Senior Citizen FD

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Senior Citizen Fixed Deposit Interest Rates

Apart from the higher interest rates, the multiple interest payout option helps manage your post-retirement expenses with a regular income. In addition, opting for longer tenors can help you get some of the highest fixed deposit rates for senior citizens.

Here are the interest rates offered by various banks and NBFCs for senior citizens FD:

Bank / NBFCs	Senior Citizen Interest Rates (p.a.)
Bajaj Finance	7.65% - 8.60%
PNB Housing Finance	7.60% - 7.95%
Mahindra Finance	7.65% - 8.30%
Sundaram Finance	7.95% - 8.25%
LIC Housing Finance	7.50% - 8.00%
State Bank of India	3.50% - 7.60%
Punjab National Bank	4.00% - 7.75%
AU Small Finance Bank	4.25% - 8.50%
Ujjivan Small Finance Bank	4.25% - 8.75%
YES Bank	3.75% - 8.25%
HDFC Bank	3.50% - 7.75%
Axis Bank	3.50% - 7.85%
IDFC Bank	4.00% - 8.00%
Bank of India	3.50% - 8.00%
Canara Bank	4.00% - 7.75%
RBL Bank	4.00% - 8.30%
Bank of Baroda	3.50% - 7.75%

Special-tenor FD Interest Rates for Senior Citizens

While senior citizens can always enjoy additional interest rates, choosing a special tenor can help them maximise their earnings. Some issuers offer special tenors that come with higher interest rates.

Bajaj Finance Senior Citizen Special-tenor FD Interest Rates

Special Tenor (in months)	Interest rate at maturity (p.a.)
15	7.70%
18	7.65%
22	7.75%
30	7.70%
33	8.00%
44	8.60%

PNB Housing Finance Senior Citizen FD Interest Rates

Tenor (in months)	Interest rate at maturity (p.a)
12 – 23	7.60%
24 – 35	7.25%
36 – 47	7.95%
48 – 59	7.65%
60 - 71	7.75%
72 - 84	7.65%
120	7.65%

Mahindra Finance Senior Citizen FD Interest Rates

Tenor (in months)	Interest rate at maturity (p.a)
12	7.65%
24	8.00%
36	8.30%
48	8.30%
60	8.30%

Features and Benefits of Senior Citizens Fixed Deposits

There are several advantages of booking a senior citizen FD, some of these include:
Guaranteed returns on investments regardless of market fluctuations
Higher interest rates for senior citizens
Flexible tenors ranging from 7 days to up to 10 years
Premature withdrawal facility
Multiple payout options with compounding interest
Option to add a nominee
Facility to book tax-saving deposits at special senior citizen interest rates
Loan against deposit and sweep-in facility
Tax benefits of up to ₹1.5 Lakhs on the invested amount in a tax-saving deposit as per Section 80C of the Income Tax Act, 1961

How to Open a Senior Citizen Fixed Deposit

Starting a senior citizen fixed deposit involves a straightforward process outlined below:

Step 1: Visit Bajaj Markets
Step 2: Navigate to the Fixed Deposit page via the ‘Investments’ drop-down menu
Step 3: Click on ‘Invest Now’
Step 4: Enter your mobile number, date of birth and OTP to verify your account
Step 5: Enter the deposit amount, tenure and type of interest payout
Step 6: Provide your PAN/Aadhaar or upload the relevant documents to complete your KYC
Step 7: Complete the payment via UPI or NetBanking

You will receive an acknowledgement on your registered email and mobile number within 15 minutes confirming that your deposit has been booked.

Minimum Amount Required to Invest in a Senior Citizen FD

While a few NBFCs maintain a minimum of ₹15,000 to book an FD, others may require you to open an account with just ₹5,000. This varies across issuers, with many banks allowing you to book an FD with amounts as less as ₹1,000.

The table below indicates the minimum amount required by some of the top banks to open a senior citizen FD:

Bank	Minimum Amount
State Bank of India	₹ 1,000
Punjab National Bank	₹ 1,000
HDFC Bank	₹ 5,000
Axis Bank	₹ 5,000
ICICI Bank	₹ 5,000

For the NBFCs, the minimum amount required is as follows:

NBFC	Minimum Amount
Bajaj Finance	₹15,000
PNB Housing Finance	₹10,000
Mahindra Finance	₹5,000

Taxes on Senior Citizen Fixed Deposits

1. Saving taxes on interest

TDS will not be applicable on interest income up to ₹50,000 from your FDs in a financial year.

