Best Interest Rate on Senior Citizens Bank Fixed Deposits – April 2018

The post lists down the rate of interest on Bank fixed deposits for Senior Citizens as of April 1, 2018.

You might want to bookmark this page as the FD interest rates would be updated every month. Would help you in better decision making.

Fixed Deposit Highlights:

  • Most banks offer FDs for tenure of 7 Days to 10 Years.
  • The Ratnakar Bank & IDBI Bank do offer fixed deposits up to 20 years too.
  • For very short Term Deposits the interest rate is similar to that of Savings Account and so you should not worry about FD. Also Interest up to Rs 10,000 in Saving Account is Tax free.
  • Most banks compound interest quarterly
  • Banks offer Loan/Overdraft against the amount available in Fixed Deposit. The interest is generally 0.5% to 1% more than that offered to FD.
  • TDS (Tax deduction at source) at the rate of 10% is deducted, if the interest income is more than Rs 10,000 in financial year per bank. You can fill Form15G/H
  • You can fill Form15G/H if you want to avoid TDS.
  • There might be penalty for pre-mature withdrawal of Fixed Deposits

Also Read: How SWP in Debt Funds generate higher returns than FD

Fixed Deposit Interest Rates:

The highest interest rate is offered by IDFC Bank at 8.00% for 366 Days Fixed Deposit.

For comparing the best interest rates on fixed deposits over different duration of investment, we have it divided into following 5 slabs:

  • FD for Less than 1 Year
  • FD for 1 to 2 years
  • FD for 2 to 5 Years
  • FD for 5 to 10 years
  • FD for More than 10 years

Also Read: 7 High Rated Companies Offering more than Bank Fixed Deposits

We show the highest interest rates on fixed deposits for the above duration buckets. We have also compared the best interest rates on offer by that being offered by State Bank of India (SBI), ICICI Bank and Post Offices.

Click for Best Tax Saving FDs u/s 80C

Interest Rate (Senior Citizens) for FD – Less than 1 Year:

The highest interest rate is offered by Ratnakar Bank at 7.65% .

BankDescriptionInterest Rate
Ratnakar Bank91 days to 364 days7.65%
DCB Bank6 months to less than 15 months7.50%
IDFC Bank181 – 365 days7.50%
Ratnakar Bank46 days to 90 days7.50%
Karnataka Bank180 days7.50%
Repco Bank90 days – 364 days7.50%
Yes Bank3 months to < 6 months7.40%
Karur Vysya Bank91 Days to 180 Days7.40%
Yes Bank46 to 90 days7.35%
South Indian Bank91 days7.30%
Bandhan Bank6 months to less than 1 year7.30%
City Union Bank181 days to 364 days7.25%
DCB Bank91 days to less than 6 months7.25%
IDFC Bank91 – 180 days7.25%
Union Bank of India10 Month to 14 Month7.25%
Karur Vysya Bank181 Days to less than 1 year7.25%
Tamilnad Mercantile Bank180 days to less than 12 months7.25%
Kotak Mahindra Bank181 Days to 364 Days7.20%
Yes Bank6 months to < 1 Year7.20%
Kotak Mahindra Bank180 Days7.10%
City Union Bank91 days to 180 days7.00%
Standard Charted Bank181 – 364 days7.00%
Union Bank of India180 day to <10 Months7.00%
Axis Bank9 months < 1 Year7.00%
Indus Ind Bank270 days or below 1 years7.00%
Lakshmi Vilas Bank181 – 364 days6.75%
State Bank of IndiaGovernment Bank Benchmark6.25% – 6.90%
ICICI BankPrivate Bank Benchmark4.50% – 7.00%

Also Read: 21 Hidden Charges in Saving Bank Account

Interest Rate for FD (Senior Citizens) of 1 – 2 Years:

The highest interest rate is offered by IDFC Bank (366 days) at 8.00%.

