Senior Citizen FD Rates: SBI, HDFC Bank, Canara Bank, other lenders pay these returns on 1-5-year deposits now
Highest Senior Citizen FD Rates: Fixed deposits provide benefits like tax rebates, flexibility, loan facilities, guaranteed returns, and others.
People who are over the age of 60 (senior citizens) get additional interest rates on bank fixed deposits (FDs). The extra interest rates depend from bank to bank. The banks also provide other benefits to senior citizens on term deposits. The tenure of an FD ranges from seven days to a maximum of 10 years. FDs also have a pre-mature withdrawal facility, and can also be used as collateral to obtain a loan.
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FD Benefits
You can get benefits like tax rebates, flexibility, loan facilities, guaranteed returns and others.
FD interest rates
This article will discuss the different FD interest rates that top banks like SBI, ICICI Bank, HDFC Bank, Canara Bank, Bank of Baroda (BoB), and Axis Bank currently provide to senior citizens. Take a look:
Canara Bank FD Rates- 1yr-3yr-5yr
Canara Bank offers senior citizens a 7.35 percent interest rate for one year, 7.30 percent for three years, and 7.20 percent for five years.
ICICI Bank- 1yr-3yr-5yr FD rates
ICICI offers a 7.20 per cent interest rate to senior citizens in one year, 7.50 per cent in three years, and 7.50 per cent in five years.
State Bank of India- 1yr-3yr-5yr FD rates
In one year, SBI gives a 7.30 per cent interest rate to senior citizens while in 3-year and 5-year FDs, the bank provides 7.25 per cent and 7.50 per cent interest rates respectively.
BoB- 1yr-3yr-5yr FD rates
BoB offers 7.35 per cent interest rate to senior citizens in one year, 7.65 per cent in three years, and 7.15 per cent in five years.
Axis Bank- 1yr-3yr-5yr FD rates
Axis Bank offers a 7.20 per cent interest rate to senior citizens in one year, 7.60 per cent in three years, and 7.75 per cent in five years.
Canara Bank- 1yr-3yr-5yr FD rates
Canara Bank offers a 7.35 per cent interest rate to senior citizens in one year, 7.30 per cent in three years, and 7.20 per cent in five years.
HDFC Bank- 1yr-3yr-5yr FD rates
HDFC Bank offers 7.10 per cent interest rate to senior citizens in one year, 7.50 per cent in three years, and 7.50 per cent in five years.
Punjab National Bank
PNB offers a 7.30 per cent interest rate to senior citizens in one year, 7.50 per cent in three years, and 7.00 per cent in five years.
What if you invest Rs 1 lakh for 1 year in SBI FD
If you invest Rs 1,00,000 for one year in FD in SBI, the interest would be Rs 7,502 and the maturity amount will be Rs 1,07,502.
SBI FD for 3 years
If you invest Rs 1 lakh for three years then your maturity amount will be Rs 1,24,055 (7.25 interest rate) while in five years, the maturity amount will be Rs 1,24,972 (7.50 interest rate).