Fixed Deposit Rates: There are still many banks which are offering attractive interest rates on fixed deposits to senior citizens. These banks are offering interest at the rate of 8.35% to senior citizens.
Experts believe that the era of increase in interest rates on fixed deposits is almost coming to an end. Some banks have even started cutting these rates. But, there are still many banks which are giving more than 8% interest on FD to senior citizens. Further we are giving the details of FDs of these banks. These rates are for FDs less than Rs 2 crore.
DCB Bank Senior Citizen FD
For senior citizens, this bank is offering interest at the rate of 8.35% on fixed deposits. This interest rate is for FDs with a tenure of 25 months to 37 months. However, for FDs with a tenure of 37 months, this bank is offering interest at the rate of 8.5%, which is currently one of the highest interest rates available on FD schemes.
IndusInd Bank Senior Citizen FD
This private sector bank is offering interest at the rate of 8% on AFD maturing in a period ranging from 33 months to 39 months. This bank is offering interest at the rate of 8.25% on FDs maturing in 19 months and 24 months.
Yes Bank Senior Citizen FD
This private sector bank is offering 8% interest on FD to senior cities. This interest rate will be on FD of 36 months to 60 months. However, this bank offers interest at the rate of 8.25% on FDs ranging from 18 months to 24 months.
Bandhan Bank Senior Citizen FD
This bank is offering interest at the rate of 7.75% on 3 year FD to senior citizens. However, this bank is offering interest rate of 8.35% to senior citizens on FD of 500 days.
IDFC First Bank Senior Citizen FD
This bank is offering interest at the rate of 7.75% to senior citizens on FDs of 751 days to 1,095 days.
3 year FD for senior citizens
| Banks | Interest rate |
| DCB Bank | 8.35% |
| IndusInd Bank | 8.00% |
| Yes Bank | 8.00% |
| Bandhan Bank | 7.75% |
| IDFC First Bank | 7.75% |
Senior citizens investing in fixed deposits should also note that if the interest received on all their FDs exceeds Rs 50,000, then TDS can also be deducted by the bank. This rate of TDS is fixed at 10%. But, in case of not submitting PAN card, TDS rate may increase to 20%. However, this TDS deducted by the bank can be claimed in the Income Tax Return (ITR).
