Senior citizens get a slightly higher interest rate on FDs than general citizens. However, the rate of interest varies from bank to bank and depends on various factors, including tenure. Because of their guaranteed return feature, FDs are considered the safest type of investment, and they are very popular among senior citizens. They have different tenures ranging from seven days to 10 years. The senior citizen FD scheme is available to Indian residents aged 60 and above.
This article will show various senior citizen FD rates provided by different public and private banks. Read to know:
SBI FD rates
Public lender provides 7.10 per cent interest rate to senior citizens on 444 days – Amrit Vrishti scheme, while it gives 6.75 per cent, 7.80 per cent, and 7.05 per cent interest rates on 1-year, 3-year, and 5-year FD plans, respectively.
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BoB FD rates
Bank of Baroda (BoB) provides a 7.10 per cent interest rate to senior citizens on 444 days – BoB Square Drive Deposit Scheme, while it gives a 7 per cent interest rate on 1-year, 3-year, and 5-year FD plans.
PNB FD rates
Punjab National Bank (PNB) provides a 7.10 per cent interest rate to senior citizens on a 390-day FD scheme, while it gives 6.90 per cent, 7 per cent, and 6.80 per cent interest rates on 1-year, 3-year, and 5-year FD plans, respectively.
Canara Bank FD rates
Canara Bank provides a 7 per cent interest rate to senior citizens on a 444-day FD scheme, while it gives a 6.75 per cent interest rate on 1-year, 3-year, and 5-year FD plans, respectively.
ICICI Bank FD rates
ICICI Bank provides 7.10 per cent interest rate to senior citizens on a 2-year 1-day to 10-year FD scheme, while it gives 6.75 per cent interest rate on 1-year FD, and 7.10 per cent interest rates on 3-year, and 5-year FD plans.
HDFC Bank FD rates
HDFC Bank provides a 7.10 per cent interest rate to senior citizens on an 18-month to less than 21 months FD scheme, while it gives 6.75 per cent, 6.95 per cent, and 6.90 per cent interest rates on 1-year, 3-year, and 5-year FD plans, respectively.
Axis Bank FD rate
Axis Bank provides a 7.35 per cent interest rate to senior citizens on a 5-10 year FD plan, while it gives 6.75 per cent, 7.10 per cent, and 7.35 per cent interest rates on 1-year, 3-year, and 5-year FD plans, respectively.