Senior Citizens Get Up To 0.65% Higher Return On FD Investment Than General Public: Compare Rates Here
Major banks in the country pay slightly higher returns to senior citizens than the general public on fixed income instruments such as term or fixed deposits (FD). Today, top commercial banks - from state-run SBI, Punjab National Bank and Bank of Baroda to private sector peers ICICI Bank and HDFC Bank - provide a return of 3.5-8.15 per cent to senior citizens on fixed deposits up to Rs 1 crore. Investment in bank FD of the same category fetches interest at the rate of 3.5-7.5 per cent for the general public.
Here's a comparison of interest rates paid by top commercial banks to senior citizens and the general public on FD 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 | 7.50% | 8.15% |
| 30 months < 3 years | 7.50% | 8.00% |
| 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 29 days | 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 & up to 3 years | 6.75% | 7.25% |
| above 3 year & up to 5 years | 6.25% | 6.75% |
| above 5 years & up to 10 years | 6.25% | 6.75% |
| (Source: pnbindia.in) | ||
Bank of Baroda (with effect from November 1, 2018)
| Term | Interest rate |
|---|---|
| 7 days to 14 days | 4.50% |
| 15 days to 45 days | 4.75% |
| 46 days to 90 days | 5.00% |
| 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 up to 2 Years | 6.80% |
| Above 2 Years and up to 3 Years | 6.70% |
| Above 3 Years and up to 5 Years | 6.70% |
| Above 5 Years and up to 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.