Special FD Schemes for Senior Citizens
In May 2020, the COVID-19 pandemic started to spread like wildfire across the world. During this time, many banks launched special fixed deposit schemes for senior citizens.
This scheme aimed at offering higher interest rates to senior citizens who open fixed deposits with a tenure of 5 years and more.
There are three banks in India that are offering special fixed deposit schemes for senior citizens. They are, IDBI Bank and HDFC Bank.
Let's take a look into the fixed deposit scheme for senior citizens offered by each of these banks:
HDFC Bank's Special Fixed Deposit Scheme for Senior Citizens
HDFC Bank offers higher interest rates on fixed deposits to senior citizens aged 60 years and above. Senior citizens generally get 0.50% or 50 basis points higher interest rates than the public on domestic fixed deposits below Rs.3 crore. The applicable rates depend on the tenure of the deposit and are subject to revision by the bank from time to time.
Tenure | Interest Rates for Senior Citizen (p.a.) |
7 - 14 days | 3.25% |
15 - 29 days | 3.25% |
30 - 45 days | 3.75% |
46 - 60 days | 4.75% |
61 - 89 days | 4.75% |
90 days < = 6 months | 4.75% |
6 months 1 days <= 9 months | 6.00% |
9 months 1 day to < 1 year | 6.25% |
1 year to < 15 months | 6.75% |
15 months to < 18 months | 6.85% |
18 months to < 21 months | 6.95% |
21 months - 2 years | 6.95% |
2 Years 1 day to < 2 Year 11 Months | 6.95% |
2 Years 11 Months - 35 Months | 6.95% |
2 Years 11 Months 1 day <= 3 Year | 6.95% |
3 Years 1 day to < 4 Years 7 Months | 6.90% |
4 Year 7 Months - 55 months | 6.90% |
4 Year 7 Months 1 day <=5 Years | 6.90% |
5 Years 1 day to 10 Years | 6.65% |
Note: The above-mentioned rates are effective from 17 December 2025.
Baroda Advantage Fixed Deposit
Baroda Advantage Fixed Deposit Account is a non-callable domestic term deposit product where the account holder receives a differential rate of interest over normal FD rates for deposit amount ranging from above Rs.1 crore to below Rs.3 crore
Tenure | General FD Rates (p.a.) | Senior Citizen FD Rates (p.a.) |
1 Years | 6.15% | 6.65% |
Above 1 Years to 400 days | 6.30% | 6.80% |
Above 400 days and up to 2 Years | 6.30% | 6.80% |
Above 2 Years and up to 3 Years | 6.30% | 6.80% |
Above 3 Years and up to 5 Years | 6.36% | 6.95% |
Above 5 Years and up to 10 Years | 6.05% | 7.05% |
BoB Square Drive Deposit Scheme (444 Days) | 6.50% | 7.00% |
Note: The above-mentioned interest rates are effective from 5 January 2026.
SBI Wecare Fixed Deposit Scheme
The State Bank of India introduces a special Fixed Deposit scheme named SBI Wecare that is specifically curated for senior citizens which offer extra interest on term deposits.
The bank offers the scheme for a tenure ranging from five years to ten years with an extra premium of 30 bps which is more than the existing premium of 50 bps.
Tenure | Interest Rates (p.a.) |
5 years | 7.05% |
10 years | 7.05% |
ICICI Bank Golden Years
- ICICI Bank offers a special FD scheme for the senior citizen account holders.
- Under this scheme, it provides an additional rate of interest of 10 bps over the existing additional senior citizen FD interest rates of 50 bps.
- Customers who are resident senior citizens will receive an additional interest rate on an FD of 0.10% for a brief period in addition to the current additional rate of 0.50% per year.
- The bank will provide interest on senior citizen on tenure between five years one day to ten years.
- The interest rate offered is 7.00% p.a with tenure ranging between 5 years and 10 years.
FAQs on Special Deposits for Senior Citizens
- What is the highest interest rate offered to senior citizens by the Bank of Baroda on fixed deposits?
Bank of Baroda offers an interest rate of 7.05% p.a. to senior citizens for fixed deposits with tenures ranging from more than 5 years to 10 years.
- What is the tenure range for State Bank of India's SBI Wecare Fixed Deposit Scheme for senior citizens?
State Bank of India offers the SBI Wecare Fixed Deposit Scheme for senior citizens for a tenure ranging from five years to ten years.
- Who can open a senior citizen fixed deposit?
All Indian citizens aged 60 years and above are eligible to open a senior citizen fixed deposit.
- Do senior citizens get additional interest rates on fixed deposits?
Yes, senior citizens get additional interest rates on fixed deposits.
- Is a fixed deposit interest taxable for senior citizens?
Senior citizens will not be taxed on FD interest earnings up to Rs.50,000.
- Can a senior citizen open a fixed deposit jointly with an individual who is not a senior citizen?
Yes, a senior citizen can open a fixed deposit jointly with an individual who is not a senior citizen. However, the primary account holder must be a senior citizen.
- Do super senior citizens receive additional interest rates on fixed deposits?
Yes, super senior citizens, who are over the age of 80 years are offered higher interest rates than senior citizens on fixed deposits.
- Can non-senior citizens also invest in these special fixed deposit schemes?
Yes, non-senior citizens can also invest in these special fixed deposit schemes, but they will receive a lower interest rate than senior citizens.
- What is the additional interest rate offered by ICICI Bank's Golden Years FD scheme for senior citizens?
ICICI Bank offers an additional interest rate of 0.10% per year on FDs for senior citizens for a tenure of five years one day to ten years.
- What is the minimum deposit amount required for ICICI Bank's Golden Years FD scheme for senior citizens?
The minimum deposit amount required for ICICI Bank's Golden Years FD scheme for senior citizens is not mentioned in the given information.
- What are special fixed deposit schemes for senior citizens?
Special fixed deposit schemes for senior citizens offer higher interest rates to citizens above the age of 60 who open fixed deposits with a tenure of 5 years or more.
- Which banks in India offer special fixed deposit schemes for senior citizens?
IDBI Bank, HDFC Bank, and State Bank of India (SBI) offer special fixed deposit schemes for senior citizens.
- What is the interest rate offered by HDFC Bank for senior citizens under its special fixed deposit scheme?
HDFC Bank offers an interest rate of 6.65% p.a. when you open a fixed deposit for 5 years and above under its special fixed deposit scheme for senior citizens.
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