Bank FD Rates for Senior Citizens is 7.55%. Five Banks’ FD Rates Are Here
The senior citizens of India often prefer investing their hard-earned money in Fixed Deposits. Most of the top banks of India including SBI, HDFC Bank, ICICI Bank, etc. give the extra interest of approximately fifty basis points to the senior citizens over and above the interest that they offer to general citizens. Despite the falling interest rate for Fixed Deposits, there are some Small Finance Banks (SFBs) that are still offering comparatively higher interest rates.
Returns as high
as 7.1%*
Includes life cover
Completely Tax free+
as 7.1%*
Includes life cover
Completely Tax free+
Maximum returns Offered by
Guaranteed
Highest
7.1%*
Guaranteed Plan
(by insurance companies)
(10 Years)
6.5%**
Fixed Deposits
(by SBI bank)
(5-10 Years)
7.1%***
Public Provident Fund
(other popular options)
(15 Years)
Get Guaranteed returns up to 7.1%*
Fully Tax-Free* (unlike FD), Life Cover Included
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- Bank FD Rates for Senior Citizens is 8%. Five Banks’ FD Rates Are Here
Here we are going to compare the rate of FD offered by these Small Finance Banks:
Let us take a look at FD interest rates offered by some of the small finance banks such as Fincare, Suryoday, Utkarsh, Jana, and North East for senior citizens:
Comparison Between
Guaranteed Return Plans
Returns Before Tax
7.5% (TAX-FREE)
Returns After Tax
7.5%
Guaranteed Returns
Yes
Life Cover
Yes
Tax on Profit
Tax Free*
Risk
No Risk
Still Better than FD’s and Debt Mutual Fund
Fixed Deposits
Returns Before Tax
7% (TAXABLE)
Returns After Tax
4.8%
Guaranteed Returns
Yes
Life Cover
No
Tax on Profit
Taxable
Risk
Low Risk
Debt Mutual Fund
Returns Before Tax
8% (TAXABLE)
Returns After Tax
5.5%
Guaranteed Returns
No
Life Cover
No
Tax on Profit
Taxable
Risk
High Risk
*For annual premium upto ₹5 Lacs
Latest Fixed Deposit Rates for Senior Citizens Offered by Suryoday Small Finance Bank W.E.F. 09 September 2021:
The Survoday Small Finance Bank offers 3.25% interest for the deposits that are going to mature in seven days to 45 days. For the Fixed Deposits that mature in 46 days to 90 days, the bank offers a rate of interest of 4.25%, for FDs of 91 days to six months the bank offers a rate of interest of 4.75%, and for FDs of more than six months to nine months, the bank offers 5.25% rate of interest.
The FDs that mature in 9 months to less than one year will get the interest rate of 5.75% and 1 year to 2 years will be fetching the interest of 6.75%. The fixed deposits that will be maturing in more than 2 years to 3 years will provide an interest of 6.50%. The deposits that will be maturing in more than 3 years to less than 5 years will be getting the interest of 6.50%. The bank provides the highest rate of interest for the deposits that will be maturing in 3 years is 7.30%. For the fixed deposits that will be maturing in 5 years, the bank will provide a rate of interest of 7.00%, whereas for deposits that will be maturing between more than 5 years to 10 years, will get the rate of interest of 6.00%.
| Suryoday Small Finance Bank | |
| Tenure | Rate of Interest |
| 7 days to 14 days | 3.25% |
| 15 days to 45 days | 3.25% |
| 46 days to 90 days | 4.25% |
| 91 days to 6 months | 4.75% |
| More than 6 months to 9 months | 5.25% |
| More than 9 months to less than one year | 5.75% |
| 1 year to 1 year 6 months | 6.75% |
| 1 year 6 months to 2 years | 6.75% |
| More than 2 years to 3 years | 6.50% |
| 3 years | 7.30% |
| More than 3 years to less than 5 years | 6.50% |
| 5 years | 7.00% |
| More than 5 years to 10 years | 6.00% |
*The FD rates are subject to change. Please check the bank website for the latest rate of interest.
Latest Fixed Deposit Rates for Senior Citizens Offered by Fincare Small Finance Bank W.E.F. 11-February-2022:
The Fincare Small Finance Bank provides fixed deposits from seven days to seven years with a rate of interest that ranges from 3.5% to 6% for senior citizens. For the deposits that will be maturing in less than one year, the bank gives an interest of 5.65%. For 12 months to 18 months, the rate of interest offered is 6.50%. For more than 18 months to 24 months, the interest rate is 6.50%. The highest rate of interest offered by this Bank is 7.25% for the FDs that will be maturing in more than 59 months to 66 months.
| Fincare Small Finance Bank (W.E.F. 11 February 2022) | |
| Tenure | Rate of Interest |
| 7 days to 45 days | 3.50% |
| 46 days to 90 days | 3.75% |
| 91 days to 180 days | 4.00% |
| 181 days to 364 days | 5.65% |
| 12 months to 15 months | 6.50% |
| 15 months 1 day to 18 months | 6.50% |
| 18 months 1 day to 21 months | 6.50% |
| 21 months 1 day to 24 months | 6.50% |
| 24 months 1 day to 30 months | 7.00% |
| 30 months 1 day to 36 months | 6.75% |
| 36 months 1 day to 42 months | 7.00% |
| 42 months 1 day to 48 months | 6.75% |
| 48 months 1 day to 59 months | 6.75% |
| 59 months 1 day to 66 months | 7.25% |
| 66 months 1 day to 84 months | 6% |
*The FD rates are subject to change. Please check the bank website for the latest rate of interest.
