In India, banks offer higher interest rates on fixed deposits (FDs) for senior citizens aged 60 and above, along with essential facilities for FD plans. Cooperative banks and small finance banks provide the highest interest rates, while public sector banks offer rates around 7%. Fixed deposits remain a popular investment option for the general public, available at banks and post offices. Many banks provide interest rates above 8% for FDs, with senior citizens receiving an additional 0.50% compared to the general public.Banks consider individuals aged 60 and above as senior citizens, while some banks classify those over 80 as super seniors, offering them even higher interest rates.
FD Interest Rates for Senior Citizens (60+ years) in Public Sector Banks:
State Bank of India (SBI), Bank of Baroda, Punjab National Bank, Union Bank of India: 7.1%
Indian Bank, Indian Overseas Bank, Punjab & Sind Bank, Bank of Maharashtra: 7.2% to 7.25%
Canara Bank: 7%
FD Interest Rates for Senior Citizens in Small Finance Banks:
Utkarsh Small Finance Bank: 8.50% (2-3 years)
Suryoday Small Finance Bank: 8.5% (18 months)
Jana Small Finance Bank: 8.25% (3 years)
Ujjivan Small Finance Bank: 7.95% (2 years)
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FD Interest Rates for Senior Citizens in Private Commercial Banks:
Yes Bank: 7.75%
IDFC First Bank: 7.5%
IndusInd Bank: 7.5%
RBL Bank: 7.7%
Bandhan Bank: 7.7%
Axis Bank, HDFC Bank, ICICI Bank, Kotak Mahindra Bank: 7.1% to 7.5%