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Earn interest up to 7.75% p.a. by investing in a Bajaj Finance Fixed Deposit | Rated CRISIL AAA/ STABLE and [ICRA]AAA(stable)

Senior citizen fixed deposit is a term deposit investment tool with special and higher interest rates offered by leading banks and NBFCs to individuals above 60 years of age. The senior citizen fixed deposit scheme offers a wide variety of features and benefits. It also offers an additional interest rate over the rates for non-senior citizen investors.

A senior citizen FD provides a safe space for money to grow at a steady pace that can help plan post-retirement life. Facilities like loan against FD and tax-saving benefits under Section 80C can also be availed with a senior citizen FD. Let’s have a look at the details about the senior citizen fixed deposit scheme in India.

Senior Citizen Fixed Deposit in India 2022

Senior citizen fixed deposit is one of the most preferred forms of investment as it offers a steady flow of income with minimum risk. The age criteria for a senior citizen fixed deposit is above 60 years of age. Only those above this age bracket are eligible to start a senior citizen FD. The scheme also comes with attractive senior citizen fixed deposit interest rates. The senior citizen fixed deposit rates are 0.25-0.50% higher than that for non-senior citizen investors. Here is a look at the senior citizen fixed deposit interest rates.

Fixed Deposit Annualized rate of interest for senior citizens Valid for deposits up to Rs.5 crore (w. e. f. 26th August, 2022)


Minimum deposit (in Rs.)

Cumulative At Maturity

(% p.a.)



(% p.a.)


(% p.a.)

Half Yearly

(% p.a.)


(% p.a.)

12 – 23 months







24 – 35 months






36 - 60 months






Special Tenure FD Rates for Senior Citizens


Minimum deposit

(in Rs.)

Cumulative At Maturity (% p.a.)



(% p.a.)


(% p.a.)

Half Yearly 

(% p.a.)


(% p.a.)

15 months







18 months






22 months






30 months






33 months

7.4% 7.16% 7.2% 7.27% 7.4%

44 months






  • A senior citizen FD gives better interest rates than non-senior citizens, thus helping in earning more on your fixed deposit investment

  • The senior citizen fixed deposit is also one of the safest investment tools as it is unaffected by any market fluctuations

  • The interest income can be turned into regular monthly payouts, providing a steady income in post-retirement life

  • Senior citizens can choose different payout options of their interest income based on their preference. They can opt for either a monthly, quarterly, half-yearly or yearly payout option apart from getting the money on maturity

  • The regular interest payout option is beneficial for retired individuals as it acts as a supplementary source of income

Minimum Amount Required to Invest in Senior Citizen FD

With Bajaj Finance FD, you can start your senior citizen FD with an amount as low as ₹15,000. The interest rate offered on a senior citizen FD can go as high as 7.45% for the investors. You can also use a senior citizen fixed deposit calculator and estimate the returns from your investment. You can also check the senior citizen fixed deposit interest rates for different tenors of FD along with other details.

Let’s understand this with an example for interest income of ₹25,000 and monthly interest on FD for senior citizens.

Senior Citizen Fixed Deposit Rates


Rates (Ranges from 5.85% to 7.60%)

Interest on ₹25,000

Maturity Amount for ₹25,000

12-23 Months




24-35 Months




36-60 Months




Taxes on Senior Citizen Fixed Deposits

The interest income earned on senior citizen fixed deposits might attract income tax based on the applicable slab and laws. Such taxes are deducted at the source. However, if you are not liable to pay this income tax on interest on FD, you can submit a Form 15G or 15H to the bank or NBFC where you have your senior citizen fixed deposit scheme. If it’s an NRE deposit, then your investment might not be liable to pay any taxes. On the other hand, if it is an NRO or FCNR deposit, the interest income might attract taxes.

Eligibility Criteria for Senior Citizen FD

  • To start a senior citizen fixed deposit, the most important eligibility criteria is that you should be above 60 years of age on the date of opening the senior citizen FD account

  • Some bank FDs also have a provision to allow customers above 55 years of age to start their senior citizen fixed deposit scheme. Those who have taken early retirement can apply for a senior citizen FD in this case. The rules of this provision might vary from bank to bank and are subject to certain terms and conditions as well

  • NRI senior citizens can also start their FD account through NRE or NRO accounts

Documents required for Senior Citizen Fixed Deposit

  • PAN card

  • Photograph

  • Age proof document

  • Passport

  • Aadhaar Card

Final thoughts on Senior Citizen FD

Senior citizen fixed deposit is undoubtedly one of the ideal options to invest your money. You not only earn attractive returns but also get the safety of your invested amount. With Bajaj Finance senior citizen FD, you can grow your money steadily and in an efficient way as the senior citizen FD rates are one of the best in the market. With CRISIL’s FAAA (Stable) rating and ICRA’s MAAA (Stable) rating, your amount is safe with Bajaj Finance. All of these can be availed in a simple online application process saving your time and sparing you the trouble of visiting the branch.


  • ✔️What is the FD rate for senior citizens?

    The senior citizen FD interest rates offered in most of the banks and NBFCs are usually in the range of 3% to 7%.

  • ✔️What is a senior citizen FD?

    A senior citizen FD is a term deposit scheme for individuals above 60 years of age with special interest rates that are higher than that of non-senior citizens.

  • ✔️Are super-senior citizens offered additional rates of interest for fixed deposits?

    The interest rates for a senior citizen and super senior citizen fixed deposit depends on the bank or NBFC where the account is opened. Some banks do offer additional rates of interest while others do not.

  • ✔️Who is a senior citizen?

    An individual who is 60 years of age or above is termed as a senior citizen legally.

  • ✔️Is interest in FD taxable for senior citizens?

    The interest income earned in a financial year becomes taxable if it crosses the limit of ₹50,000. The TDS will be charged at 10%.

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