BankDescriptionInterest Rate
IDFC Bank366 days8.00%
IDFC Bank361 – 1095 days7.75%
Karnataka Bank450 Days7.75%
Ratnakar Bank12 months to less than 24 months7.75%
Repco Bank1 Year & Above – 2 years7.75%
Repco BankMonthly Payment Scheme (24 months)7.75%
DCB Bank15 months to less than 24 months7.65%
Yes Bank18 Months 8 Days to 18 Months 18 Days7.60%
Karnataka Bank1 year to 2 years7.60%
DCB Bank6 months to less than 15 months7.50%
Standard Charted Bank21 Months – 2 Years7.50%
Yes Bank1 Year <= 10 years7.50%
Bandhan Bank1 year to less than 2 years7.50%
J&K Bank1 year to less than 2 years7.50%
Karur Vysya Bank2 years and above7.50%
Tamilnad Mercantile Bank1 Year to less than 3 Years7.50%
Standard Charted Bank18 Months – 21 Months7.45%
Standard Charted Bank1 Year – 375 days7.40%
Axis Bank17 months < 10 Years7.40%
South Indian Bank600 Days7.40%
Kotak Mahindra Bank390 Days (12 months 25 days)7.40%
City Union Bank365 days – 5 Years7.35%
Indus Ind Bank1 Years to below 1 Years 2 Months7.35%
Repco BankRepco Mahila (18 Months, Exclusively for Women)7.35%
Kotak Mahindra Bank365 Days to 23 Months7.30%
Syndicate Bank1 year to 2 years7.25%
Union Bank of India10 Month to 14 Month7.25%
Axis Bank1 Year < 17 months7.25%
Deutsche Bank1 Year to 2 Years7.25%
Federal BankAbove 1 year to 2 years7.25%
HDFC Bank1 year 1 day – 1 year 3 days7.25%
Indus Ind Bank1 Years 2 Months to below 2 Years7.25%
Lakshmi Vilas Bank725 Days7.25%
Bank of BarodaAbove 1 year to 400 days7.20%
Kotak Mahindra Bank23 Months to less than 3 years7.20%
Federal Bank1 year7.20%
Federal Bank15 Months7.20%
Bank of BarodaAbove 1 year to 400 days7.15%
Lakshmi Vilas Bank17 Months to less than 30 Months7.15%
Bank of India1 Year & above to less than 2 Yrs7.10%
Central Bank of India1 yr to less than 2 yrs7.10%
Corporation Bank444 days only7.10%
Dhanalakshmi Bank1 Year and above upto & inclusive of 2 years7.10%
Lakshmi Vilas Bank1 Year to less than 17 months7.10%
Oriental Bank of Commerce1 year to less than 2 year7.10%
South Indian Bank1 year to 2 years7.05%
State Bank of IndiaGovernment Bank Benchmark6.90% – 7.10%
ICICI BankPrivate Bank Benchmark7.10% – 7.25%
Post Office FD (1 year)Post Office6.60%
Post Office FD (2 years)Post Office6.70%

Click for Best Interest Rate on Recurring Deposits

Interest Rate for FD (Senior Citizens) of 2 – 5 Years

The highest interest rate is offered by DCB Bank (24 months to 60 months), IDFC Bank (361 – 1095 days), Ratnakar bank (24 months to less than 36 months) and Yes Bank (36 Months 10 Days to 36 Months 20 Days) at 7.75%.

