FD Interest Rate: In many banks including SBI, HDFC Bank, Yes Bank, senior citizens are getting interest of 50 basis points (bps) over normal customers.
Fixed Deposit For Senior Citizen: If you are planning to invest, then investing in fixed deposit can be a better option for you. All top lenders including State Bank of India (SBI), ICICI Bank, HDFC Bank, Yes Bank, Kotak Mahindra Bank and others are offering 50 basis points (bps) interest to senior citizens over normal customers. The Reserve Bank of India has increased the repo rate by 225 bps from May 2022. As a result, interest rates on fixed deposits have also gone up in the last few months. If you invest in FDs of these banks, you can get better returns with good interest.
SBI is offering an additional interest rate of 50 bps to senior citizens across all tenors. After the new revision, senior citizens will get 3.5% to 7.25% on FDs maturing in 7 days to 10 years. At the same time, the rates will be effective from 13 December 2022.
- 1 year to less than 2 years – 7.25%
- 2 years to 3 years – 7.25%
- 5 years and up to 10 years – 7.25%
HDFC bank
HDFC Bank is giving 7.5% interest on FD to senior citizens. Senior citizens will get an interest rate of 3.5 to 7.75% on FDs maturing in 7 days to 10 years. These rates will be applicable from 14 December 2022.
- 1 year to 15 months – 7.00%
- 15 months to 18 months – 7.50%
- 18 months to 21 months – 7.00%
- 21 months to 2 years – 7.50%
- 2 years 1 day to 3 years – 7.50%
- 3 years from 1 day – 5 years – 7.50%
- 5 years 1 day to 10 years – 7.75%
ICICI Bank
ICICI Bank gives 7.5% interest on Senior Citizen FD. Senior citizens will get an interest rate of 3.5 to 7.50% on FDs maturing in 7 days to 10 years. These rates are effective from 16 December 2022.
- 1 year to 389 days 7.10%
- 390 days to 15 months – 7.10%
- 15 months to 18 months – 7.50%
- 18 months to 2 years – 7.50%
- 2 years 1 day to 3 years – 7.50%
- 3 years 1 day to 5 years – 7.50%
- 5 years 1 day to 10 years – 7.50%
- Above 5 years (80C FD) up to a maximum of Rs 1.50 lakh – 7.50%
Yes bank
Yes Bank gives 7.5% interest on Senior Citizen FD. Senior citizens will get an interest rate ranging from 3.75% to 7.50% on FDs maturing in 7 days to 10 years. These rates are effective from 9 December 2022.
- 1 year to 20 months – 7.50%
- 22 Months 1 Day to 30 Months – 7.50%
- 30 Months 1 Day to 36 Months – 7.50%
- 36 months to 120 months – 7.50%
Kotak Mahindra Bank
Kotak Mahindra offers 7.5% interest on Senior Citizen FD. Senior citizens will get an interest rate ranging from 3.25% to 7.50% on FDs maturing in 7 days to 10 years. These rates are effective from 15 December 2022.
- 365 days to 389 days – 7.25%
- For 390 days (12 months 25 days) – 7.5%
- 391 days to less than 23 months – 7.5%
- For 23 months – 7.5%
- 23 months 1 day – less than 2 years – 7%