FD interest rates India have fallen consistently over the last 12 years.
Latest Fixed Deposit Rates for Senior Citizens Offered by North East Small Finance Bank W.E.F. 27 January 2022:
For fixed deposits that are maturing in 7 days to 45 days, the bank provides an interest rate of 3.50%. For fixed deposits that are going to mature in 46 days to 90 days the bank is giving 4.00% interest and for FDs that are going to mature between 91days to 180 days, the bank is offering 4.50% interest. For the deposits that are going to be matured in 181 days to 365 days, the bank is going to give an interest of 5.50%. North East Small Finance Bank offers the highest interest rate of 7.50% to the FDs that are maturing in 777 days. For 1096 days to 1825 days FD the rate of interest offered by the bank is 7% and for 1826 days to 3650 days, the rate of interest offered by the bank is 6.75%.
| North East Small Finance Bank (W.E.F. 27 January 2022) | |
| Tenure | Rate of Interest |
| 7 days to 14 days | 3.5% |
| 15 days to 29 days | 3.5% |
| 30 days to 45 days | 3.5% |
| 46 days to 90 days | 4.0% |
| 91 days to 180 days | 4.50% |
| 181 days to 365 days | 5.50% |
| 366 days to 729 days | 7.25% |
| 730 days to 1095 days | 7.25% |
| 777 days | 750% |
| 1096 days to 1825 days | 7% |
| 1826 days to 3650 days | 6.75% |
*The FD rates are subject to change. Please check the bank website for the latest rate of interest.
Latest Fixed Deposit Rates for Senior Citizens Offered by Utkarsh Small Finance Bank W.E.F. 20 January 2022:
The fixed deposits having a maturity period of 7 days to 45 days fetch 3.50% whereas FDs maturing in 46 days to 90 days fetch an interest rate of 3.75%. The fixed deposits maturing in 91 days and 180 days are getting a 4.50% rate of interest, whereas FDs of 181 days to 364 days are fetching a 6.25% rate of interest. The fixed deposits having tenure of one year to 699 days are getting a rate of interest of 7.00%. The bank offers the highest rate of interest of 7.40% on fixed deposits that are going to mature in 1000 days. For the fixed deposits maturing in 1001 days to 5 years, the bank offers a 7.25% rate of interest and for FDs of 5 years to 10 years, the bank offers a 6.50% interest rate.
| Utkarsh Small Finance Bank (W.E.F. 20 January 2022) | |
| 7 days to 45 days | 3.50% |
| 46 days to 90 days | 3.75% |
| 91 days to 180 days | 4.50% |
| 181 days to 364 days | 6.25% |
| 365 days to 699 days | 7.00% |
| 700 days to 999 days | 7.25% |
| 1000 days | 7.40% |
| 1001 days to 5 years | 7.25% |
| More than 5 years to 10 years | 6.50% |
*The FD rates are subject to change. Please check the bank website for the latest rate of interest.
Latest Fixed Deposit Rates for Senior Citizens Offered by Jana Small Finance Bank W.E.F. 11 August 2020:
Jana Small Finance Bank offers a 3.30% to 7.55% rate of interest on Fixed Deposits ranging from seven days to 10 years. The bank offers the highest interest rate on Fixed Deposits that have a maturity period of two years to three years. These fixed deposits fetch a rate of interest maximum of 7.55% for senior citizens.
| Jana Small Finance Bank (W.E.F. 11 January 2022) | |
| 7 days to 14 days | 3.30% |
| 15 days to 60 days | 3.80% |
| 61 days to 90 days | 4.55% |
| 91 days to 180 days | 5.30% |
| 181 days to 364 days | 6.30% |
| One year | 7.55% |
| More than one year to 2 years | 7.55% |
| More than 2 years to 3 years | 7.55% |
| More than 3 years to less than 5 years | 7.55% |
| 5 years | 7.55% |
| More than 5 years to 10 years | 6.80% |
*The FD rates are subject to change. Please check the bank website for the latest rate of interest.
The Bottom Line!
The aforementioned Small Finance Banks are the top five banks to provide the highest rate of interest on Fixed Deposits for senior citizens. So, if you are a senior citizen and want to invest in FD then you can consider any of these banks for investing your hard-earned money.
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*All savings are provided by the insurer as per the IRDAI approved
insurance plan. Standard T&C Apply
+ Trad plans with a premium above 5 lakhs would be taxed as per
applicable tax slabs post 31st march 2023
#Discount offered by insurance company
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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