Senior Citizen Fixed Deposit Interest Rates: Features and Benefits
Updated on May 5, 2023
Written by Manish Kothari
CEO Zfunds
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Senior Citizen Fixed Deposit Interest Rates in 2023
Senior Citizen Fixed Deposits are a type of term deposit offering special interest rates to individuals who are of age 60 or above. Such fixed deposit accounts offer a wide range of advantages to senior citizens. Generally, senior citizens are provided with extra interest rates which are usually around 0.50-0.65%, varying from bank to bank. It also offers flexibility in choosing the frequency of interest payouts along with a high level of stability.
Benefits of Senior Citizen Fixed Deposit
- These accounts offer senior citizens a special interest rate which is usually higher, thus offering them more earnings.
- These accounts offer a safe and secure investment option.
- The senior citizen fixed deposits also offer tax benefits under section 80C of the IT Act.
- One can opt from various payout options from either monthly, quarterly, or yearly options, as per convenience.
- These FD accounts also offer premature withdrawal, nomination facility, loan facility, and also sweep-in facility.
SBI Senior Citizen FD Rates 2023
| Public | Senior Citizen | |||
|---|---|---|---|---|
| Tenors | Rates w.e.f. 15/02/2023 | Annualised Yield# | Rates w.e.f. 15/02/2023 | Annualised Yield# |
| 7 days to 45 days | 3.00 | 3.00 | 3.50 | 3.50 |
| 46 days to 179 days | 4.50 | 4.50 | 5.00 | 5.00 |
| 180 days to 210 days | 5.25 | 5.35 | 5.75 | 5.88 |
| 211 days to less than 1 year | 5.75 | 5.88 | 6.25 | 6.40 |
| 1 Year to less than 2 years | 6.80 | 6.98 | 7.30 | 7.50 |
| 2 years to less than 3 years | 7.00 | 7.19 | 7.50 | 7.71 |
| 3 years to less than 5 years | 6.50 | 6.66 | 7.00 | 7.19 |
| 5 years and up to 10 years | 6.50 | 6.66 | 7.50@ | 7.71 |
| 400 days (Special Scheme i.e. “ Amrit Kalash”) | 7.10 | 7.29 | 7.60 | 7.82 |
HDFC Bank FD Rates 2023
| Tenure | Below 2 crores | 2 crores and above | ||
Interest rates for general customer (per annum) | Interest rates for senior citizen (per annum) | Interest rates for general customer (per annum) | Interest rates for senior citizen (per annum) | |
| 1 year | 4.90 | 5.40 | 3.75 | 4.25 |
| 2 years 1 day – 3 years | 5.15 | 5.65 | 4.40 | 4.90 |
| 3 years 1 day - 5 years | 5.30 | 5.80 | 4.40 | 4.90 |
| 5 – 10 years | 5.50 | 6.25 | 4.40 | 5.15 |
ICICI FD Rates 2023
| Tenure | Interest rates for general customer (per annum) (below 2 crores) | Interest rates for senior citizen (per annum) (below 2 crores) |
| 1 year | 3.75 | 3.75 |
| 2 years 1 day – 3 years | 4.40 | 4.40 |
| 3 years 1 day - 5 years | 4.40 | 4.40 |
| 5-10 years | 4.40 | 4.40 |
PNB FD Interest rates 2023
| Tenure | Interest rates for general customer (per annum) (below 2 crores) | Interest rates for senior citizen (per annum) (below 2 crores) |
| 1 year | 5.10 | 5.60 |
| 2 years 1 day – 3 years | 5.10 | 5.60 |
| 3 years 1 day - 5 years | 5.25 | 5.75 |
| 5-10 years | 5.25 | 5.75 |
RBL FD Interest Rates 2023
| Tenure | Interest rates for general customer (per annum) (upto 3 crores) | Interest rates for senior citizen (per annum) (upto 3 crores) |
| 1 year | 6.10 | 6.60 |
| 2 years 1 day – 3 years | 6.10 | 6.60 |
| 3 years 1 day - 5 years | 6.30 | 6.80 |
| 5-10 years | 6.00 | 6.50 |
Axis Bank FD Rates 2023
| Tenure | Below 2 crores | 2 crores – 4.91 crores | ||
Interest rates for general customer (per annum) | Interest rates for senior citizen (per annum) | Interest rates for general customer (per annum) | Interest rates for senior citizen (per annum) | |
| 1 year | 5.10 | 5.75 | 4.50 | 4.80 |
| 2 years 1 day – 3 years | 5.10 | 5.75 | 4.45 | 4.80 |
| 3 years 1 day - 5 years | 5.40 | 5.90 | 4.45 | 4.95 |
| 5 – 10 years | 5.75 | 6.50 | 4.45 | 5.20 |
Key features of Senior Citizen Fixed Deposit
- Secure investment option: Since these are RBI regulated banks, it offers safe investment options for senior citizens.
- Modes of opening: One can open senior citizen fixed deposit accounts via offline and online modes.
- Payout options: One can opt from various payout options from either monthly, quarterly, or yearly options, as per one’s convenience.
- Return options: The return rates vary depending on the bank opted. Irrespective of this, senior citizens are benefited from extra interest rates which are usually around 0.50-0.65%.
- Investment amount: The maximum cap of investment in fixed deposit accounts can range from 1 crore to higher, varying from one bank to another.
Eligibility for Senior Citizen Fixed Deposit
- For opening a senior citizen fixed deposit account, one has to be an Indian resident. However, NRI senior citizens can also open these accounts through NRE or NRO accounts.
- An individual must be of age 60 years or above at the time of opening of account.
- Some banks offer this type of FD account opening facility to individuals of age 55 years or above. However, this is subject to specific terms and conditions.
Documents required for opening Senior Citizen FD account
1. Age proof document: Aadhar card, birth certificate, etc.
2. A valid Passport
3. Aadhaar Card
4. PAN card
5. Passport-sized photograph
Frequently Asked Questions (FAQs) - About senior citizen fd interest rates
Q. What is Senior citizen fixed deposit?
A. Senior Citizen Fixed Deposits are a type of term deposit offering special interest rates to individuals who are of age 60 or above. Such fixed deposit accounts offer a wide range of advantages to senior citizens.
Q. Who can open a Senior citizen FD account?
A. For opening a senior citizen fixed deposit account, one has to be an Indian resident. An individual must be of age 60 years or above at the time of opening of account. Some banks offer this type of FD account opening facility to individuals of age 55 years or above. However, this is subjected to some terms and conditions.
Q. What are the necessary documents required for opening a Senior citizen FD account?
A. Following documents must be readily available with the customer who is wanting to open a senior citizen FD account:
- Age proof document: Aadhar card, birth certificate, etc.
- A valid Passport
- Aadhaar Card
- PAN card
- Passport-sized photograph
Q. Do senior citizens have to pay TDS after opening a senior citizen fixed deposit account ?
A. As a senior citizen, one has to pay TDS (Tax Deducted at Source) in the case when the combined interest for all the fixed deposits in a specific customer ID with a specific bank exceeds Rs50,000 in a financial year.
Q. What is Current HDFC Senior Citizen FD Rates 2023
A. Senior citizen investors can claim a maximum deduction of Rs 1.5 lakh per year by investing in these Tax-Saving FDs. Bank Fixed Deposits are best choices among senior citizens because once you invest in an FD, you can cash the interest on a monthly, quarterly or yearly basis.