BankDescriptionInterest Rate
DCB Bank24 months to 60 months7.75%
IDFC Bank361 – 1095 days7.75%
Ratnakar Bank24 months to less than 36 months7.75%
Yes Bank36 Months 10 Days to 36 Months 20 Days7.75%
IDFC Bank3 years 1days – 10 years7.70%
Ratnakar Bank36 months to less than 240 months7.65%
Yes Bank1 Year <= 10 years7.50%
Deutsche Bank5 Years7.50%
Karur Vysya Bank2 years and above7.50%
Repco BankAbove 2 years – 5 Years7.50%
Tamilnad Mercantile Bank1 Year to less than 3 Years7.50%
Axis Bank17 months < 10 Years7.40%
Tamilnad Mercantile Bank3 Years & above7.40%
City Union Bank365 days – 5 Years7.35%
Bandhan Bank2 years to less than 5 years7.30%
Catholic Syrian Bank3 Years7.25%
Indus Ind Bank2 years to below 2 years 6 Months7.25%
Kotak Mahindra Bank23 Months to less than 3 years7.20%
Lakshmi Vilas Bank30 months to less than 36 months7.20%
Lakshmi Vilas Bank36 months to 120 months7.15%
Syndicate BankAbove 2 year & upto 5 years7.10%
Punjab and Sind BankAbove 3 Year – 10 Years7.05%
State Bank of IndiaGovernment Bank Benchmark6.90% – 7.20%
ICICI BankPrivate Bank Benchmark7.00%
Post Office FD (2 years)Post Office6.90%
Post Office FD (3 years)Post Office7.10%
Post Office FD (5 years)Post Office7.60%
Senior Citizen Saving SchemeQuarterly Interest Payment (5 Years)8.30%

Also Read: Where to Park Money for Very Short Term [less than 6 Months]?

Interest Rate for Fixed Deposit (Senior Citizens) of 5 – 10 Years

The highest interest rate is offered by DCB Bank (More than 60 months to 120 months) and  IDFC Bank (3 years 1days – 10 years) at 7.70%.

BankDescriptionInterest Rate
DCB BankMore than 60 months to 120 months7.70%
IDFC Bank3 years 1days – 10 years7.70%
Ratnakar Bank36 months to less than 240 months7.65%
Yes Bank1 Year <= 10 years7.50%
Karur Vysya Bank2 years and above7.50%
Axis Bank17 months < 10 Years7.40%
Tamilnad Mercantile Bank3 Years & above7.40%
Lakshmi Vilas Bank36 months to 120 months7.15%
City Union BankAbove 5 years & upto 10 years6.95%
State Bank of IndiaGovernment Bank Benchmark7.25%
ICICI BankPrivate Bank Benchmark7.00%

Interest Rate for Fixed Deposit of more than 10 Years

The Ratnakar Bank and IDBI bank offers fixed deposit of up to 20 years.

BankDescriptionInterest Rate
IDBI Bank2 Years to 20 Years6.50%
Ratnakar Bank36 months to less than 240 months7.60%


Source:
Bank Websites                                          Last Updated: April 1, 2018

Disclaimer: The Fixed Deposit Interest Rates keep on changing. You are advised to check the interest rates with banks before making your FD.

Also Read:13 Investments to Generate Regular Income

Highest Interest Rate on Bank Fixed Deposits for Senior Citizens - April 2018

Highest Interest Rate on Bank Fixed Deposits for Senior Citizens – April 2018

Fixed Deposit Interest Rate for Senior Citizens across all Banks

Until last month we used to provide only the top Fixed Deposit Rates but with several request from readers we have added a summary of FD rates for all banks.

