Most senior citizens prefer fixed deposits to invest their money. Banks also offer higher interest rates to senior citizens on their FDs.
Here is a look at senior citizen FD (fixed deposit) interest rates for amounts below Rs 2 crore across various tenors of 11 top banks such as SBI, HDFC Bank, ICICI Bank, Union Bank of India, Indian Bank, Bank of Baroda, PNB, Kotak Mahindra Bank, Axis Bank, Yes Bank, Canara Bank.
State Bank of India FD interest rates for amounts below Rs 2 crore
SBI offers interest rates between 3.5% to 7.5% for tenure ranging from 7 days to 10 years. These are the rates applicable from February 15, 2023. The bank offers 7.6% on special deposit if Amrit kalash.
According to the website, “The specific tenor scheme of “400 days” (Amrit Kalash) at Rate of Interest of 7.10 % w.e.f. 12- April- 2023. Senior Citizens are eligible for rate of interest of 7.60%. The Scheme will be valid till 15-August-2023."
| Tenors | Rates w.e.f. 15/02/2023 |
| 7 days to 45 days | 3.5 |
| 46 days to 179 days | 5 |
| 180 days to 210 days | 5.75 |
| 211 days to less than 1 year | 6.25 |
| 1 Year to less than 2 years | 7.3 |
| 2 years to less than 3 years | 7.5 |
| 3 years to less than 5 years | 7 |
| 5 years and up to 10 years | 7.50@ |
| | |
| 400 days (Special Scheme i.e. “ Amrit Kalash”) | 7.6 |
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HDFC Bank senior citizen FD rates
HDFC Bank offers interest rates between 3.5% to 7.75% for tenure ranging from 7 days to 10 years. These rates are applicable from May 29, 2023.
| Tenure | Senior Citizen Rates (per annum) |
| 7 - 14 days | 3.50% |
| 15 - 29 days | 3.50% |
| 30 - 45 days | 4.00% |
| 46 - 60 days | 5.00% |
| 61 - 89 days | 5.00% |
| 90 days < = 6 months | 5.00% |
| 6 months 1 days < = 9 months | 6.25% |
| 9 months 1 day to < 1 year | 6.50% |
| 1 year to < 15 months | 7.10% |
| 15 months to < 18 months | 7.60% |
| 18 months to < 21 months | 7.50% |
| 21 months - 2 years | 7.50% |
| 2 Years 1 day to < 2 Year 11 Months | 7.50% |
| 2 Years 11 Months - 35 Months | 7.70% |
| 2 Years 11 Months 1 day < = 3 Year | 7.50% |
| 3 Years 1 day to < 4 Years 7 Months | 7.50% |
| 4 Year 7 Months - 55 months | 7.75% |
| 4 Year 7 Months 1 day < = 5 Years | 7.50% |
| 5 Years 1 day - 10 Years | 7.75%* |
According to the HDFC Bank website, “Enjoy HIGHER FD Rates @7.20% on tenure 35 months and @7.25% on tenure 55 months. Senior Citizen benefits 0.50% EXTRA!...So Hurry! Valid for Limited Period only!”
ICICI Bank senior citizens FD rates
ICICI Bank offers interest rates between 3.50% to 7.60% for tenure ranging from 7 days to 10 years. These rates are applicable from February 24, 2023.
| Tenure | Senior Citizen |
| 7 days to 14 days | 3.50% |
| 15 days to 29 days | 3.50% |
| 30 days to 45 days | 4.00% |
| 46 days to 60 days | 4.75% |
| 61 days to 90 days | 5.00% |
| 91 days to 120 days | 5.25% |
| 121 days to 150 days | 5.25% |
| 151 days to 184 days | 5.25% |
| 185 days to 210 days | 6.25% |
| 211 days to 270 days | 6.25% |
| 271 days to 289 days | 6.50% |
| 290 days to less than 1 year | 6.50% |
| 1 year to 389 days | 7.20% |
| 390 days to < 15 months | 7.20% |
| 15 months to < 18 months | 7.60% |
| 18 months to 2 years | 7.60% |
| 2 years 1 day to 3 years | 7.50% |
| 3 years 1 day to 5 years | 7.50% |
| 5 years 1 day to 10 years | #7.50% |
| 5 Years (80C FD) – Max to `1.50 lac | 7.50% |
Union Bank of India senior citizen FD rates
Union Bank of India offers interest rates between 3.5% to 7.5% for tenure ranging from 7 days to 10 years. The new rates are applicable from May 23, 2023.
