FD Interest Rates for Senior Citizens: Fixed deposits (FDs) are as secure and reliable as any investment opportunity can get, bringing with them guaranteed returns with no element of risk. Across a fluctuating and dynamic financial landscape, FDs have made their way into the hearts of many, especially retirees, who seek regular and stable income.
The good news is that banks now offer enticing interest rates on FDs and higher returns for senior citizens as compared to regular customers.
Therefore, if you are a senior citizen searching for safe and high-yield investments, this opportunity is just for you. Take the investment of ₹1 lakh just once in some FD scheme, and you may receive ₹26,000 as interest in a few years. Let us see which bank provides the maximum interest in FDs for senior citizens in 2024.
Highest FD Interest Rates for Senior Citizens
1. Bank of Baroda – 7.75% Interest (Highest Among Government Banks)
Bank of Baroda is currently leading the market with an impressive 7.75% interest rate on 3-year FDs for senior citizens. This is the highest rate offered by any government bank right now.
- Investment: ₹1,00,000
- Maturity Value (After 3 Years): ₹1,26,000
- Total Interest Earned: ₹26,000
This makes Bank of Baroda’s FD one of the best FD schemes for senior citizens seeking maximum returns.
2. Axis Bank – 7.60% Interest (Top Private Bank Option)
Axis Bank, a leading private sector bank, offers a 7.60% interest rate on its 3-year FD for senior citizens.
- Investment: ₹1,00,000
- Maturity Value (After 3 Years): ₹1,25,000
- Total Interest Earned: ₹25,000
A great choice for those who prefer private banks with competitive rates.
3. HDFC Bank – 7.50% Interest (Trusted Private Bank)
HDFC Bank, India’s largest private bank, provides a 7.50% interest rate on 3-year FDs for senior citizens.
- Investment: ₹1,00,000
- Maturity Value (After 3 Years): ₹1,25,000
- Total Interest Earned: ₹25,000
Similar rates are also offered by ICICI Bank and Punjab National Bank, making them strong alternatives.
4. State Bank of India (SBI) – 7.25% Interest (Safe & Reliable)
SBI, the country’s largest government bank, offers a 7.25% interest rate on 3-year FDs for senior citizens.
- Investment: ₹1,00,000
- Maturity Value (After 3 Years): ₹1,24,000
- Total Interest Earned: ₹24,000
A secure choice for those who trust nationalized banks.
5. Canara Bank – 7.30% Interest (Another Great Government Option)
Canara Bank provides a 7.30% interest rate on 3-year FDs, slightly higher than SBI.
- Investment: ₹1,00,000
- Maturity Value (After 3 Years): ₹1,24,000
- Total Interest Earned: ₹24,000
6. Bank of India & Union Bank – 7.00% Interest (Decent Returns)
Both Bank of India and Union Bank offer 7.00% interest on 3-year FDs for senior citizens.
- Investment: ₹1,00,000
- Maturity Value (After 3 Years): ₹1,23,000
- Total Interest Earned: ₹23,000
7. Indian Bank – 6.75% Interest (Lower but Steady Returns)
Indian Bank offers a 6.75% interest rate on 3-year FDs.
- Investment: ₹1,00,000
- Maturity Value (After 3 Years): ₹1,22,000
- Total Interest Earned: ₹22,000