Bank FD Interest Rates For Senior Citizens Compared
Major commercial banks in the country today pay a 0.5 per cent higher return to senior citizens compared to the general public on fixed deposits of up to Rs 1 crore. Currently, public sector banking majors, such as State Bank of India (SBI), Punjab National Bank (PNB) and Bank of Baroda, pay interest to the tune of 5-7.35 per cent to senior citizens on term deposits - or fixed deposits - of up to Rs 1 crore. Investment in FD in the same category by senior citizens fetches a return of 4-8 per cent in their private sector peers.
Here are interest rates paid by six major banks - SBI, ICICI Bank, HDFC Bank, Axis Bank, PNB and Bank of Baroda - to senior citizens on fixed deposit of up to Rs 1 crore:
State Bank of India (with effect from July 30, 2018)
| Term | Interest rate | |
|---|---|---|
| General public | Senior citizen | |
| 7 days to 45 days | 5.75% | 6.25% |
| 46 days to 179 days | 6.25% | 6.75% |
| 180 days to 210 days | 6.35% | 6.85% |
| 211 days to less than 1 year | 6.40% | 6.90% |
| 1 year to less than 2 year | 6.70% | 7.20% |
| 2 years to less than 3 years | 6.75% | 7.25% |
| 3 years to less than 5 years | 6.80% | 7.30% |
| 5 years and up to 10 years | 6.85% | 7.35% |
| (Source: sbi.co.in) | ||
ICICI Bank (with effect from November 15, 2018)
| Term | Interest rate | |
|---|---|---|
| General public | Senior citizen | |
| 7 days to 14 days | 4% | 4.5% |
| 15 days to 29 days | 4.25% | 4.75% |
| 30 days to 45 days | 5.5% | 6% |
| 46 days to 60 days | 6% | 6.5% |
| 61 days to 90 days | 6.25% | 6.75% |
| 91 days to 120 days | 6.25% | 6.75% |
| 121 days to 184 days | 6.25% | 6.75% |
| 185 days to 289 days | 6.5% | 7% |
| 290 days to less than 1 year | 6.75% | 7.25% |
| 1 year to 389 days | 6.9% | 7.4% |
| 390 days to 2 years | 7.1% | 7.6% |
| 2 years 1 day upto 3 years | 7.5% | 8% |
| 3 years 1 day upto 5 years | 7.25% | 7.75% |
| 5 years 1 day upto 10 years | 7% | 7.5% |
| 5 Years Tax saver FD(Max upto Rs. 1.50 lac) | 7.25% | 7.75% |
| (Source: icicibank.com) | ||
HDFC Bank (with effect from November 6, 2018)
| Term | Interest rate | |
|---|---|---|
| General public | Senior citizen | |
| 7 - 14 days | 3.50% | 4.00% |
| 15 - 29 days | 4.25% | 4.75% |
| 30 - 45 days | 5.75% | 6.25% |
| 46 - 60 days | 6.25% | 6.75% |
| 61 - 90 days | 6.25% | 6.75% |
| 91 days - 6 months | 6.25% | 6.75% |
| 6 mnths 1 day- 6 mnths 3 days | 6.75% | 7.25% |
| 6 mnths 4 days | 6.75% | 7.25% |
| 6 mnths 5 days- 9 mnths | 6.75% | 7.25% |
| 9 mnths 1 day- 9 mnths 3 days | 7.10% | 7.60% |
| 9 mnths 4 days | 7.10% | 7.60% |
| 9 months 5 days - 9 months 15 days | 7.10% | 7.60% |
| 9 months 16 days | 7.10% | 7.60% |
| 9 months 17 days < 1 Year | 7.10% | 7.60% |
| 1 Year | 7.30% | 7.80% |
| 1 year 1 day - 1 year 3 days | 7.30% | 7.80% |
| 1 year 4 days | 7.30% | 7.80% |
| 1 year 5 days - 1 Year 15 Days | 7.30% | 7.80% |
| 1 Year 16 days | 7.30% | 7.80% |
| 1 year 17 days - 2 Years | 7.30% | 7.80% |
| 2 years 1day - 2 Years 15 days | 7.40% | 7.90% |