Kotak Mahindra bank FD interest rates
Kotak Mahindra bank offers senior citizen fixed deposit interest rates between 3.25% to 7.70% for tenure ranging from 7 days to 10 years. These rates are applicable from May 11, 2023.
| Maturity Periods | Senior Citizen |
| 7 - 14 Days | 3.25% |
| 15 - 30 Days | 3.50% |
| 31 - 45 Days | 3.75% |
| 46 - 90 Days | 4.00% |
| 91 - 120 Days | 4.50% |
| 121 - 179 days | 4.75% |
| 180 Days | 7.50% |
| 181 Days to 269 Days | 6.50% |
| 270 Days | 6.50% |
| 271 Days to 363 Days | 6.50% |
| 364 Days | 7.00% |
| 365 Days to 389 Days | 7.60% |
| 390 Days (12 months 25 days) | 7.70% |
| 391 Days - Less than 23 Months | 7.70% |
| 23 Months | 7.70% |
| 23 months 1 Day- less than 2 years | 7.70% |
| 2 years- less than 3 years | 7.50% |
| 3 years and above but less than 4 years | 7.00% |
| 4 years and above but less than 5 years | 6.75% |
| 5 years and above upto and inclusive of 10 years | 6.70% |
Punjab National Bank FD interest rates for senior citizens and super senior citizens
PNB offers senior citizens fixed deposit interest rates between 4% to 7.75% for tenure ranging from 7 days to 10 years and for super senior citizen, interest rates vary between 4.30% to 8.05%. These rates are applicable from June 1, 2023.
| Period | Rates For Senior Citizens | Rates For Super Senior Citizens |
| 7 to 14 days | 4 | 4.3 |
| 15 to 29days | 4 | 4.3 |
| 30 to 45 days | 4 | 4.3 |
| 46 to 90 days | 5 | 5.3 |
| 91 to 179 days | 5 | 5.3 |
| 180 days to 270 Days | 6 | 6.3 |
| 271 days to less than 1 year | 6.3 | 6.6 |
| 1 year | 7.25 | 7.55 |
| above 1 year to 443 days | 7.3 | 7.6 |
| 444 days | 7.75 | 8.05 |
| 445 days to 665 days | 7.3 | 7.6 |
| 666 days | 7.55 | 7.85 |
| 667 days to 2 years | 7.3 | 7.6 |
| above 2 year & upto 3 years | 7.5 | 7.8 |
| above 3 year & upto 5 years | 7 | 7.3 |
| above 5 years & upto 10 years | 7.3 | 7.3 |
Canara Bank senior citizens FD interest rates
Canara Bank offers interest rates between 4% to 7.75% for tenure ranging from 7 days to 10 years. These rates are applicable from April 4, 2023
| Term Deposits (All Maturities) | Senior Citizen |
| Rate of Interest (% p.a.) # |
| 7 Days to 45 Days | 4 |
| 46 Days to 90 Days | 5.25 |
| 91 Days to 179 Days | 5.5 |
| 180 Days to 269 Days | 6.75 |
| 270 Days to less than 1 Year | 7 |
| 1 Year Only | 7.5 |
| 444 Days | 7.75 |
| Above 1 Year to less than 2 Years | 7.4 |
| 2 Years & above to less than 3 Years | 7.35 |
| 3 Years & above to less than 5 Years | 7.3 |
| 5 Years & above to 10 Years | 7.2 |
Indian Bank FD interest rates
Indian Bank offers interest rates between 3.25% to 7.75% for tenure ranging from 7 days to 10 years. These rates are applicable from March 4, 2023.
