Sarkariinfo

Senior Citizen Fixed Deposits of top PSU and private banks giving up to 8.75% return in December

by Sarkari Info
2024-12-20 15:54:02
3 minute read

Fixed deposits (FDs) have always been a preferred investment choice for senior citizens as they help them earn assured returns without affecting their investments owing to market fluctuations. Senior citizens also opt for FDs because they usually get higher interest rates than people below 60 years of age. Higher interest rates up to 0.50 per cent are typically offered to senior citizens by most banks, including public and private sector banks. Interest on bank deposits is tax-exempt u/s 80TTB of the I-T Act. Senior citizens can claim a deduction of up to Rs 50,000. In a financial year, TDS is also not deducted from interest payments up to Rs 50,000. Also Read: 8th Pay Commission on hold? Govt employees may see performance-based salary hikes However, instead of investing in one fixed deposit, senior citizens should try to open multiple fixed deposit accounts of different amounts and tenures. This will help them reinvest their money at higher returns when the interest rates go up. Here is a list of the leading banks of the country, including both public and private sector banks, which offer some of the most attractive fixed deposit interest rates tailored for senior citizens:

Senior Citizen FD Table
Bank Name	Interest Rates (p.a.)
	Highest slab		1-year tenure (%)	3-year tenure (%)	5-year tenure (%)
	%	Tenure	1-year tenure (%)	3-year tenure (%)	5-year tenure (%)
PRIVATE SECTOR BANKS
Axis Bank	7.75	15 months to less than 2 years; 5 years to 10 years	7.20	7.60	7.75
Bandhan Bank	8.55	1 year	8.55	7.75	6.60
City Union Bank	8.00	333 days	7.25	6.75	6.50
CSB Bank	7.75	401 days	5.50	6.25	6.25
DBS Bank	8.00	376 days to 540 days	7.50	7.00	7.00
DCB Bank	8.55	19 months to 20 months	7.60	8.05	7.90
Federal Bank	7.90	50 months ; 777 days	7.5	7.6	7.75
HDFC Bank	7.90	4 Year 7 Months (55 months)	7.10	7.50	7.50
ICICI Bank	7.80	15 months to less than 18 months	7.20	7.50	7.50
IDFC First Bank	8.40	400 days to 500 days	7.00	7.30	7.25
IndusInd Bank	8.49	1 year 5 months to less than 1 year 6 months	8.25	7.75	7.75
Jammu & Kashmir Bank	7.50	1 year to less than 3 years	7.50	7.25	7.00
Karur Vysya Bank	8.10	760 days – Special Deposit	7.40	7.40	7.40
Karnataka Bank	8.00	375 days	7.75	7.00	7.00
Kotak Mahindra Bank	7.90	390 days to less than 23 months / 390 Days (12 months 25 days)	7.60	7.60	6.70
RBL Bank	8.50	500 days	8.00	8.00	7.60
SBM Bank India	8.75	Above 18 months to less than 2 years 3 days	7.55	7.80	8.25
South Indian Bank	7.90	1 year 7 days	7.20	7.20	6.50
Tamilnad Mercantile Bank	8.10	300 days (TMB300)	7.50	7.00	7.00
YES Bank	8.25	18 months to less than 24 months	7.75	8.00	8.00
PUBLIC SECTOR BANKS
Bank of Baroda	7.80	400 days – Bob Utsav	7.35	7.65	7.40
Bank of India	7.80	400 days	7.30	7.25	6.75
Bank of Maharashtra	7.85	333 days	7.25	7.00	7.00
Canara Bank	7.9	3 Years & above to less than 5 Years	7.35	7.90	7.20
Central Bank of India	7.95	444 days	7.35	7.25	7.00
Indian Bank	7.80	1 year to 375 days	6.60	6.75	6.75
Indian Overseas Bank	7.80	444 days	7.60	7.00	7.00
Punjab National Bank	7.75	400 days	7.30	7.50	7.00
Punjab & Sind Bank	7.95	555 days	6.80	6.50	6.50
State Bank of India	7.75	444 days – Amrit Vrishti	7.30	7.25	7.50
Union Bank of India	7.80	456 days	7.30	7.20	7.00
FOREIGN BANKS
Deutsche Bank	8.00	Above 1 year to 3 years	7.00	8.00	7.50
HSBC Bank	8.00	601 to 699 days	4.50	7.50	6.50
Standard Chartered Bank	8.00	1 year to 375 days	8.00	7.60	7.25
Note: Depositors aged 80 years and above*
*Source: Paisabazaar.com*
*Interest rates as of 18th December 2024*