| 2 Years 16 days | 7.40% | 7.90% |
| 2 years 17 days - 3 Years | 7.40% | 7.90% |
| 3 years 1day - 5 years | 7.25% | 7.75% |
| 5 Years 1 Day - 8 Years | 6.50% | 7.00% |
| 8 Years 1 Day - 10 Years | 6.50% | 7.00% |
| (Source: hdfcbank.com) | ||
Axis Bank (with effect from November 14, 2018)
| Term | Interest rate | |
|---|---|---|
| General public | Senior citizen | |
| 7 days to 14 days | 3.50% | 3.50% |
| 15 days to 29 days | 3.50% | 3.50% |
| 30 days to 45 days | 5.50% | 5.50% |
| 46 days to 60 days | 6.25% | 6.25% |
| 61 days < 3 months | 6.25% | 6.25% |
| 3 months < 4 months | 6.25% | 6.25% |
| 4 months < 5 months | 6.25% | 6.25% |
| 5 months < 6 months | 6.25% | 6.25% |
| 6 months < 7 months | 6.75% | 7.00% |
| 7 months < 8 months | 6.75% | 7.00% |
| 8 months < 9 months | 6.75% | 7.00% |
| 9 months < 10 months | 7.10% | 7.35% |
| 10 months < 11 months | 7.10% | 7.35% |
| 11 months < 1 year | 7.10% | 7.35% |
| 1 year < 1 year 5 days | 7.30% | 7.95% |
| 1 year 5 days < 1 year 11 days | 7.30% | 7.95% |
| 1 year 11 days < 13 months | 7.30% | 7.95% |
| 13 months < 14 months | 7.35% | 8.00% |
| 14 months < 15 months | 7.30% | 7.95% |
| 15 months < 16 months | 7.30% | 7.95% |
| 16 months < 17 months | 7.30% | 7.95% |
| 17 months < 18 months | 7.30% | 7.95% |
| 18 Months < 2 years | 7.30% | 7.95% |
| 2 years < 30 months | 7.25% | 7.90% |
| 30 months < 3 years | 7.25% | 7.75% |
| 3 years < 5 years | 7.25% | 7.75% |
| 5 years to 10 years | 7% | 7.50% |
| (Source: axisbank.com) | ||
Punjab National Bank (with effect from November 1, 2018)
| Term | Interest rate | |||
|---|---|---|---|---|
| General public | Senior citizen | |||
| 7 to 14 days | 5.70% | 6.20% | ||
| 15 to 29days | 5.70% | 6.20% | ||
| 30 to 45 days | 5.70% | 6.20% | ||
| 46 to 90 days | 6.35% | 6.85% | ||
| 91 to 179 days | 6.35% | 6.85% | ||
| 180 days to 270 Days | 6.35% | 6.85% | ||
| 271 days to less than 1 year | 6.35% | 6.85% | ||
| 1 year | 6.75% | 7.25% | ||
| 555 days (effective for a period of 01.11.2018 to 31.03.2019) | 6.85% | 7.35% | ||
| above 1 year & upto 3 years | 6.75% | 7.25% | ||
| above 3 year & upto 5 years | 6.25% | 6.75% | ||
| above 5 years & upto 10 years | 6.25% | 6.75% | ||
| (Source: pnbindia.in) | ||||
Bank of Baroda (with effect from July 30, 2018)
| Term | Interest rate |
|---|---|
| 7 days to 14 days | 4.50% |
| 15 days to 45 days | 4.75% |
| 46 days to 90 days | 5% |
| 91 days to 180 days | 5.75% |
| 181 days to 270 days | 6.50% |
| 271 days & above and less than 1 year | 6.50% |
| 1 year | 6.70% |
| Above 1 year to 400 days | 6.85% |
| Above 400 days and upto 2 Years | 6.80% |
| Above 2 Years and upto 3 Years | 6.70% |
| Above 3 Years and upto 5 Years | 6.70% |
| Above 5 Years and upto 10 Years | 6.70% |
| (Source: bankofbaroda.com) | |
"Branches may continue to pay an additional interest of 0.50 per cent on domestic term deposits of less than Rs. 1.00 crore from senior citizens for all tenors in terms of extant guidelines," state-run Bank of Baroda mentioned on its website.
