In India, when it comes to the secure investment majority of individuals prefer to invest in Fixed Deposit (FD) scheme. The primary reason behind that is, fixed deposit is the trustful, smooth, easy scheme and provides the guaranteed return.
Every bank and many other financial institutions provide the facility of fixed deposit. The interest rate of FD varies from bank to bank. The individuals more than the age of 60 years enjoy the additional interest of 0.25% – 1.00%. That means Senior Citizen FD Rates is more than the general rates.
In normal cases the FD schemes for the senior citizen is for the 05 years moreover, it can be extended up to the 10 years as per the rules. For you knowledge, details of the fixed deposit interest rates of all the banks SBI, PNB, HDFC, and all others have been provided on this page.
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Definition of Fixed Deposit
Fixed deposit or FD is an investment scheme which is offered by the banking and the non-banking financial companies. The FD scheme offered a higher interest rate as compared to the normal rates. In this you have to deposit a certain amount of money for a specified period. After the completion of the said period you will get the basic deposited money plus agreed interest.
Eligibility For Senior Citizen FD Scheme
- Person investing in a senior FD scheme must have an age more than 60 years.
- He/she must be Indian citizen.
- A Non-Resident Indian (NRI) are also eligible to open a FD account through NRE or NRO accounts.
Features Of Senior Citizen FD Scheme
- Individuals can invest/deposit in the fixed deposit scheme according to his/her budget.
- The FD interest will be offered as per the duration of the FD and as per the bank rules.
- The scheme provides the option to withdraw your money any time as per the rules.
- Under the Senior Citizen FD Scheme, tax benefits will be offered.
- The nominee will be recorded according to your choice.
- Once the FD period completes, the basic amount with agreed interest will transferred to the beneficiary bank account.
Benefits Of Senior Citizen FD Scheme
- Easy to invest
- Trustable and offered guaranteed interest.
- Attractive interest rates.
- Time duration as per the investor choice.
- You can withdraw it anytime whenever you want.
Senior Citizen FD Rates- Top Commercial Banks
|Name of the Bank/Tenure||1 year||3 years||5 years|
|IDFC First Bank||7.75%||7.75%||7.75%|
|Bank of Baroda||6.05%||6.05%||6.20%|
|Oriental Bank of Commerce (OBC)*||6.25%||6.25%||6.25%|
|State Bank of India (SBI)||5.60%||5.80%||6.20%|
Senior Citizen FD Rates- Small Finance Banks
|Name of the Bank||Rate of Interest (p.a.)||Tenure|
|Fincare Small Finance Bank||9.50%||36 months 1 day to 42 months|
|Suryoday Small Finance Bank||9.25%||5 years|
|Jana Small Finance Bank||8.50%||2 – 3 years|
|Utkarsh Small Finance Bank||9.50%||777 days|
|North East Small Finance Bank||8.60%||888 days|
Interest rates changed from time to time.
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CA Shivam Channa is a trusted financial writer with deep knowledge of financial systems. He has over 10 years of experience in writing His articles are always well researched and provide great insights into the topic at hand.