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Festive Season Investment: FD Schemes that Senior Citizens Can Consider to Earn Good Returns

Matte Jr
Festive Season Investment: FD Schemes that Senior Citizens Can Consider to Earn Good Returns

Fixed deposits, often referred to as FDs, are a popular investment choice among many individuals in India, especially the elderly, due to their reliability. Bank fixed deposits are a preferred savings avenue for risk-averse individuals. It is important to mention that most banks offer senior citizens a higher interest rate on their fixed deposits compared to other investors. Typically, senior citizens can benefit from an extra interest rate of 0.50 percent in addition to the normal rates provided by banks for fixed deposits with varying tenures. The interest earned on these deposits is distributed to investors at regular intervals such as monthly, quarterly, semi-annual or annually.

Currently in India, both public and private banks along with Non-Banking Financial Companies (NBFCs) are offering attractive fixed deposit (FD) interest rates in excess of 7%, presenting an attractive choice for individuals who they look for safe investments with guaranteed returns. If you are considering trusting these financial institutions with your funds, the following information serves as a detailed resource for you.

Here is a list of banks and the interest rates they offer

Small financial banks

Bank name Best interest rates/period Possession
1 year term (%) 3-year term (%) 5-year term (%)
AU Small Financial Bank 8.5%/18 months 7.75 8:00 am 7.75
Equitas Small Financial Bank 8.75%/444 days 8.60 8:50 am 7.75
ESAF Small Financial Bank 8.75%/2 years to less than 3 years 6:50 am 7:25 am 6.75
Jana Small Financial Bank 8.75%/365 days to 1,095 days 8.75 8.75 7.75
Small Financial Bank of the Northeast 9.50%/546 days to 1111 days 7:50 am 9:50 am 6.75
Suryoday Small Financial Bank 9.10%/Over 2 years to 3 years 7:35 am 9:10 am 8.75
Ujjivan Small Financial Bank 8.75%/12 months 8.75 7.70 7.70
Unit Small Financial Bank 9.50%/1001 days 8:35 am 8.65 8.65
Utkarsh Small Financial Bank 9.10%/2 years to 3 years; 1,500 days 8.60 9:10 am 8:35 am

Private Banks

Bank name Best interest rates/period Possession
1 year term (%) 3-year term (%) 5-year term (%)
Axis Bank 7.75%/15 months to less than 2 years;
5 years to 10 years 		7:20 am 7.60 7.75
Bandhan Bank 8.55%/1 year 8.55 7.75 6.60
Banco União da Cidade 8.00%/333 days 7:25 am 6.75 6:50 am
CSB Bank 7.75%/401 days 5.50 6.25 6.25
DBS Bank 8.00%/376 days to 540 days 7:50 am 7:00 7:00
Federal Bank 7.90% /50 months; 777 days 7:30 am 7:50 am 7:25 am
HDFC Bank 7.90%/4 years 7 months (55 months) 7.10 7:50 am 7:50 am
ICICI Bank 7.80%/15 months to less than 18 months 7:20 am 7:50 am 7:50 am
First IDFC Bank 8.25%/400-500 days 7:00 7:30 am 7:25 am
IndusInd Bank 8.25%/1 year to 2 years 8:25 am 7.75 7.75
Karur Vysya Bank 8.10%? 760 days – Special Deposit 7:40 am 7:40 am 7:40 am
Karnataka Bank 8.00%/375 days 7.85 7:00 7:00
Kotak Mahindra Bank 7.90%/390 days less than 23 months 7.60 7.60 6.70
RBL Bank 8.60%/500 days 8:00 am 8:00 am 7.60
Bank of South India 7.75% -400 days 7:20 am 7:20 am 6:50 am
YES Bank 8.50%/18 months 7.75 8:00 am 8:00 am

Public sector banks

Bank name Best interest rates/period Possession
1 year term (%) 3-year term (%) 5-year term (%)
Bank of Baroda 7.80%/400 days – Bob Utsav 7:35 am 7.65 7:40 am
Bank of India 7.80%/400 days 7:30 am 7:25 am 6.75
Bank of Maharashtra 7.75%/777 days 7:25 am 7:00 7:00
Canara Bank 7.75%/444 days 7:35 am 7:30 am 7:20 am
Central Bank of India 7.95%/444 days 7:35 am 7:25 am 7:00
Indian Bank 7.80%/1 year to 375 days 6.60 6.75 6.75
Indian Overseas Bank 7.80%/444 days 7.60 7:00 7:00
Punjab National Bank 7.75%/400 days 7:30 am 7:50 am 7:00
Punjab and Sindh Bank 7.80%/666 days 6.80 6:50 am 6:50 am
State Bank of India 7.75%/444 days – Amrit Vrishti 7:30 am 7:25 am 7:50 am
Union Bank of India 7.90% -333 days 7:30 am 7:20 am 7:00

Disclaimer: Business Today provides market, mutual fund and investment-related news for informational purposes only and should not be construed as investment advice. All mutual fund investments are subject to market risk. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.

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