The post lists down the rate of **interest on Bank fixed deposits for Senior Citizens** as of **December 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 (3 years 1 Day – 10 years) at 8.75%.**

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 Indus Ind Bank (270 days to below 1 years) at 8.00% .**

Bank | Description | Interest Rate |

Indus Ind Bank | 270 days to below 1 years | 8.00% |

Ratnakar Bank | 241 days to 364 days | 7.85% |

Lakshmi Vilas Bank | 181 – 364 days | 7.80% |

Kotak Mahindra Bank | 280 Days to Less than 12 Months | 7.75% |

Ratnakar Bank | 181 days to 240 days | 7.75% |

Indus Ind Bank | 181 days to 269 days | 7.75% |

Ratnakar Bank | 91 days to 180 days | 7.65% |

Kotak Mahindra Bank | 180 Days to 270 Days | 7.60% |

Yes Bank | 6 months to < 9 months | 7.60% |

HDFC Bank | 9 mnths 1 day < 1 Year | 7.60% |

Bandhan Bank | 6 months to less than 1 year | 7.55% |

J&K Bank | 271 days to less than 1 year | 7.55% |

DCB Bank | 6 months to less than 12 months | 7.50% |

IDFC Bank | 181 – 365 days | 7.50% |

Ratnakar Bank | 46 days to 90 days | 7.50% |

Standard Charted Bank | 181-364 days | 7.50% |

Yes Bank | 46 to 90 days | 7.50% |

Yes Bank | 9 months to < 1 Year | 7.50% |

Yes Bank | 3 months to < 6 months | 7.40% |

Axis Bank | 9 months < 1 Year | 7.35% |

DCB Bank | 91 days to less than 6 months | 7.25% |

IDFC Bank | 91 – 180 days | 7.25% |

Repco Bank | 90 days – 364 days | 7.25% |

Tamilnad Mercantile Bank | 180 days to less than 12 months | 7.25% |

Union Bank of India | 10 Month to 14 Month | 7.25% |

South Indian Bank | 92 days to 499 days | 7.20% |

City Union Bank | 181 days to 364 days | 7.15% |

City Union Bank | 91 days to 180 days | 6.90% |

Karur Vysya Bank | 91 Days to 180 Days | 6.90% |

Karur Vysya Bank | 181 Days to less than 1 year | 6.90% |

State Bank of India | Government Bank Benchmark | 6.25% – 6.90% |

ICICI Bank | Private Bank Benchmark | 4.50% – 7.25% |

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 Lakshmi Vilas Bank (450 Days) at 8.60%.**

