Compare FD rates: Many banks, including SBI, PNB, HDFC Bank, and ICICI Bank, have hiked fixed deposit interest rates. Senior citizens gain considerably from FD rate rises because the majority of their retirement money are invested in various term fixed deposit schemes offered by banks. Consider comparing senior citizen FD interest rates from prominent banks like SBI, PNB, HDFC Bank and ICICI Bank. (Compare FD rates)
Compare FD rates: SBI
Senior citizens can double their money by opening a 10-year fixed deposit account with the State Bank of India. At the moment, senior persons can earn 7.5% interest at the bank. For older persons, the bank has introduced a 400-day (Amrit Kalash) tenor scheme with a 7.60% interest rate. The programme will be in place until March 31, 2023. SBI has introduced a new deposit programme named SBI ‘Sarvottam’ (Non-Callable) Term Deposits for deposits exceeding Rs 15 lakh for both resident and non-resident individuals. On a one-year tenor, the interest rate for amounts ranging from Rs 15 lakhs to Rs 2 crores is 7.55% for elderly folks. The bank is currently offering 7.40% on a two-year tenor to the general market.
Compare FD rates: PNB
According to the bank’s website, senior persons would receive an additional 50 basis points on top of the usual card rates for any domestic deposit maturity of less than Rs 2 crore. Senior adults can get interest rates ranging from 4% to 7.75% for durations ranging from 7 days to 10 years from the bank. Super senior adults receive the highest interest rate of 8.05% from the bank.
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The HDFC Bank
Senior citizens can also double their money by creating a 10-year FD with HDFC Bank. The bank is now offering 7.75% interest to elderly citizens, which is the highest rate among the three banks evaluated here. The maturity value of a Rs 50,000 deposit in 10 years, according to the online FD calculator, would be more than Rs 1.07 lakh.
The ICICI Bank
Senior citizens can get interest rates ranging from 3.50% to 7.50% on maturities ranging from 7 days to 10 years from ICICI Bank. The Golden Years FD is available at a 0.10% interest rate from the bank.
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