Monthly compounding
    Response Time Within 30 minutes
    Features
    Documents
    Good to Know
    Up to ₹25L
    1 Year to 5 Years
    7.75% - 8.5% Monthly compounding
    Response Time Within 30 minutes
    Features
    Highlights
    Documents
    Good to Know
    Up to ₹1Cr
    7 Days to 20 Years
    5% - 8.15% Quarterly compounding
    Response Time Within 30 minutes
    Features
    Highlights
    Documents
    Good to Know
    Up to ₹1Cr
    7 Days to 10 Years
    4% - 7.5% Quarterly compounding
    Response Time Within 30 minutes
    Features
    Highlights
    Documents
    Good to Know
    Up to ₹1Cr
    7 Days to 10 Years
    4.25% - 7.35% Monthly compounding
    Response Time Within 30 minutes
    Features
    Documents
    Good to Know
    Up to ₹1Cr
    15 Days to 20 Years
    4.25% - 6.9% Monthly compounding
    Response Time Within 30 minutes
    Features
    Documents
    Good to Know
    Up to ₹1Cr
    7 Days to 10 Years
    4% - 7% Monthly compounding
    Response Time Within 30 minutes
    Features
    Highlights
    Documents
    Good to Know
    NRI - FD
    Up to ₹1Cr
    1 Year to 5 Years
    6.5% - 7.10% Monthly compounding
    Response Time Within 30 minutes
    Features
    Documents
    Good to Know
    NRI - FD
    Up to ₹1Cr
    1 Year to 10 Years
    6% - 6.4% Monthly compounding
    Response Time Within 30 minutes
    Features
    Highlights
    Documents
    Good to Know
    NRI - FD
    Up to ₹1Cr
    1 Year onwards
    6.25% - 6.5% Monthly compounding
    Response Time Within 30 minutes
    Features
    Highlights
    Documents
    Good to Know
    Up to ₹1Cr
    7 Days to 10 Years
    4% - 7.35% Quarterly compounding
    Response Time Within 30 minutes
    Features
    Highlights
    Documents
    Good to Know
    NRI - FD
    Up to ₹1Cr
    1 Year to 5 Years
    6.85% Quarterly compounding
    Response Time Within 30 minutes
    Features
    Highlights
    Documents
    Good to Know
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  • Top Bank FDs in India in 2015 Reviews

