Fixed Deposit Interest Rates For Senior Citizens: The Reserve Bank of India (RBI) has increased the Repo Rate multiple times since May 2022 to combat inflation. As a result, all major banks including SBI, HDFC Bank, and ICICI Bank have revised their interest rates on fixed deposits, providing senior citizens with the benefit of increased interest rates. Nationalized banks are offering returns of up to 7.5 - 8 percent on fixed deposits, while Small Finance Banks (SFBs) are providing up to 9.5 percent returns.
SBI Bank is offering an interest rate of 7.5 percent for senior citizens on fixed deposits between 5 to 10 years, along with the Amrit Kalash Deposit New Fixed Deposit Scheme, offering 7.60 percent interest to senior citizens.
ICICI Bank is also offering an interest rate of 7.50 percent for senior citizens on fixed deposits for 5 to 10 years until April 7, 2023. HDFC Bank has launched Senior Citizen Care FD with an interest rate of 7.75 percent for a tenure of 5 to 10 years until March 31, 2023, applicable for deposits of less than Rs 2 crore.
IDBI Bank has increased the additional interest rate on fixed deposits for senior citizens by up to 0.75 percent. The minimum deposit amount is Rs 10,000, and the maximum limit is Rs 2 crore. Senior citizens can earn an interest rate of 7.50 percent for fixed deposits between 1 to 2 years (except 444 days and 700 days), and for fixed deposits between 2 to 3 years, the interest rate will be 7.25 percent. Unity Small Finance Bank is offering the highest interest rate of 9.50 percent to senior citizens on fixed deposits of 1001 days.
Utkarsh Small Finance Bank is offering 8.75 percent interest to senior citizens on fixed deposits of 1001 days, while North East Small Finance Bank is offering 8.75 percent interest to senior citizens on fixed deposits that mature in 1001 days.
Jana Small Finance Bank is providing 8.80 percent interest to senior citizens on fixed deposits of 1001 days, while Suryoday Small Finance Bank is offering 8.76 percent interest to senior citizens on fixed deposits of 1001 days. Ujjivan Small Finance Bank is providing 8.75 percent interest to senior citizens on fixed deposits of 1001 days.
Bandhan Bank is offering senior citizens with interest rates ranging from 3.00 percent to 8.50 percent for its investors, with the special FD scheme for 600 days, providing an interest rate of 8.50 percent to senior citizens.
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