Large commercial banks tend to pay a higher interest rates to senior citizens on their fixed deposits (FDs). Citizens above the age of 60 stand to earn higher interest rates than people below the age of 60. Large banks offer interest rates which are higher by 50 basis points, whereas some banks such as Bandhan Bank offer interest rates which are 75 basis points higher to senior citizens, as compared to the regular interest rates. Most commercial banks such as State Bank of India (SBI), Bank of Baroda and HDFC Bank offer 50 basis points higher interest rate against normal FDs, to senior citizens. Even small finance banks such as Utkarsh Small Finance Bank and ESAF Small Finance Bank offer a premium of 50 basis points on their fixed deposits (FDs) to senior citizens.
Bandhan Bank Fixed Deposit (FD) interest rates
For FDs (fixed deposits) of six months to one-year tenure, Bandhan Bank offers an interest rate of 7.55 per cent per annum. On a one-year FD, it offers an interest rate of 7.75 per cent per annum. An FD which matures in one-two years, Bandhan Bank offers an interest rate of 8.05 per cent.
State Bank of India (SBI) Fixed Deposit (FD) interest rates
State Bank of India (SBI) offers relatively lower interest rates against Bandhan Bank's FD rates. For 211 days to one-year fixed deposit (FD), SBI offers an interest rate of 6.9 per cent per annum. On an FD of one year to less than two years, SBI offers an interest rate of 7.15 per cent.
|Six months to one year||7.55%|
|One year to 2 years||8.05%|
|State Bank of India (SBI)|
|211 days to one year||6.9%|
|one year to less than two years||7.15%|
|Punjab National Bank (PNB)|
|6 months to one year||6.85%|
|6 months five days to less than one year||6.9%|
|One year but less than two years||7.35%|
PNB Fixed Deposit (FD) Rates
Punjab National Bank (PNB) offers an interest rate of 6.85 per cent per annum on an FD of six month tenure to senior citizen depositors. The one-year tenure FD fetches an interest at the rate of 7.1 pe rcent, while the long duration FD (longer than one year but less than three years) offers an interest rate of 7.25 per cent per annum.
HDFC Bank Fixed Deposit (FD) Rates
The interest rate on HDFC Bank fixed deposit with a tenure of six month five days to one year is 6.9 per cent. The one year FD fetches an interest at the rate of 7.35 per cent.
Bank of Baroda Fixed Deposit (FD) rates
On fixed deposits (FDs) of tenure six months to nine months, Bank of Baroda offers an interest rate of 6.75 per cent per annum to senior citizens. The nine-month to less than one year tenure FD, fetches interest at the rate of 6.85 percent per annum. The-one year FD fetches an interest rate of 7.1 percent per annum.
Those who want higher interest rates on fixed deposits can also explore the option of small finance banks (SFB) and non-banking financial corporations (NBFC) which offer as high as 9 per cent interest per annum.
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