    • SBI Fixed Deposit
      "Convenient to Hold"
      0.5 4.0/5 "Great!"
      It has been two years when I opened fixed deposit with State bank of India. The period is for five years. Since I completed two years, three years to go. Interest rate is of 11%. Actually SBI is located near to my house so I feel more comfortable in visiting the bank at any instance. All the staffs are very friendly and very cooperative.
      Was this review helpful? 1
      , visakhapatnam
      Reviewed on May 25, 2017
    • SBI Fixed Deposit
      "Secured investment"
      0.5 5.0/5 "Blown Away!"
      Compared to other banks SBI offering good interest rate on fixed deposit, they offered me 7.95% of interest. I have the amount of Rs. 2.4 lakhs for the tenure of three years. After the maturity period I got the amount around 2.9 lakhs. I am very much fine with that.
      Was this review helpful? 1
      , hyderabad
      Reviewed on May 24, 2017
    • Karur Vysya Bank Fixed Deposit
      "Good"
      0.5 3.5/5 "Pretty good"
      I am having the fixed deposit account with the Karur Vysya bank and the account got opened within one to two days of time. Tenure is for five years of time and after that it will be get matured. Rate of interest was around 8.5% to 9% on that time with the tax redemption.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 23, 2017
    • Karnataka Bank Fixed Deposit
      "Good Bank"
      0.5 5.0/5 "Blown Away!"
      I have an account for fixed deposit only with Karnataka bank. I have deposited around fifty five lakhs. I bank with Karnataka for more than twenty years, even my family members are having an account with the same bank. Their services are really good.
      Was this review helpful? 0
      , chennai
      Reviewed on May 22, 2017
    • ICICI Bank Fixed Deposit
      "Good one"
      0.5 3.5/5 "Pretty good"
      I have fixed deposit account with the ICICI bank and I got it from them because I had the salary account with them. Within two days of time fixed deposit account got opened and the maturity period is around one year of time. Interest rate is around 8% with them and am not that much happy with that. I would like to suggest that they can increase the rate of interest for the deposits.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 18, 2017
    • SBI Fixed Deposit
      "Too much of process involved"
      0.5 2.5/5 "Just OK"
      At other private bank a fixed deposit could be opened online and a customer does not have to visit the bank. In my case I had to visit State bank of India to open a fixed deposit and it has a lot of process involved. Like wise to close the same it is the same scenario.
      Was this review helpful? 3
      , pune
      Reviewed on May 10, 2017
    • SBI Fixed Deposit
      "Good "
      0.5 5.0/5 "Blown Away!"
      I am having fixed deposit account with the State bank of India and the interest rate is around 6.2% for the tenure of five years of time. I have opened this account through online, so it got happened very immediately. Charges are nil with them and I can get the money withdrawal in fraction of seconds.
      Was this review helpful? 4
      , pondicherry
      Reviewed on May 09, 2017
    • SBI Fixed Deposit
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      Long back I had Fixed deposit account with State bank of India. I selected the tenure period for six years. The bank had fixed a good rate of interest. At last I received the money with the promised interest amount. I am much satisfied with SBI for the FD service.
      Was this review helpful? 3
      , hyderabad
      Reviewed on May 09, 2017
    • Bank of Baroda Fixed Deposit
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I had Fixed Deposit account with Bank of Baroda about quite long back. The tenure period is six years and the fixed amount is four to five lakhs. The percentage of interest rate is quite good and they returned the money back with the promised interest amount.
      Was this review helpful? 1
      , hyderabad
      Reviewed on May 09, 2017
    • ICICI Bank Fixed Deposit
      "Average "
      0.5 2.0/5 "Expected more"
      I have withdrawn my fixed deposit account with the ICICI bank and the interest rate was around 7%. It took around one to two hours of time to open the account through online. There are no charges while withdrawing the amount , also it took around one month of time to get it.
      Was this review helpful? 1
      , pudukkottai
      Reviewed on May 08, 2017
    • IDBI Fixed Deposit
      "Very Responsive"
      0.5 4.0/5 "Great!"
      I deposited some amount with IDBI bank as a fixed deposit. Actually I deposited this amount for future savings also I will be getting some good interest rate at the end of the year. I got good support from the bank executives and they provided all the information regarding FD.
      Was this review helpful? 1
      , indore
      Reviewed on May 04, 2017
    • YES Bank Fixed Deposit
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      Yes bank have some banking issues with them I believe. I have savings account, recurring and fixed deposit account with them. I never received quick response from the bank. But the bank is good for my fixed deposit account. Simply I opened an account with them and getting better service on it.
      Was this review helpful? 1
      , indore
      Reviewed on May 04, 2017
    • Kotak Fixed Deposit
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      I have savings account with Kotak Mahindra bank. Even I have fixed deposit account as well. The period of FD is for one year. The bank is assigned relationship manager for me as I have so many accounts with them. I got good response from them for my FD. 1 years, 1years, relationship manager
      Was this review helpful? 0
      , indore
      Reviewed on May 04, 2017
    • SBI Fixed Deposit
      "Satisfactory Service"
      0.5 5.0/5 "Blown Away!"
      Even I have fixed deposit with State bank of India. The tenure period is one year. I deposit certain amount with them as their interest rate is good and incomparable. SBI gives good response to the people and they are very supportive as well. I have no issues with SBI.
      Was this review helpful? 0
      , indore
      Reviewed on May 04, 2017
    • Punjab National Bank Fixed Deposit
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I had invested in fixed deposit with Punjab National Bank. I have deposited ceratin amount on my account. I got good response from the bank when I opened FD. The bank was so supportive and they provided all the information regarding FD. The interest rates too are pretty attractive.
      Was this review helpful? 0
      , indore
      Reviewed on May 04, 2017
    • SBI Fixed Deposit
      "Average "
      0.5 1.0/5 "Really Bad"
      I had invested in fixed deposit with the State bank of India and the interest rate is very less like its around 7.15%, also the returns are also very less, which will be also applicable with the tax. Services provided by them is really not good and I would like to suggest that they need to provide the customer service in a much better way.
      Was this review helpful? 2
      , bhopal
      Reviewed on May 03, 2017
    • SBI Fixed Deposit
      "Fantastic"
      0.5 5.0/5 "Blown Away!"
      In terms of interest rate and everything State Bank of India is fine to have the fixed deposit and the service aspects are working fine with them. I am having this account from the last six to seven years of time and the response is always very good with the State Bank of India.
      Was this review helpful? 2
      , mundra
      Reviewed on May 03, 2017
    • HDFC Bank Fixed Deposit
      "Excellent to Excellent"
      0.5 5.0/5 "Blown Away!"
      I do have the fixed deposit account with the HDFC bank and the interest rate is differed according to the offers. All of my deposits will be taken care by my relationship manager. Total tenure is around five years of time and its a kind of small deposits. Net banking services are an excellent one with them.
      Was this review helpful? 2
      , bangalore
      Reviewed on Apr 26, 2017
    • Punjab National Bank Fixed Deposit
      "Customer service should be good and unique for everyone"
      0.5 4.0/5 "Great!"
      I do have fixed deposit account with the Fixed deposit and they have provided around 8.5% as interest rate. Services are perfect one for me and I do have good relationship with them because my relatives are working there. Net banking services are also working good and they are started to exhibit most of the services there.
      Was this review helpful? 1
      , ghaziabad
      Reviewed on Apr 26, 2017
    • Axis Bank Fixed Deposit
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I had invested in fixed deposit account with the Axis bank and the minimum tenure is around five years of time. Response is a good one with them and everything was done through online. Net banking services are working in an excellent way and it is really wonderful.
      Was this review helpful? 1
      , kolkata
      Reviewed on Apr 25, 2017
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    Senior Citizen Fixed Deposit is Rated as "Excellent!" by 1739 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Fixed Deposit BYTES FROM OUR KITCHEN

