Fixed deposits are popular investment instruments for senior citizens as they provide guaranteed returns. Best FD Rates For Senior Citizens are necessary for them to know for planning their finances accordingly in retirement. Here is a list of bank FD rates compiled by paisabazaar.com.

Small Finance Banks:  

In the small finance bank (SFB) category, Unity Small Finance Bank offers senior citizens the highest rate at 9.50 percent for a 1001-day fixed deposit (FD), followed by Fincare Small Finance Bank at 9.21 percent for a 750-day FD, and Suryoday Small Finance Bank and Utkarsh SFB at 9.10 percent 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 percent 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 percent for above three years and two days to less than five years. DCB bank provides 8.50 percent for two tenures: 25-26 months and 37-38 months.

Bandhan Bank comes next at 8.35 percent for 500 days, and RBL Bank with 8.30 percent for 15 months to less than two years. RBL bank offers 0.25 percent 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 and offers one of the Best FD Rates For Senior. It offers 7.90 percent to seniors for a tenure of 444 days and an additional 0.15 percent rate for super seniors on selected tenures.

Many other banks are offering a maximum of 7.75 percent 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 percent for 777 days, and State Bank of India offers 7.60 percent 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 percent 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 percent for seniors; for the general public, the rate is 8.25 percent.

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

All the bank rates mentioned above are provided by Paisabazaar.com.