Bank of Baroda FD interest rates
Bank of Baroda offers interest rates between 3.50*% to 7.55% for tenure ranging from 7 days to 10 years for senior citizens.
| Tenors | Resident Indian Sr. Citizen |
| 7 days to 14 days | 3.50* |
| 15 days to 45 days | 3.50* |
| 46 days to 90 days | 5.00* |
| 91 days to 180 days | 5.00* |
| 181 days to 210 days | 5.75* |
| 211 days to 270 days | 6.25* |
| 271 days & above and less than 1 year | 6.25* |
| 1 year | 7.25* |
| Above 1 year to 400 days | 7.25* |
| Above 400 days and upto 2 Years | 7.25* |
| Above 2 Years and upto 3 Years | 7.55* |
| Above 3 Years and upto 5 Years | 7.15 # |
| Above 5 Years and upto 10 Years | 7.50*** |
| Above 10 years (MACT/MACAD | 6.75* |
| Court Order schemes only) |
| 399 Days (Baroda Tiranga Plus Deposit Scheme) | 7.75* |
(* incl. additional ROI 0.50%, # incl. additional ROI of 0.50+0.15, *** incl. additional ROI of 0.50%+0.50%)
Axis Bank FD interest rates for senior citizens
Axis Bank offers interest rates between 3.50% to 7.85% for tenure ranging from 7 days to 10 years for senior citizens. These rates are effective from May 18, 2023.
Yes Bank FD interest rates for senior citizens
Yes Bank offers interest rates between 3.75% to 8.25% for tenure ranging from 7 days to 10 years for senior citizens. These rates are applicable from May 2, 2023.
| Period | |
| Senior Citizens*** |
| Interest Rates |
| 7 days to 14 days | 3.75% |
| 15 days to 45 days | 4.20% |
| 46 days to 90 days | 4.60% |
| 91 days to 180 days | 5.25% |
| 181 days to 271 days | 6.50% |
| 272 days to < 1 year | 6.75% |
| 1 Year to < 18 Months | 8.00% |
| 18 Month < 36 Months | 8.25% |
| 36 months to <= 120 months | 7.75% |
** Interest rates are subject to change at the sole discretion of the Bank.
*** Senior Citizen rates are applicable only for Domestic Deposits.
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FAQs
The bank offers 7.6% on special deposit if Amrit kalash. According to the website, “The specific tenor scheme of “400 days” (Amrit Kalash) at Rate of Interest of 7.10 % w.e.f. 12- April- 2023. Senior Citizens are eligible for rate of interest of 7.60%. The Scheme will be valid till 15-August-2023."
Which bank has highest FD rates 2023? ›
Top Bank Fixed Deposit Schemes in 2023
| Bank | Less than 1 year | 1 year to 3 years |
|---|
| Yes Bank | 3.25% to 6.25% | 7.50% - 7.75% |
| KVB Bank FD | 4.00% to 6.50% | 7.00% to 7.50% |
| Citibank | 1.85% to 6.75% | 6.75% to 3.50% |
| Punjab and Sind Bank | 2.80% to 6.00% | 6.40% to 7.35% |
4 more rowsWe wish to inform you that the Promotional Fixed Deposit Rate and Unit Trust sales charge of the Alliance Bank Investment and Fixed Deposit Bundle Campaign will be revised to the following with effect from 22 May 2023. 7.25% p.a.
Which bank has highest FD rates for senior citizens? ›
Here's a look at bank that are currently offering over 9% FD interest rates for senior citizen investors.
- Unity Small Finance Bank. ...
- Fincare Small Finance Bank. ...
- Jana Small Finance Bank. ...
- Suryoday Small Finance Bank. ...
- Equitas Small Finance Bank. ...
- ESAF Small Finance Bank.
The Fed penciled in a 5-5.25 percent peak interest rate for 2023, after which officials see rates falling to 4.25-4.5 percent by the end of 2024.
Which bank gives 7% interest on savings account in India? ›
Suryoday Small Finance Bank offers a great interest rate of 7.00% on savings account balances upwards of ₹5 Lakh and 6.75% on balances above ₹1 lakh up to & including ₹5 Lakh.
What will interest rates be in July 2023? ›
The mortgage interest rate forecast is for rates to stay the same or tick slightly lower in July, with average 30-year rates at 6.67% as of June 22, 2023, compared to 6.57% on May 25, 2023, according to the Freddie Mac Primary Mortage Market Survey (PMMS).
How long will interest rates stay high in 2023? ›
“While the Federal Reserve paused on interest rate increases in June, they left the door open for more increases in the coming months as long as inflation remains above the desired rate. Therefore, we expect mortgage rates to stay near their current rate in July 2023 and trend lower as inflation pressures ease.”
What will interest rates be at end of 2023? ›
30-year fixed rate mortgage will average 6.4% for Q2 2023, according to the May Housing Forecast.