    What are Senior Citizen Fixed Deposits

    Fixed deposits are not just an instrument of investment for youngsters; if you are considered a senior citizen, you too can open an FD which is referred to as the senior citizens fixed deposit. They are also used by senior citizens to park their excess money in a safe place where it can earn a decent interest and maybe even provide them with an additional source of income. These deposits are almost the same as the regular fixed deposits and can be opened by anyone who is a resident Indian or an NRI.

    Possibly the main point on which they may differ from regular fixed deposits is on the interest rates because many banks offer special interest rates to senior citizens. Another point on which they may differ from regular fixed deposits would be that to open a senior citizen fixed deposit, you will be required to submit proof of age.

    Eligibility for Senior Citizen FD

    If you want to open a senior citizen fixed deposit then you will need to be a resident of India. NRI senior citizens too can open these FDs through NRE or NRO accounts. You also need to be above the age of 60 years at the time of opening the fixed deposit.

    Features of Senior Citizen Fixed Deposit

    The features of the senior citizen fixed deposits remain the same as those of the regular term deposits. Some of these features are listed below.

    • These fixed deposits also offer deposit tenures ranging from 7 days to 10 years depending on the bank.
    • Nomination facilities are also available on these deposits where depositors can declare a person
    • The interest rates offered under these schemes are decided based on the duration of the term deposit.
    • The interest earned is compounded on a quarterly basis and can be credited to an account or added to the maturity value of the FD.
    • Once created, the fixed deposit can be closed prematurely at any time. Such a premature withdrawal is not possible with tax saver FDs and may attract penalties with regular FD based on the bank's rules.
    • The limits for the amounts that can be deposited under these schemes can range from Rs. 1 crore to higher amounts. These limits will be decided by banks and may vary from one bank to the next.
    • Some of these deposits can even be tax saver fixed deposits which come with lock in periods of 5 years and still offer the special interest rates to senior.

    Senior Citizen Fixed Deposit Interest Rates

    Fixed deposit is not just for youngsters and keeping this in my mind, many banks in India offer special fixed deposit accounts tailor made for senior citizens. Senior citizens can invest their money in the fixed deposit account and earn interest on the same. The amount from the fixed deposit account serves as an additional source of income. The fixed deposit account for senior citizens is very similar to the regular fixed deposit account. The account can be opened by both Indian residents and NRIs. NRI senior citizens can open a FD account through NRE or NRO account. The only factor where the Senior Fixed Deposit account will differ from the regular fixed deposit account is the interest rate as banks offer a higher rate of interest for senior citizens.

    Most banks offer resident senior citizens a special interest rate on their fixed deposits which tend to be up to 0.5% per annum higher than the prescribed rate of interest. However, these special interest rates are subject to certain conditions. These conditions may differ from one bank to another but the general principle remains the same.

    To be able to avail the special interest rates the deposits need to be created for durations in excess of 1 year. Deposits opened for short terms don’t qualify for senior citizen interest rates. In case the deposit is held as a joint fixed deposit, and the secondary holder, not the primary, is a senior citizen, then too the special interest rates will not apply.

    The special interest rate is also not applicable for most banks, if the amount being deposited is in excess for Rs. 1 crore.

