• Best Senior Citizen FD Rates in India 2020

    Senior Citizen Fixed Deposits (FDs) are customized term deposit plans that allow those above 60 to get maximum returns out of their investment. All banks in India offer higher interest rates for this age group, making FDs a lucrative option. These types of deposits are referred to as senior citizen fixed deposits. There are a number of senior citizen fixed deposit schemes to choose from and they come with a wide range of features, including loan/overdraft facility, flexible tenures and interest payout options, among others.

    Below are the 12 Best Senior Citizens Fixed Deposit rates offered by banks in India

    Senior Citizen FD Rates 2020
    Bank 1 to 5 years Above 5 years
    IDFC 7.75% 7.75%
    Repco Bank 7.00% to 7.50% -
    Tamilnad Mercantile Bank 6.75% to 6.80% 6.75%
    DCB Bank 7.25% to 7.85% 7.85%
    Lakshmi Vilas Bank 6.75% to 7.00% 6.75%
    Yes Bank 7.50% 7.50%
    Deutsche Bank 4.55% to 6.75% -
    Karur Vysya Bank 6.75% to 6.80% -
    Punjab National Bank 6.25% 6.25%
    Bandhan Bank 7.35% to 7.50% 7.25%
    IDBI 6.35% to 6.40% 6.00% - 6.30%
    IndusInd Bank 7.50% to 7.15% 7.25%

    *Interest rates are subject to change and can be revised by the bank without prior notice

    Top Bank Senior Citizen FD Rates in 2020

    Senior Citizen Best FD Rates 2020
    Fixed Deposits with Bank Less than 1 year 1 to 5 years More than 5 years
    SBI 3.80% to 5.30% 6.00% to 6.20% 6.50%
    HDFC Bank 3.50% to 6.30% 6.30% to 6.50% 6.50%
    Canara Bank 4.00% to 6.25% 6.20% to 6.25% 6.20%
    ICICI Bank 3.75% to 5.75% 6.20% to 6.25% 6.25%
    HSBC Bank 3.50% to 4.00% 4.00% to 4.50% -

    *Interest rates are subject to change and can be revised by the bank without prior notice

    Fixed deposits are not just for youngsters, if you are considered a senior citizen, you too can open an FD. These deposits 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 an additional source of income. These deposits are almost the same as the regular fixed deposits. Possibly the main point on which they may differ from regular fixed deposits is when it comes to 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.

    Key features and benefits of senior citizen FDs:

    • Attractive, higher interest rates
    • Guaranteed returns
    • Safe and secure investment
    • Periodic interest payment option
    • Online booking
    • Premature withdrawal, nomination, loan and sweep-in facility

    Senior Citizen Fixed Deposit Interest Rates

    Many banks in India offer special fixed deposit accounts tailor made for senior citizens. A higher interest rate is paid on their fixed deposits which tend to be up to around 0.50% more than the average FD rate per annum.

    Many banks in India are offering high interest rates on senior citizen fixed deposits. The interest rate ranges from 3.50% to 7.85%.

    • The highest rate of interest on senior citizen FDs is being offered by DCB Bank, which is 7.85% for a tenure above 5 years.
    • DCB Bank, Repco Bank, and Lakshmi Vilas Bank also offer good interest rates that range from 6.75% to 7.85% that are opened for a tenure between 1 year and 5 years.
    • Tamilnad Mercantile Bank, Indus Ind Bank, and IDFC Bank offer 6.75%, 7.25%, and 7.75% for fixed deposits with a 5-year tenure.
    • SBI FD Rates for senior citizens vary from 3.80% to 6.50%.
    • ICICI Bank Fixed Deposit Rates range from 3.75% to 6.25%.
    • SBI, HDFC, and Canara Bank offer interest rates in the range of 3.80% to 6.50% p.a.

    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.

    • The depositor must have crossed 60 years of age on the date on which he/she opens the respective term deposit account
    • Some banks may allow customers who are more than 55 years and have taken early retirement to apply for this type of FD scheme. This rule may vary from bank to bank and are subject to certain terms and conditions

    Documents required for opening Senior Citizen FD

    • Age proof document
    • Passport
    • Aadhaar Card
    • PAN card
    • Photograph

    Features of Senior Citizen Fixed Deposit

    The features of the senior citizen fixed deposits remain the same as 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.

