Best FD Rates For Senior Citizens: Here’s A List Of Bank Rates Compiled By Paisabazaar

Senior citizens looking for guaranteed returns from fixed deposits can explore these bank rates compiled by

Outlook Money
November 16, 2023
Bank fixed deposit rates

Bank fixed deposit rates

Fixed deposits are popular investment instruments for senior citizens as they provide guaranteed returns. Here is a list of bank FD rates compiled by


Small Finance Banks:  

In the small finance bank (SFB) category, Unity Small Finance Bank offers senior citizens the highest rate at 9.50 per cent for a 1001-day fixed deposit (FD), followed by Fincare Small Finance Bank at 9.21 per cent for a 750-day FD, and Suryoday Small Finance Bank and Utkarsh SFB at 9.10 per cent for above 2-3-year FD and 2-3-year FD, respectively.

Equitas Small Finance Bank, ESAF Small Finance Bank, and Jana Small Finance Bank offer a maximum rate of 9.00 per cent for 444 days, two to less than three years, and above two to three years.

These banks do not offer any additional rate for super senior citizens.

Private Sector Banks:  

In private sector banks, SBM Bank India offers the highest interest rate for seniors at 8.75 per cent for above three years and two days to less than five years. DCB bank provides 8.50 per cent for two tenures: 25-26 months and 37-38 months.

Bandhan Bank comes next at 8.35 per cent for 500 days, and RBL Bank with 8.30 per cent for 15 months to less than two years. RBL bank offers 0.25 per cent additional interest rates for super senior citizens on all fixed deposit tenures. IDFC First Bank and IndusInd Bank provide 8.25 for 549 days to two years and one to two years, respectively.

Public Sector Banks: 

Punjab & Sind Bank offers the highest rate among public sector banks. It offers 7.90 per cent to seniors for a tenure of 444 days and an additional 0.15 per cent rate for super seniors on selected tenures.

Many other banks are offering a maximum of 7.75 per cent rate: Bank of Baroda for above two years to three years, Bank of India for two years, Indian Bank for 400 days in the ‘IND SUPER’ FD, and Indian Overseas Bank, Punjab National Bank, and Canara Bank for 444 days).

Central Bank of India offers 7.65 per cent for 777 days, and State Bank of India offers 7.60 per cent for 400 days for its Amrit Kalash FD scheme.

However, senior citizens with an account with the Bank of Maharashtra or Union Bank of India can get a maximum rate of 7.50 for tenures of 200 days and 399 days, respectively.

Corporate FDs: 

Corporate FDs have the highest rate of 8.50 per cent for one-year and three-year tenures, offered by Manipal Housing Finance Syndicate Ltd. It has a credit rating of ‘A’ given by rating agency ACUITE. The interest includes an additional 0.25 per cent for seniors; for the general public, the rate is 8.25 per cent.

For five-year FDs, senior citizens can avail of a maximum of 8.88 per cent interest with Muthoot Capital Services Limited, which has a credit rating of A+ by CRISIL.

All the bank rates mentioned above are provided by

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