    In the case of NRE, NRO and FCNR deposits, most banks don’t offer any special interest rates for senior citizens. The interest rates remain the same for all depositors.

    Interest Rates on Senior Citizen Fixed Deposit Accounts by Banks

    BanksInterest Rate per annum (Below 1 year)Interest Rate per annum (1 to 2 years)Interest Rate per annum (2 to 3 years)Interest Rate per annum (3 to 5 years)Interest Rate per annum (more than 5 years)
    ALLAHABAD BANK4.5% to 6.5%6.90%6.75%6.50%6.50%
    ANDHRA BANK4.5% to 6.75%7.35%7.00%7.00%7.00%
    AXIS BANK3.5% to 7%7.50% to 7.60%7.25%7.25%7.25%
    BAJAJ FINSERV-8.05%8.25%8.30%-
    BANDHAN BANK4% to 7.5%7.75%7.40%7.00%7.00%
    BANK OF BARODA4.50% to 6.50%6.90%6.75%6.75%6.50%
    BANK OF INDIA4.5% to 7%7.40%7.3%7.20%7.20%
    BANK OF MAHARASHTRA4.75% to 6.5%7.00%6.75%6.75%6.50%
    BARCLAYS BANK2% to 5%5.25% to 6.3%6.40%6.40%6.40%
    BHARAT BANK4% to 6%7.5%7.5%7.75%8.1%
    BHARATHIYA MAHILA BANK5.5% to 7.25%7.50%7.50%7.00%7.00%
    CANARA BANK4.7% to 7%7.30% to 7.40%7.30%7.20%7.00%
    CATHOLIC SYRIAN BANK3.5% to 6.25%6.50%6.50%6.50% to 6.75%6.50%
    CENTRAL BANK OF INDIA5.25% to 7%7.1%7%7%7%
    CITIBANK3.5% to 5.75%5.75%5.75%6.25%6.25%
    CITY UNION BANK6.25% to 7%7.1% to 7.5%7.10%7.10%6.95%
    CORPORATION BANK5% to 6.85%7.25%7.25%7.15%7.15%
    DARCL8.00%8.50%9.00%9.50%9.50%
    DBS BANK4% to 6.1%6.3% to 6.5%6.5%6.5% to 6.6%6.70%
    DCB BANK4.5% to 7.3%7.5% to 7.6%7.70%7.75%7.70%
    DENA BANK5% to 7.4%7.40%7.40%7.40%7.40%
    DEUTSCHE4% to 6.5%6.90%7.00%7.25% to 8.25%-
    DHANALAKSHMI BANK4% to 6%7.25%7.50%7.00%7.00%
    DHFL BANK-8.50%8.55%8.55%8.75%
    FEDERAL BANK4% to 7.00%7.20% to 7.30%7.00%7.00%7.00%
    GRUH FINANCE LTD-7.25%7.25%7.50%7.50%
    HDFC BANK4% to 6.75%6.75% to 7.45%6.50%6.50%6.50%
    HDFC LTD BANK-8.00%8.00%8.05%8.05%
    HSBC BANK3.65% to 5.5%5.5% to 7%5.50%5.50%-
    HUDCO BANK-9.40%9.25%9% to 9.25%8.75%
    ICICI BANK4.5% to 7%7.4% to 7.4%7.25%7.25%7.00%
    ICICI HOME FINANCE-8.00%8.15%8.00%-
    IDBI BANK4.25% to 6.25%6.75% to 6.90%6.50%6.50%6.50%
    IDFC BANK4.5% to 7.5%7.75% to 8.00%7.70%7.70%7.70%
    INDIAN BANK4.5% to 6.75%6.75% to 7%6.75%6.50%6.50%
    INDIAN OVERSEAS BANK4.5% to 6.75%7% to 7.25%6.75%6.50%6.50%
    INDIAN POST OFFICE-6.90%7.00%7.20% to 7.70%-
    INDUSIND BANK4% to 7.25%7.65%7.25 to 7.65%7.25%7.25%
    JAMMU KASHMIR BANK5.5% to 7.25%7.25%7.25%7.25%7.25%
    JANATA SAHAKARI6% to 8.25%8.65%8.65%8.50%8.50%
    JAYPEE GROUP12% to 13.18%14.30%15.57%--
    KARNATAKA BANK4% to 7.6%7.25%7.00%7.00%7.00%
    KARUR VYSYA BANK5% to 6.9%7.25%7.50%7.50%7.50%
    KORES INDIA LTD-9.50%10.25%11.50%-
    KOTAK MAHINDRA BANK4.00% to 7.00%7 to 7.50%7%6.75%6.50%
    KTDFC-8.75%8.75%8.5% to 8.75%-
    LAKSHMI VILAS BANK5% to 7%7.50%7.50%7.50%7.50%
    LIC HFL-7.40% to 7.55%7.45% to 7.75%7.60% to 7.75-
    MAHINDRA FINANCE-7.75%7.75% to 7.8%7.80%7.80%
    NAINITAL BANK4.5% to 8%8.40%8.25%8.25%8.00%
    NATIONAL HOUSING BANK-7.35%7.35%7.60%7.60%
    PUNJAB & SIND BANK4% to 6.9%7.35%7.35%7.35%7.35%
    PUNJAB NATIONAL BANK4.75% to 7%7.3% to 7.4%7.30%7.30%7.20%
    PUNJAB NATIONAL HOUSING FINANCE BANK-7.50%7.65%7.65%7.65%
    RBL BANK5.5% to 7.75%8.00%8.15%8.00%8.00%
    ROYAL BANK OF SCOTLAND3.50% to 4.50%4.00%4.00%4.00%-
    SARASWAT BANK4.25% to 6.50%7.35%7.35%7.00%7.00%
    SHAMRAO VITHAL COOPERATIVE BANK4.75% to 6%7.00%6.75%7.45% to 7.55%7.45%
    SHRIRAM CITY UNION FINANCE LIMITED-8.00%8.42%8.94% to 10.08%-
    SOUTH INDIAN BANK4.5% to 6.5%7.25%7.00%7.00%7.00%
    SRIRAM FINANCE LTD-8% to 8.10%8.25%8.40 to 8.50%8.50%
    SRS LIMITED-12.00%12.25%12.50%-
    STANDARD CHARTERED BANK4.75% to 7.5%7.50%7.50%7.50%7.50%
    STATE BANK OF INDIA6.% to 7.%7.25% to 7.4%6.75%6.75%6.75%
    SUNDARAM FINANCE-7.50%7.75%7.75%-
    SYNDICATE BANK4.75% to 6.25%7.1% 7.2%7.2%7.2%
    TALBROS AUTOMOTIVE COMPONENTS LTD-9.50%10.25%11.00%-
    TAMILNAD MERCANTILE BANK5% to 7.40%7.50%7.50%7.40%7.40%
    UCO BANK5% to 7%7.25%7.25%7.25%7%
    UNION BANK OF INDIA5.5% to 7.5%7.30 to 7.50%7.30%7.30%7.30%
    UNITED BANK OF INDIA4% to 6.5%6.50% to 6.756.50%6.50%6.50%
    VIJAYA BANK4.5% to 6.75%7.00%6.75%6.75%6.75%
    YES BANK6.25% to 7.5%7.60%7.60%7.60%7.60%