    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 Citizens

    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.
    • Senior citizens can choose different interest payout options where interest is credited to the depositors savings account on a frequent basis - either monthly, quarterly, half-yearly or yearly.
    • Regular interest payout option can be a boon for those who are retired because it acts as a source of supplementary income

    Perfect Fixed Deposits Deals for you

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    Top Bank FDs in India in 2019 Reviews

    • review Fixed Deposit
      0.5 5.0/5 "Blown Away!"
      Recently I done a Fixed Deposit on FINCARE SMALL FINANCE BANK which was referred by colleague. The policies and services are good. They are providing interest rate of 9.5% for senior citizen and the locking period is 24months. The customer service is superb.
      Was this review helpful? 15
      , ahmedabad
      Reviewed on Jun 26, 2019
    • SBI
      SBI Fixed Deposit
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      I've Fixed deposit with the SBI, I deposited 50000. It was so easy to start a fixed deposit with them. 2 years. For senior citizen they offers 7% interest rate which is very low. They also provided me with a credit card with the FD which was also good.
      Was this review helpful? 38
      , chennai
      Reviewed on Jun 11, 2018
    • HDFC Bank Fixed Deposit
      "Good Service"
      0.5 4.0/5 "Great!"
      I've a fixed deposit with the HDFC bank for 1 Lakh, they offered an annual interest rate of 9.5% annual. They also offers special rates for Senior Citizen. Apart from the fixed deposit I hardly use the account. Overall their banking services are good.
      Was this review helpful? 39
      , chennai
      Reviewed on May 17, 2018
    • SBI Fixed Deposit
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I am having a fixed deposit with SBI from last 10 years, the services provided by SBI is good when compared to other banks. I paid an amount of Rs 10 lakhs and i get returns after every 2 years in this bank. I have opened an senior citizen account where i get an interest of 7% which comes to Rs 1.50 lakhs.
      Was this review helpful? 18
      , ahmedabad
      Reviewed on Feb 01, 2018
    • ICICI Bank Fixed Deposit
      "Its Better"
      0.5 4.0/5 "Great!"
      ICICI is also good based on the my concern, one month back only I have deposit some amount in FD account. But interest rate is less around 7.25% for senior citizen for the tenure of one year. I have opened FD through offline, I went the bank and submitted KYC . But I could track my FD transaction through online banking.
      Was this review helpful? 11
      , chennai
      Reviewed on Dec 22, 2017
    • Karnataka Bank Fixed Deposit
      "Good "
      0.5 5.0/5 "Blown Away!"
      Karnataka Bank fixed deposit interest rate is good than other banks, they are providing 7.35% of interest for senior citizen. I have went to the branch they provided hassle customer satisfaction. I took FD before two months with this bank for the tenure of one year.
      Was this review helpful? 4
      , chennai
      Reviewed on Dec 22, 2017
    • Lakshmi Vilas Bank Fixed Deposit
      "Good savings"
      0.5 5.0/5 "Blown Away!"
      I have invested Rs. 3 lakhs it has the tenure one year,I am holding Fixed deposit around Rs. 3 months. After maturity I well receive the interest of 8% and investment amount credits to my account, I am working as a staff in the same bank, hence they provides 8% as a staff for other they give 7% and for senior citizen 7.5% of interest.
      Was this review helpful? 4
      , rajapalayam
      Reviewed on Sep 13, 2017
    • Punjab National Bank Fixed Deposit
      "PNB is my bank"
      0.5 5.0/5 "Blown Away!"
      PNB is my bank as I worked as a Senior Manager there so I know how the bank works. , Interest rate offered by them was the 1.5% extra than the normal interest rate for FD because I am staff of that bank I get 6.60% for 5years. For senior citizen they give 6.25% plus some additional interest too.
      Was this review helpful? 7
      , jalandhar
      Reviewed on Sep 05, 2017
    • UCO Fixed Deposit
      "FD account"
      0.5 5.0/5 "Blown Away!"
      I am using UCO bank FD. I dont get any tax benefits here. The rate of interest is 9.75% which is applicable for me . ( Normal interest + the staff rate is 1%) therefore I had been offered 9.75% interest rate. For a normal customer interest rate on FD is 8.25% and for senior citizen they are offering around 8.75%.
      Was this review helpful? 18
      , indore
      Reviewed on Dec 03, 2016
    • Lakshmi Vilas Bank Fixed Deposit
      "Better service when compared with other banks"
      0.5 5.0/5 "Blown Away!"
