look news india
Senior citizen fixed deposits offer higher interest rates, flexible tenures ranging from 7 days to 10 years, and the option of premature withdrawal or loan. These include nomination facilities, automatic renewal, and tax-saving benefits under Section 80C for a tenure of 5 years. Bulk deposits are available, but they may not offer preferential rates. Here are the senior citizen fixed deposit rates offered by major banks including SBI, PNB, HDFC Bank, and others.
State Bank of India (SBI)
Interest Rate: 7.75%
Duration: 444 days
HDFC Bank
Interest Rate: 7.9%
Duration: 4 years 7 months (55 months)
Axis Bank
Interest Rate: 7.75%
Tenure: 5 years to 10 years
Punjab National Bank (PNB)
Interest Rate: 7.75%
Duration: 400 days
Bank Of India(BOI)
Interest Rate: 7.8%
Duration: 666 days
ICICI Bank
Interest Rate: 7.8%
Tenure: 15 months to less than 18 months
Canara Bank
Interest Rate: 7.75%
Duration: 444 days
Bank of Baroda (BOB)
Interest Rate: 7.75%
Duration: 399 days
High interest rates
Senior citizen fixed deposits (FDs) offer higher interest rates than regular FDs, usually ranging from 0.25% to 0.65% higher.
Flexible tenure
The tenure of these FDs can range from 7 days to 10 years, providing flexibility depending on individual needs.
Premature Withdrawal and Loans
FDs carry a penalty for premature withdrawal and can also be used as collateral for loans, making it a versatile financial instrument.
Enrollment and automatic renewal
Senior citizen FDs also come with nomination facility to ease the claim process, and many banks also offer auto-renewal facility on maturity.
Tax Savings and Bulk Deposits
FDs with a tenure of 5 years are eligible for tax savings under Section 80C, and bulk deposits (starting at Rs 2 crore) are also available, though they may not offer preferential rates.
