Senior citizens prefer the flexibility to withdraw interest as per their convenience. Be it monthly, quarterly, half-yearly or annually, it provides reliable future proof to cover expenses. This gives them financial independence later on.
Accordingly, major banks in India are actively promoting fixed deposit investments among senior citizens. They are offered preferential interest rates compared to the general public.
Moreover, institutions like State Bank of India (SBI), Punjab National Bank (PNB), Canara Bank, HDFC Bank and ICICI Bank offer higher interest rates to senior citizens. Check the current senior citizen FD interest rates offered by these banks.
HDFC Bank
HDFC Bank offers an interest rate of 7.75% for senior citizens for a tenure of 18 months to less than 21 months. The rate of interest is not specified for Super Senior Citizen.
ICICI Bank
ICICI Bank offers an interest rate of 7.75% for a scheme of 15 months to 2 years for senior citizens. The rate of interest is not specified for Super Senior Citizen.
Punjab National Bank (PNB)
PNB offers 7.75% interest rate for 400 days to senior citizens. Super Senior Citizen offers 8.05% interest for the scheme up to 5 years.
Bank of Baroda
Bank of Baroda offers 7.75% interest for senior citizens for 2 years to 3 years investment plan.
The rate of interest is not specified for Super Senior Citizen.
Kotak Mahindra Bank
Kotak Mahindra Bank offers senior citizens an interest rate of 7.90% for a plan of less than 390 days to 23 months. The rate of interest is not specified for Super Senior Citizen.
Canara Bank
Canara Bank offers senior citizens an interest rate of 7.75% for 444 days.
The rate of interest is not specified for Super Senior Citizen.
State Bank of India (SBI)
State Bank of India Bank offers 7.60% interest on Amrit Kalash scheme for 400 days for senior citizens. The rate of interest is not specified for Super Senior Citizen.