      LAKSHMI VILAS bank I had opted for FD. Interest rate offered by them was the best. I had opted this for a period of 2 years. The interest rate offered by them was 0.5% to 1% was higher than other banks. They also provide special schemes for women and senior citizen.
      Was this review helpful? 7
      , warangal
      Reviewed on Nov 11, 2016
    • review Fixed Deposit
      "The only bank who offers the best ROI on Fixed Deposit"
      0.5 5.0/5 "Blown Away!"
      I would say that Bandhan bank is the only bank who offers such a good rate on the rate of interest for a Fixed deposit. The rate is of 8.75% for senior citizens and for the common people the rate of interest is of 8.25%. They also have excellent online facilities and mobile banking. I would defiantly refer this bank to future customers.
      Was this review helpful? 38
      , aurangabad
      Reviewed on Sep 08, 2016
    • HDFC Bank Fixed Deposit
      0.5 4.0/5 "Great!"
      HDFC bank is giving 7.50% interest rate for the normal citizen for the FD plan with the minimum lock in period of six month and for senior citizen they are providing 7.85%. The minimum amount to activate is Rs.5000.We can avail the facility thorough online within 2 minutes it got activated.
      Was this review helpful? 16
      , dhule
      Reviewed on May 21, 2016
    • YES Bank Fixed Deposit
      "Extremely good.."
      0.5 5.0/5 "Blown Away!"
      For fixed deposit the rate of interest is compounding type and this type varies based on the tenure period that we choose for the deposit. Interest rate is 7.75% for fixed deposit and for senior citizens is 8.25%. YES bank is too good for all the products.
      Was this review helpful? 14
      , panipat
      Reviewed on Mar 10, 2016
    • Lakshmi Vilas Bank Fixed Deposit
      0.5 5.0/5 "Blown Away!"
      I use an account and on that basis opened the fixed deposit. Interest rate will be less in the government banks. Over draft features is present on the fixed deposit. Usually the interest rate would be 0.5% high for senior citizens. Now the fixed deposit rate is 7.8 to 9% at Lakshmi Vilas bank.
      Was this review helpful? 14
      , coimbatore
      Reviewed on Mar 09, 2016
    • ICICI Bank Fixed Deposit
      "Nice options for investment.."
      0.5 4.0/5 "Great!"
      Previously I use to deposit with ICICI bank. Three years ago the interest rate was 9 to 9.5%. They gave simple rate of interest for fixed deposit. Offers were there against this fixed deposit but I have not availed. Might be 0.5% extra in interest for senior citizens. Previously they use to have special account for women and now it is not there I guess.
      Was this review helpful? 14
      , hyderabad
      Reviewed on Feb 23, 2016
    • review Fixed Deposit
      0.5 5.0/5 "Blown Away!"
      Rate of interest for the fixed deposit is high at this bank. They gave around 9% for senior citizens and for normal customers it is 8%. My grandfather was working at Cosmos Cooperative bank and he suggested to have the deposit as due to high interest rate. It is not a nationalized bank but they are good in service.
      Was this review helpful? 6
      , lucknow
      Reviewed on Feb 18, 2016
    • Karnataka Bank Fixed Deposit
      "Customer service is good..."
      0.5 5.0/5 "Blown Away!"
      Every yearly I use to open the fixed deposit. Actually last time the Karnataka bank has offered 8.75% to 9.5% of rate. Currently it is 8.75% of rate. Actually half percent will be extra for the senior citizens. You can take loan and OD limits on basis this FD.
      Was this review helpful? 11
      , faridabad
      Reviewed on Feb 05, 2016
    • Post Office Fixed Deposit
      "Best interest ...."
      0.5 4.0/5 "Great!"
      India post office is the best for fixed account. They are providing 8.4% interest which was very competitive. Minimum maintenance also good in India post office which was very convenient just 50rs. I would suggest them to provide more facilities to their senior citizens.
      Was this review helpful? 131
      , bangalore
      Reviewed on Jan 15, 2016
    • Indian Bank Fixed Deposit
      "Future benefits.."
      0.5 3.0/5 "Satisfactory"
      My fixed account is with Indian Bank for the past 10 years. They are providing more benefits for their senior citizens. I am getting around 8% interest for this account. In terms of customer service they were very slow and it would be great speed up their process.
      Was this review helpful? 18
      , chennai
      Reviewed on Jan 02, 2016
    • HDFC Bank Fixed Deposit
      0.5 3.0/5 "Satisfactory"
      My salary account is with HDFC bank. Therefore I have invested there. Interest rate offered by HDFC for the senior citizen is 9%. For a regular customer they charge about 8.5% . I am getting tax benefits as well. This FD was opened at the branch. I have got the FD certificate immediately.
      Was this review helpful? 21
      , chennai
      Reviewed on Dec 11, 2015
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