Banks1 Years2 Years3 Years4 Years5 Years5+ Years
Allahabad Bank7.10%7.00%7.00%7.00%7.00%7.00%
Andhra Bank7.00%7.00%6.75%6.75%6.75%6.75%
Axis Bank7.25%7.40%7.40%7.40%7.40%7.40%
Bandhan Bank7.50%7.50%7.30%7.30%7.30%6.90%
Bank of Baroda7.10%7.10%7.20%7.20%7.20%7.10%
Bank of India7.10%7.00%7.00%6.80%6.80%6.75%
Bank of Maharashtra7.00%6.75%6.75%6.50%6.50%6.50%
Canara Bank7.00%6.95%6.70%6.70%6.70%6.50%
Catholic Syrian Bank7.00%7.00%7.25%7.00%7.00%7.00%
Central Bank of India7.10%7.00%7.00%7.00%7.00%7.00%
Citibank5.50%5.50%5.50%NANANA
City Union Bank7.35%7.35%7.35%7.35%7.35%6.95%
Corporation Bank7.00%7.00%7.00%7.00%7.00%7.00%
DCB Bank7.50%7.65%7.75%7.70%7.70%7.70%
Dena Bank7.00%7.00%6.75%6.75%6.80%6.80%
Deutsche Bank7.25%7.25%NANA7.50%NA
Dhanalakshmi Bank7.10%7.10%7.00%7.00%7.00%7.00%
Federal Bank7.20%7.60%7.00%7.00%7.00%7.00%
HDFC Bank7.25%6.75%6.50%6.50%6.50%6.50%
ICICI Bank7.10%7.25%7.00%7.00%7.00%7.00%
IDBI Bank7.25%7.00%7.00%7.00%7.00%6.50%
IDFC Bank7.50%7.75%7.75%7.70%7.70%7.70%
Indian Bank7.00%6.75%6.75%6.50%6.50%6.50%
Indian Overseas Bank7.25%7.00%6.75%6.50%6.50%6.50%
Indus Ind Bank7.50%7.30%7.30%7.00%7.00%7.00%
J&K Bank7.50%7.00%7.00%6.75%6.75%6.75%
Karnataka Bank7.60%7.60%7.00%7.00%7.00%7.00%
Karur Vysya Bank7.25%7.50%7.50%7.50%7.50%7.50%
Kotak Mahindra Bank7.30%7.30%7.20%7.00%7.00%6.75%
Lakshmi Vilas Bank7.20%7.20%7.15%7.15%7.15%7.15%
Oriental Bank of Commerce7.10%7.00%7.00%6.90%6.90%6.90%
Post Office Fixed Deposit6.60%6.90%7.10%NA7.60%NA
Punjab and Sind Bank7.25%7.25%7.10%7.05%7.05%7.05%
Punjab National Bank7.10%7.25%7.25%6.75%6.75%6.75%
Ratnakar Bank7.75%7.75%7.75%7.65%7.65%7.65%
Repco Bank7.75%7.50%7.50%7.50%7.50%NA
South Indian Bank7.05%7.05%6.80%6.80%6.80%6.80%
Standard Charted Bank7.40%7.50%7.00%7.00%7.00%NA
State Bank of India6.90%7.10%7.20%7.20%7.25%7.25%
Syndicate Bank7.25%7.25%7.10%7.10%7.10%7.00%
Tamilnad Mercantile Bank7.50%7.50%7.50%7.40%7.40%7.40%
UCO Bank7.00%7.00%6.90%6.75%6.75%6.75%
Union Bank of India7.25%7.00%7.00%7.00%7.00%7.00%
United Bank of India6.60%6.50%6.50%6.50%6.50%6.50%
Vijaya Bank7.00%7.10%7.00%7.00%7.00%6.75%
Yes Bank7.50%7.50%7.50%7.50%7.50%7.50%

Helpful Posts on FD:

It would be helpful for you to look at following posts before you choose your fixed deposits:

  1. How to increase bank deposit insurance through Joint accounts?
  2. How to fill Form 15G/H to avoid TDS deduction?
  3. How Safe is Your Fixed Deposit in Bank?
  4. How you loose Money in Fixed Deposits?

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25 thoughts on “Best Interest Rate on Senior Citizens Bank Fixed Deposits – April 2018

  1. You are doing a great job. Thanks a lot for your help.

    But, I have a small concern. FD for Senior Citizen in Karur Vysya Bank (KVB) starts from 1 year (there is no scheme < 1 year) and interest rate is 7.25% (since 2017). I think most of the interest rates you mentioned in this blog are not matching with actual Interest rate from Bank portal.

    As you mentioned, KVB – 91 Days to 180 Days, interest rate is "7.40%". KVB has never revised their Interest rates since 07.05.2017 as per their portal. I am not sure from where you got this info bec. this blog was last updated on 01 Apr 018.
    http://www.kvb.co.in/global/resident_domestic_deposits.html

    I/we usually follow your blog without cross checking, bec. we blindly believe in you. If possible, I would like to request you to ensure your data is correct and not misleading others.

    Thanks!

    • Thanks for your appreciation and feedback!

