landing img
Invest

HDFC, Axis, And IOB Are Among Six Banks That Have Hiked FD Rates; Find Out What Senior Citizens Can Earn

IOB, HDFC, AXIS, Bank of Maharashtra, and two other banks have revised their fixed deposit rates in the week ending February 10, 2024. Know the details

Avatar
Outlook Money
February 10, 2024
Senior citizen FD rates

Senior citizen FD rates

Six banks that have hiked FD rates in the week ending February 10, 2024. Also, this week, the Reserve Bank of India (RBI) held its bi-monthly monetary policy meeting in which it once again decided to keep the benchmark repo rate unchanged at 6.5 per cent, the sixth time in a row. Banks typically take cues from RBI’s periodic monetary policy announcements to adjust their interest rates.

Here are six banks that have hiked FD rates in the week ending February 8, 2024:

Indian Overseas Bank (IOB)

The bank revised the FD rates on February 10. The interest rate for its 444-day FD has increased from 7.10 per cent to 7.30 per cent, the highest rate for the general public, applicable only till March 31, 2024. After that, it will return to 7.10 per cent, IOB said on its website.

For one year to less than two years (except for 444-day FDs), the interest rate for the general public is 6.90 per cent; for two years to less than three years, it is 6.80 per cent; and for three years and above, it is 6.50 per cent. Senior citizens aged 60 years and above get an additional 0.50 per cent, and those aged 80 and older, or super senior citizens, get an extra 0.75 per cent.

Bank of Maharashtra (BoM):

It revised the rates on February 9. It offers senior citizens a maximum of 7.50 per cent on its special 200-day FD. For 365-day FD, it is 7.0 per cent; for more than one year to three years, it is 6.75 per cent; and for more than five years, it is 6.50 per cent. Its special 200-day and 400-day FDs offer 7.50 per cent and 7.25 per cent, respectively.

Axis Bank:

It revised the rates on February 5. It offers a maximum of 7.85 per cent to senior citizens. It provides over 7.00 per cent for all FDs of over one year. For FDs of one year to less than 15 months, it offers 7.20 per cent; for 15 months to less than 17 months, it is 7.60 per cent; and for 17 months to less than 18 months, it provides 7.85 per cent. For FDs between 18 months and less than five years, it offers 7.60 per cent; for five years to 10 years, it is 7.75 per cent.

HDFC Bank:

Senior citizens can avail of the highest 7.75 per cent on HDFC bank FDs. For one year to less than 15 months, it offers 7.10 per cent; for 15 months to less than 18 months, it is 7.60 per cent; for 18 months to less than 21 months, 7.70 per cent, and for 21 months to less than two years 11 months is 7.50 per cent. For two years 11 months to 35 months, it is 7.65 per cent; for two years 11 months one day to less than four years seven months is 7.50 per cent; for four years, seven months to 55 months is 7.70 per cent; for four years seven months one day to five years is 7.50 per cent, and for five years one day to 10 years is 7.75 per cent. It revised the rates on February 9.

Federal Bank:

It offers a maximum of 8.00 per cent to senior citizens after the February 6, 2024 rate revision. The interest rates for seniors are 7.30 per cent for one year to less than 13 months, 7.80 per cent for 13 months to 499 days, 7.89 per cent for 501 days to 21 months, and 8.00 per cent for 500 days. For above 21 months to less than three years, it provides 7.55 per cent; for three years to less than five years, it is 7.50 per cent; and for five years and above, it is 7.25 per cent.

IndusInd Bank:

It revised rates on February 6, 2024. Seniors can receive a maximum of 8.25 per cent from one year to up to two-year FDs. It provides 7.75 per cent interest for above two years to less than 61-month FDs and 7.50 per cent for 61 months and above tenures.

Related Articles
FD & Small Savings
Maximise Your Savings With Senior Citizen FD Rates

Fixed deposits are a secure investment option with attractive interest rates for senior citizens. Explore the highest FD rates across government banks, private banks, small finance banks, and corporate FDs to maximise your savings. However, also consider factors, such as tenure, credibility, premature withdrawal, senior citizen premium, and tax implications for an informed decision.

landing thumbnail

Advertisement

Advertisement

Previous Retirement Issues

  • magzine
  • magzine
  • magzine
  • magzine

Group Publications

  • magzine
  • magzine
  • magzine
  • magzine