Which scheme is best for senior citizens? ›
Best Senior Citizens Investment Plans with High Returns 2023
| Investment Option | Interest Rates | Minimum Investment Amount |
|---|
| Senior Citizens Savings Scheme (SCSS) | 8.20% p.a. | Rs. 1,000 |
| Post Office Monthly Income Scheme (POMIS) | 7.40% p.a. | Min Rs. 1,500 |
| Senior Citizen FD | 8.20% p.a. | Varies between banks |
| Tax-Free Bond | 5.5%-6.5% p.a. | NA |
1 more rowMay 26, 2023
Senior Citizens are eligible for rate of interest of 7.60%.
What is SBI senior citizen special FD rates? ›
7.6% interest rate for senior citizens
Under the SBI Amrit Kalash FD scheme, regular customers get an interest rate of 7.1 per cent for fixed deposits maturing in 400 days. For senior citizens, the interest rate can go up to 7.6 per cent.
Where will bank interest rates be in 2023? ›
Based on figures provided by the Federal Reserve, it's probable that high-yield savings accounts could offer 5.00% APY or more in 2023. So, if you have a huge chunk of change sitting idle in your checking account, consider moving it to a high-yield savings account and capitalizing on the current rise in interest rates.
What will interest rates be at the beginning of 2023? ›
Mortgage rates continue to confound expectations. In 2022, rates surged past 7 percent far faster than anyone predicted. Then, in 2023, mortgage rates calmed, leading many observers to predict rates would fall all the way to the low 5 percent range this year.
Will interest rates go back down in 2024? ›
The predictions made by the various analysts and banks provide insight into what the financial markets anticipate for interest rates over the next few years. Based on recent data, Trading Economics predicts a rise to 5% in 2023 before falling back down to 4.25% in 2024 and 3.25% in 2025.
Which bank gives 8% interest on savings account? ›
DCB bank is now providing savings accounts with the highest interest rate of 8%, and FDs with the highest interest rate, 8%, for regular customers and 8.50% for senior citizens. DCB Bank has revised savings accounts and fixed deposit interest rates for deposits below Rs 2 crore.
Which bank gives 8% interest? ›
Among private sector banks, DCB Bank tops the chart again as it offers an interest rate of 8 per cent on two-year FDs. The second highest interest is being offered by both IndusInd Bank and IDFC First Bank which is 7.75 per cent for deposits with the same tenure.
Can you get 7% interest savings account? ›
While 7% with Landmark Credit Union is the highest available interest rate, other high-yield savings accounts exist and may be more worth it based on each bank's unique requirements.
Will there be more interest rate hikes in 2023? ›
After voting to leave interest rates unchanged in a target range of 5-5.25 percent, policymakers on the Federal Open Market Committee (FOMC) caught Fed watchers by surprise when they announced that they're also penciling in two more rate hikes for 2023.
Will interest rates go down later in 2023? ›
Along those lines, organizations like Fannie Mae and the Mortgage Bankers Association forecast that the average rate on 30-year fixed-rate mortgages will decline throughout 2023, continuing into the first quarter of 2024.
The national average rate for savings accounts will be 0.29 percent by the end of 2023, McBride forecasts, while predicting an average of 0.34 percent for money market accounts.
Will interest rates go up before 2023? ›
After this hiatus, further rate hikes may be back on the table. Projections from Federal Reserve policymakers showed that there could be up to two additional rate hikes of a quarter-point each before 2023 comes to an end. Others were less aggressive in their forecasts, only predicting a single quarter-point hike.
What is the best investment for a 65 year old? ›
Options for low-risk investments and savings include CDs, fixed annuities, money market accounts, savings accounts, CDs, and treasury securities. Amongst these options, fixed annuities typically offer the best interest rates.
What is the best investment for a 60 year old? ›
Some good investments for retirement are defined contribution plans, such as 401(k)s and 403(b)s, traditional IRAs and Roth IRAs, cash-value life insurance plans, and guaranteed income annuities.
What is the deposit scheme for senior citizens? ›
A Senior Citizens Savings Scheme (SCSS) account is a retirement benefit account that is supported by the Indian government. Indian senior citizens who invest a lump sum in the plan, either individually or jointly, can take advantage of the account's benefits.
