Highest Senior Citizen FD rates: See what major banks like SBI, PNB, Canara Bank, HDFC Bank, BoB and ICICI Bank are providing on special fixed deposits
Highest Senior Citizen FD rates: Fixed Deposit (FD) interest rates differ across banks, offering stable returns. Tax-saver FDs provide a tax deduction under Section 80C of the Income Tax Act 1961.
Fixed Deposits (FDs) are generally considered a safer investment option compared to equities due to their guaranteed returns. Compared to savings accounts, FDs offer higher interest rates. The major banks like State Bank of India (SBI), Bank of Baroda (BoB), PNB (Punjab National Bank), Canara Bank, HDFC Bank, and ICICI Bank provide a range of FD schemes with varying interest rates. Therefore, let’s find out what are these banks offering on senior citizen FD.
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(Disclaimer: Our calculations are projections and not investment advice. Do your due diligence or consult an expert for financial planning)
What is Fixed Deposit?
A fixed deposit is a type of investment where one invests money for a fixed period. They get a maturity amount on the completion of the scheme. Investors can also choose to receive interest payments at regular intervals, such as monthly, quarterly, or annually, or they can leave the interest to accumulate in their deposit till the maturity date.
Tax benefits
Investment in the 5-year FD provides tax benefits under Section 80C of the Income Tax Act of 1961.
Easy process
One can open an FD in any bank without even having an account in it.
Tenure
The tenure can be from seven days to 10 years.
SBI senior citizen FD interest rate
State Bank of India (SBI) provides 7.75 per cent interest rate on its 444 days - Amrit Vrishti FD scheme.
PNB senior citizen FD interest rate
PNB (Punjab National Bank) provides 7.75 per cent interest rate on its 400 days FD scheme.
Canara Bank senior citizen FD interest rate
Canara Bank provides 7.75 per cent interest rate on its 444 FD scheme.
HDFC Bank FD interest rate for senior citizens
HDFC Bank provides 7.90 per cent interest rate on 4 Year 7 Months (55 months) FD scheme to senior citizens.
BoB senior citizen FD interest rate
Bank of Baroda (BoB) provides 7.80 per cent interest rate on its 400 days - Bob Utsav FD scheme.
ICICI Bank FD interest rate for senior citizens
This bank provides 7.80 per cent interest rate on 15 months to less than 18 months FD scheme to senior citizens.