    Taxes on Senior Citizen FDs

    The interest earned on senior citizen fixed deposits may be liable for income tax based on the applicable laws. These taxes, if any, are deducted at the source however, in case you are not liable to pay taxes you can submit forms 15G or 15H to the banks.

    If the term deposit is an NRE deposit then it may not be liable for taxes however in the case of NRO and FCNR deposits interest earned may be liable for taxes.

    Benefits of FD for Senior Citizen

    There are a multitude of benefits that can be gained from opening senior citizen fixed deposits, chief among which are:

    • They offer special interest rates which tend to be higher, thereby resulting in more earnings.
    • It creates a safe space for the money to grow in at a steady pace.
    • The interest earned on these deposits can be turned into monthly incomes thus providing more peace in your retirement years.
    • The senior citizen fixed deposit can also be a tax saver deposit which help get tax deductions under section 80C of the IT Act.

    Perfect Fixed Deposits Deals for you

    News About Senior Citizen Fixed Deposits

    • Senior Citizens Can Now Avail Fixed Deposits with 8% Interest

      Senior citizens who are on the search for a regular monthly income have some good news as there will soon be an extra option from which they can choose. Narendra Modi, the Prime Minister of India, recently announced that the new FD scheme will offer 8% interest for a period of 10 years. Interest will be paid on a monthly basis, and the limit for the maximum amount that can be invested stands at 7.5 lakhs. Other details such as taxability and options for premature withdrawals are yet to be finalised, but going by the lock-in period and the interest rate on offer, the scheme seems to be a good option for senior citizens.

      16th January 2017

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