Fixed Deposit Interest Rates For Senior Citizens: In order to combat inflation, the Reserve Bank of India (RBI) has increased the Repo Rate multiple times since May 2022. Consequently, all major financial institutions, including SBI, HDFC Bank, and ICICI Bank, have revised their fixed deposit interest rates to benefit senior citizens. Small Finance Banks (SFBs) provide returns of up to 9.5%, whereas nationalized banks offer returns of up to 7.5-8% on fixed deposits.
In addition to the Amrit Kalash Deposit New Fixed Deposit Scheme, which provides senior citizens with interest at a rate of 7.60 percent, SBI Bank is offering fixed deposits with terms of five to ten years at an interest rate of 7.5%.
Senior citizens can also take advantage of ICICI Bank’s fixed deposit interest rate of 7.50 percent until April 7, 2023. For deposits of less than Rs 2 crore, HDFC Bank has launched the Senior Citizen Care FD with an interest rate of 7.75 percent for five to ten years, until March 31, 2023.
The senior citizen fixed deposit interest rate at IDBI Bank has been increased by up to 0.75 percent. The maximum deposit amount is Rs 2 crore, with a minimum deposit of Rs 10,000. For fixed deposits lasting between one and two years (with the exception of 444 days and 700 days), seniors can earn an interest rate of 7.50 percent.
For fixed deposits lasting between two and three years, the interest rate will be 7.25 percent. Senior citizens can take advantage of Unity Small Finance Bank’s highest interest rate on 1001-day fixed deposits, which is 9.50 percent.
Senior citizens can get fixed deposits with a maturity date of 1001 days from Utkarsh Small Finance Bank for 8.75 percent interest, and senior citizens can get fixed deposits with a maturity date of 1001 days from North East Small Finance Bank for 8.75 percent interest.
Suryoday Small Finance Bank pays 8.76 percent interest to seniors on 1001-day fixed deposits, while Jana Small Finance Bank pays 8.80 percent interest to seniors on 1001-day fixed deposits. Senior citizens can earn 8.75 percent interest on 1001-day fixed deposits from Ujjivan Small Finance Bank.
Bandhan Bank’s special FD scheme for 600 days offers senior citizens an interest rate of 8.50 percent, with rates ranging from 3.00 percent to 8.50 percent for its investors.