Senior citizens planning fixed deposits can explore these four banks which revised their FD rates in the week ending April 20, 2024.Senior citizens can earn a maximum of 8.50 per cent on FDs.

Here are the details of the FD rate revision of these banks:

Also Read: What Is Post Office Time Deposit Scheme? Know Withdrawal Rules, Maturity & Other Features

Indian Overseas Bank: 

This public-sector bank revised the rates on April 15, 2024, offering the highest 7.80 per cent to seniors and 8.05 per cent to super seniors, including an additional 0.50 per cent for seniors and 0.75 per cent for super seniors. The rate for a 91 to 120-day FD is 5.25 per cent for seniors (4.75 per cent for the general public). For other tenures, such as one year to less than two years, seniors can earn 7.40 per cent; for two to three years, it is 7.30 per cent; and for three years and above, it is 7.0 per cent. Super seniors can earn an additional 0.25 per cent on these FDs.

IDBI Bank:

After the rate revision on April 15, 2024, seniors can avail a maximum of 7.50 per cent. For one to two years, except for 444-day and 375-day FDs, the interest is 7.30 per cent; for two to less than three years, it is 7.50 per cent; for three to five years, it is 7.00 per cent; and for more than five to 10 years, it is 6.75 per cent. For the special 375-day and 444-day FDs, the interest is 7.60 per cent and 7.70 per cent, respectively.

Also Read: Post Office Recurring Deposit: All You Need To Know

Federal Bank:

The Federal Bank offers the highest 7.90 per cent to senior citizens. The rates are 7.30 per cent for one year to less than 13 months, 7.70 per cent for 13 months to 399 days, 7.90 per cent for 400 days, and 7.70 per cent for 401 days to 21 months. For above 21 months to less than three years, the interest rate is 7.55 per cent, and for three years to less than five years and five years and above, it is 7.50 per cent and 7.25 per cent, respectively.

The revised rates are effective April 17, 2024.

AU Small Finance Bank:

The AU Bank revised rates on April 17 and offers a maximum of 8.50 per cent (8.77 per cent annualised) to senior citizens. It is 8.25 per cent for 12 months one day to 15 months, 8.0 per cent for 15 months one day to less than 18 months, and 8.50 per cent for 15 months one day to less than 18 months. For 18 months and one day to 24 months, it is 8.25 per cent; for 24 months and one day to 45 months, it is 8.00 per cent; and for 45 months and one day to 120 months, it is 7.75 per cent.