Declaring Form 15G and Form 15H will allow the issuer to not deduct any TDS on your interest income in case you do not have taxable income.

2. Saving taxes on the deposit amount

Up to ₹1.50 Lakh of the principal amount is eligible for tax deductions under Section 80C of the Income Tax Act, 1961.

Note: Senior citizens above the age of 75 can avoid the hassle of filing income tax by submitting Form 12 BBA when booking a term deposit. The form is a declaration that your income is generated only through pension and interest earning. Upon submission of this form, senior citizens are exempted from filing returns.

Other FD Related Pages
Fixed Deposit	FD Interest Rates	FD Calculator
Bajaj Finance FD Rates	PNB Housing Finance FD Rates	Mahindra Finance FD Rates
Bajaj Finance FD Calculator	PNB Housing Finance FD Calculator	Mahindra Finance FD Calculator
Corporate FD	Flexi Fixed Deposit	NRI FD
FD Receipt	TDS on FD Interest	Premature Withdrawal of FD
OD against FD	Loan against FD	Short Term FD
Benefits of FD	Nbfc FD Rates	Long Term FD
Types of Fixed Deposit	TDS on FD for Senior Citizens	Floating Rates FD

Disclaimer

The information provided by BFDL herein above is related to the Non-Partnered Banks/ NBFCs and is just for the purpose of information and under no circumstances the information provided hereinabove is intended to be source of advice or recommending any financial investment advice or endorsement of any sort.

The information including interest rates with regard to fixed deposit, provided on this website is gathered through publicly available sources over the internet and is considered as accurate and reliable to the best of our knowledge. BFDL disclaims any responsibility or liability regarding inaccuracies, omissions, mistakes etc. as well as offers by the Non-Partnered Banks. The use of information set out is entirely at the User’s own risk and User should exercise due care prior taking of any decision, on the basis of information mentioned hereinabove. You are advised to visit/ contact the respective Banks/ NBFCs to verify the information before making any investment or opening an account. Further, BFDL does not undertake any responsibility or liability to update this information. YOU ARE SOLELY RESPONSIBLE FOR ANY LIABILITY OR DAMAGE YOU INCUR THROUGH ACCESS TO OR USE OF THE SITE OR SUCH INFORMATION OR MATERIALS EXCEPT WHERE THE LAWS AND REGULATIONS OF A PARTICULAR JURISDICTION CONCERNING WARRANTIES CANNOT BE WAIVED. Additionally, display of any trademarks, tradenames, logo and other subject matters of intellectual property owners. Display of such Intellectual Property along with the related product information does not imply BFDL’s partnership with the owner of the Intellectual Property of such products.

Latest Senior Citizen FD News

Senior Citizen FD Interest Rate Hiked after SCSS Limit Hike

After the Union Budget of 2023 increased the limit of investment under the Post Office Monthly Income Scheme (POMIS and Senior Citizen Savings Scheme (SCSS), some banks have raised their Fixed Deposit rates to attract senior citizens and others.

The banks to announce fixed deposit rate hikes lately are Jana Small Finance Bank and Bandhan Bank. Bandhan Bank increased its fixed deposit rates by 50 basis points on 6th February, 2023. The revised fixed deposit rates will be applicable for deposits of up to Rs.2 crores. Jana Small Finance Bank also hiked its interest rates for regular FDs, effective from 1st February, 2023 and on Fixed Deposit Plus scheme from 6th February, 2023.

- Feb 17, 2023

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Monthly Interest on FD

Individuals above 60 years are eligible to book a senior citizen term deposit scheme.

This depends on the issuer. However, financial institutions, generally, do not offer additional interest rates on deposits exceeding ₹2 Crores.

Yes, you can book a senior citizen FD with a non-senior citizen. However, the primary holder has to be a senior citizen to avail of the benefits of senior citizen FD rates.

Yes, you will be required to submit your age proof each time you book an FD.

Yes, there are banks/NBFCs which offer senior citizen FDs for NRIs. One such NFBC is the Bajaj Finance Limited which offers fixed deposits for NRIs with the same interest rates as for the Indian citizens.

Yes, you can renew/reinvest your senior citizen fixed deposit. Most issuers give you the option for FD renewal at the time of investing. You can also choose to reinvest your FD amount during the tenor. However, you will be required to opt for the same before a particular time set by the issuer.