      We had automated picking up interest rates from bank websites recently and I think its not working the way it should. We will look into the same.

      Also KVB does offer FD for all duration to senior citizens, its just that it does not offer any extra interest rate for other than duration mentioned! So for less than 1 year FD the interest rate would be same for general public & senior citizens.

      Also as interest rates change frequently, you must check respective websites before investing (this is true for any website including ours).

      We would make the required changes by next week when we put interest rates for May 2018.

      Thanks again

  2. Can my father get benefit of 80ttb?
    He is 61 .. Getting 70000 interest from post mis

  3. I have a query as sr citizen. I have already invested in SCSS deposit with bank. Can interest on same be included under section 80TTB for exemption upto Rs 50,000 ?

    Thanks in advance & best wishes

  4. Paras Ghealni says:

    Wow Nice information . Kindly request you to please update interest rate for co operative bank

  5. IS IT SAFE TO INVEST IN FD IN KARNATAKA BANK LTD

  6. C.P.Sachidanandan Nair says:

    The interest rates are slowly going down to the lowest level every year. Number of senior citizens are fully depend on the income from their FDs only. I do not how the senior citizens are going to survive if the interest rate goes on reducing in the name improvement in the financial improvement to the country.
    However requests to consider for the senior citizens case which should be increased to 9% minimum otherwise their survival will become a question mark .

    Regards

    • I totally agree with you and know this would make many senior citizens retirement plan go awry. But this is the new reality and people have to adjust to the same. Government would really not do anything until people unite and it thinks that its impacting a major vote-bank.
      However would recommend to put some money in long term equity funds and also start SWP in debt funds as its more efficient than Fixed deposits!

  7. Dear Amit,
    As a private employee retired,have no pension scheme.Using LIC various schemes and Senior citizen schemeFDs (maximum ltd to fifteen lakhs).I would like your advise on investing apart from Bank Fd(for senior citizen) where interest is drastically coming down,where can I invest so that you get reasonable return.please advise.

  8. Dear sir, my father is a senior citizen he want to invest scss in ( andra)bank & from the interest come from it he want to invest in a rd in same bank.Do you think it is a good decision. Or he invest rd in another bank which offer extra rate of interest.
    Please suggest.

    • It would be better to invest in bank offering highest interest rate but the problem is SCSS interest would be auto-credited in Andhrabank savings account. So transferring the same to other bank and then investing in RD might be cumbersome (though its just 4 times a year). So yes go ahead with your plan of RD with Andhrabank.

  9. srinivasan v says:

    Repco bank offers 8% for one year and above for senior citizens. Pl check up.

  10. Thanks for sharing list.

  11. Dear Amit, you are doing a great job. Keep it up. By the way, in the last table, the max. FD int. in Axis Bank is shown as 7.5%, but in an earlier table on this very page, the int. for FD of 14<15 m. is shown as 7.60%. Please correct it.

    • Dear Amit, sorry for that earlier post. Please treat it as withdrawn. I could not see your reply to m.k.jaura’s comment due to some glitch.

  12. I am sorry to say that these are obsolete rates no longer valit. Latest rates are lower. Please up date your data so that the invester is not misguided.

  13. I suppose there has to be an extensive study before stats are pur out esp. with reference to Ratnakar Bank. If you could check Varacha Bank, Surat Peoples Bank, Sutex Bank, Sarvoday Coop Bank ( all coop banks in Surrat) whose financials are available and NPAs are available for view. These give better returns than Ratnakar. Also, see Gujarat Rajya Karmachari Coop Bank. Investments upto Rs. 1 lac is insured. Also, the investor needs to be educated on the maneouveing of applicant names while opening accounts with coop banks, so that only the benefit of sr citizen is obtained, but the deposits are also insured.

    • I agree with your views and you can use various combinations of names of account holders to get benefit of deposit insurance. Historically co-operative banks have been riskier and so they offer higher interest rate. Also claiming insurance in case of default is not easy and it may take time. So it’s individuals call weather to take risk for slightly higher interest rates.

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