Which FD has the highest interest rate of 7.25% if booked today? ›
Best Fixed Deposit with Highest Interest Rates 2023
| FD Scheme | Interest Rate | Senior Citizen Rates |
|---|
| Indian Overseas Bank FD | 7.25 % | 7.75 % |
| Federal Bank FD | 7.25 % | 7.75 % |
| Dhanlaxmi Bank FD | 7.25 % | 7.75 % |
| Bank of Baroda FD | 7.25 % | 7.75 % |
16 more rowsAmong scheduled private sector banks, DCB Bank and Bandhan Bank offer the best FD interest rates of up to 8.00% p.a. Among scheduled public sector banks, the highest FD rate is offered by the Punjab & Sind Bank of up to 7.35% p.a. for a tenure of 555 days.
What is the interest rate for senior citizens in SBI 2023? ›
The specific tenor scheme of “400 days” (Amrit Kalash) at Rate of Interest of 7.10 % w.e.f. 12- April- 2023. Senior Citizens are eligible for rate of interest of 7.60%. The Scheme will be valid till 15-August-2023. @ Including additional premium of 50 bps under ”SBI We-care” deposit scheme.
What is the interest of 5 lakh FD in SBI? ›
State Bank of India FD Returns Based on Investment Amount
| Investment Amount | For 3 years with interest of 6.5% | For 5 years with interest of 6.5% |
|---|
| ₹ 1 lakh | ₹ 1,21,467 | ₹ 1,38,282 |
| ₹ 2 lakh | ₹ 2,42,934 | ₹ 2,76,563 |
| ₹ 5 lakh | ₹ 6,07,336 | ₹ 6,91,409 |
| ₹ 10 lakh | ₹ 12,14,672 | ₹ 13,82,817 |
1 more rowBanks offer higher FD interest rates to senior citizens compared to regular citizens. The rates are higher by 0.25% to 0.50%. The interest rate on Senior Citizen's Savings Scheme offered by the government is reviewed and revised every quarter.
Will CD rates go up in 2023? CD rates will likely increase in 2023 if the Federal Reserve continues to increase the federal funds rate. The Federal Reserve has indicated a willingness to continue increasing its benchmark interest rate to combat inflation, and this is likely to drive CD rates higher in 2023.
How high will interest rates go in 2023? ›
Though Fed policymakers skipped an 11th successive increase to the federal funds rate —the borrowing rate for commercial banks and credit unions—at their June meeting , officials revised the 2023 peak rate projection up to 5.6% from the 5.1% target projected in March.
Which bank is best in 2023? ›
List of 10 Best Banks in India 2023
- State Bank of India (SBI)
- HDFC Bank.
- ICICI Bank.
- Punjab National Bank (PNB)
- Bank of Baroda (BoB)
- Axis Bank.
- Canara Bank.
- Union Bank of India.
The central bank had already raised rates to a range of 5 to 5.25 percent over a little more than a year. But policymakers also predicted in their economic forecasts that they might raise interest rates even further — to 5.6 percent by the end of 2023.
Will savings interest rates continue to rise in 2023? ›
Will Savings Interest Rates Go Up in 2023? According to Reuters, one-third of economists believe that there could be one more interest rate hike before the end of 2023. A high-yield savings account could be a good place to earn a risk-free return for the year ahead, even if rates don't continue to go up.
Will interest rates go down by the end of 2023? ›
“We expect that 30-year mortgage rates will end 2023 at 5.2%,” the organization noted in its forecast commentary. It since has walked back its forecast slightly but still sees rates dipping below 6%, to 5.6%, by the end of the year.
Will interest rates go up in 2024? ›
Fannie Mae, Mortgage Bankers Association and National Association of Realtors expect mortgage rates to drop through the first quarter of 2024, by half a percentage point to about nine-tenths of a percentage point. Figures are the predicted quarterly average rates for the 30-year fixed-rate mortgage.
Which bank is No 1 in India 2023? ›
1. State Bank of India. State Bank of India (SBI) is among the Fortune 500 companies. It is an Indian multinational and Public Sector Banking and Financial services firm.
Which bank has the highest profit in India 2023? ›
In the fiscal year ending March 2023, the cumulative profit of public sector banks reached Rs 1 lakh crore, with market leader State Bank of India (SBI) accounting for nearly half of all revenues.
Should I take my money out of the bank 2023? ›
Do no withdraw cash. Despite the recent uncertainty, experts don't recommend withdrawing cash from your account. Keeping your money in financial institutions rather than in your home is safer, especially when the amount is insured. "It's not a time to pull your money out of the bank," Silver said.
