Fixed deposit for senior citizens: Top banks with best FD rates

FDs for senior citizens

Senior citizens often favour fixed deposits (FDs) because of their secure nature, guaranteed returns, and low risk, and banks typically offer higher interest rates to this demographic for risk-free investments.

To maximize your fixed deposit returns, choose a bank with competitive interest rates. Here are some top banks offering high FD rates for deposits up to Rs 1 crore. The list is based on BankBazaar data as of September 15.

IndusInd Bank offers senior citizens a 7.5 percent interest rate on two-year FDs, the highest among private banks.

Axis Bank provides a 7.35 percent interest rate on 5-10 year FDs for senior citizens.

Kotak Mahindra Bank offers senior citizens a 7.1 percent rate on FDs with a tenure of 391 days to less than 23 months.

ICICI Bank offers senior citizens a 7.10 percent interest rate on FDs with a tenure of two years one day to 10 years.

HDFC Bank offers a 7.10 percent interest rate on FDs with a tenure of 18-21 months.

Bank of Baroda offers senior citizens a 7.10 percent interest rate on FDs with a 444-day tenure.

Union Bank of India offers senior citizens a 7.10 percent interest rate on FDs for a tenure of 456 days.

Punjab National Bank offers senior citizens a 7.10 percent interest rate on FDs for a tenure of 390 days.

State Bank of India offers an interest rate of 7.05 percent for 5-10 years FD by senior citizens.

Canara Bank provides senior citizens with an interest rate of 7 percent on FDs for a tenure of 444 days.

The Deposit Insurance and Credit Guarantee Corporation, a RBI subsidiary, guarantees investments in fixed deposits of up to Rs 5 lakh.