Bank | Description | Interest Rate |

Lakshmi Vilas Bank | 450 Days | 8.60% |

DCB Bank | 15 months to 24 months | 8.55% |

IDFC Bank | 731 – 1095 days | 8.50% |

Ratnakar Bank | 12 months to less than 24 months | 8.50% |

Indus Ind Bank | 1 Years to below 1 Years 2 Months | 8.50% |

Yes Bank | 18 Months 8 Days to 18 Months 18 Days | 8.35% |

Bandhan Bank | Above 18 months to less than 2 years | 8.30% |

Axis Bank | 17 months < 18 months | 8.25% |

Indus Ind Bank | 1 Years 2 Months to below 2 Years | 8.25% |

Axis Bank | 1 year 5 days < 1 year 11 days | 8.20% |

Lakshmi Vilas Bank | 1 Year to less than 3 years | 8.20% |

Repco Bank | 1 Year & Above – 2 years | 8.20% |

Axis Bank | 13 months < 14 months | 8.00% |

DCB Bank | 24 months | 8.00% |

IDFC Bank | 366 – 730 days | 8.00% |

Kotak Mahindra Bank | 15 months – less than 2 Years | 8.00% |

Standard Charted Bank | 18 Months – 2 Years | 8.00% |

Yes Bank | 12 Months 10 Days to 12 Months 20 Days | 8.00% |

Bandhan Bank | 1 year to 18 months | 8.00% |

Federal Bank | 550 days | 8.00% |

Axis Bank | 1 year < 2 years | 7.95% |

DCB Bank | 12 months 1 day to less than 15 months | 7.90% |

Kotak Mahindra Bank | 12 months – less than 15 months | 7.90% |

South Indian Bank | 500 Days | 7.90% |

Standard Charted Bank | 1 Year – 375 days | 7.90% |

Karnataka Bank | 1 year to 2 years | 7.90% |

Tamilnad Mercantile Bank | 1 Year | 7.90% |

Repco Bank | Repco Mahila (18 Months, Exclusively for Women) | 7.80% |

HDFC Bank | 1 year – 2 Years | 7.80% |

J&K Bank | 1 year to less than 5 years | 7.80% |

Deutsche Bank | 1 Year to lass than 2 Years | 7.75% |

Karur Vysya Bank | 1 year to less than 2 years | 7.75% |

Kotak Mahindra Bank | 2 years- less than 3 years | 7.75% |

Yes Bank | 1 Year <= 10 years | 7.75% |

Dhanalakshmi Bank | 500 Days | 7.75% |

Canara Bank | 555 Days (Canara Shikhar Deposit) | 7.60% |

Canara Bank | 444 Days (Canara Shikhar Deposit) | 7.55% |

IDBI Bank | >1 yrs to < 3 yrs | 7.55% |

Citibank | 401 – 540 Days | 7.50% |

DCB Bank | 6 months to 12 months | 7.50% |

Standard Charted Bank | 376 days < 18 Months | 7.50% |

Canara Bank | Above 1 year to less than 2 years | 7.50% |

City Union Bank | 365 days – 5 Years | 7.50% |

Dhanalakshmi Bank | 365 days and above upto & inclusive of 2 years | 7.50% |

Federal Bank | Above 1 year to 2 Years | 7.50% |

Tamilnad Mercantile Bank | 1 Year to less than 3 Years | 7.50% |

South Indian Bank | 501 days to upto and incl. 3 years | 7.40% |

Syndicate Bank | 500 days exact (Synd500) | 7.30% |

Corporation Bank | 666 days only | 7.30% |

Union Bank of India | 10 Month to 14 Month | 7.25% |

Punjab and Sind Bank | 1 Year – 2 Years | 7.25% |

Punjab National Bank | 1 Year – 3 Years | 7.25% |

South Indian Bank | 92 days to 499 days | 7.20% |

Digibank by DBS | 1 year to less than 5 Years | 7.00% |

State Bank of India | Government Bank Benchmark | 7.30% |

ICICI Bank | Private Bank Benchmark | 7.40% – 7.60% |

Post Office FD (1 year) | Post Office | 6.90% |

Post Office FD (2 years) | Post Office | 7.00% |

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 IDFC Bank (3 years 1 Day – 10 years) at 8.75%.**

Bank | Description | Interest Rate |

IDFC Bank | 3 years 1 Day – 10 years | 8.75% |

DCB Bank | 36 months | 8.55% |

Ratnakar Bank | 24 months to less than 36 months | 8.55% |

IDFC Bank | 731 – 1095 days | 8.50% |

Lakshmi Vilas Bank | 3 Years to 10 Years | 8.35% |

Deutsche Bank | 5 Years | 8.25% |

Lakshmi Vilas Bank | 1 Year to less than 3 years | 8.20% |

Axis Bank | 2 years < 30 Months | 8.15% |

Bandhan Bank | 2 years to less than 5 years | 8.15% |

Tamilnad Mercantile Bank | 1111 Days | 8.15% |

DCB Bank | 24 months to 36 months | 8.10% |

Ratnakar Bank | 36 months to less than 120 months | 8.10% |

Axis Bank | 30 Months < 3 years | 8.00% |

Citibank | 732 – 1095 Days | 8.00% |

DCB Bank | 36 months to 60 months | 8.00% |

Yes Bank | 36 Months 10 Days to 36 Months 20 Days | 8.00% |

Indus Ind Bank | 2 years to below 61 Months | 8.00% |

HDFC Bank | 2 years – 3 Years | 7.90% |

J&K Bank | 1 year to less than 5 years | 7.80% |

Axis Bank | 3 years < 5 years | 7.75% |

City Union Bank | 1000 Days | 7.75% |

Kotak Mahindra Bank | 2 years- less than 3 years | 7.75% |

Yes Bank | 1 Year <= 10 years | 7.75% |

Federal Bank | Above 2 Years | 7.75% |

HDFC Bank | 3 years 1day – 5 years | 7.75% |

Karur Vysya Bank | 2 years and above | 7.50% |

Kotak Mahindra Bank | 3 years and above but less than 5 years | 7.50% |

Repco Bank | Above 2 years – 5 Years | 7.50% |

Standard Charted Bank | 2 Years – 3 Years | 7.50% |

City Union Bank | 365 days – 5 Years | 7.50% |

Deutsche Bank | 2 Year to lass than 5 Years | 7.50% |

Digibank by DBS | 2 years & 6 months | 7.50% |

Tamilnad Mercantile Bank | 1 Year to less than 3 Years | 7.50% |

South Indian Bank | 501 days to upto and incl. 3 years | 7.40% |

South Indian Bank | Above 3 years to up to and incl.5 years | 7.40% |

Tamilnad Mercantile Bank | 3 Years & above | 7.40% |

Indian Overseas Bank | 3 Yrs and above | 7.30% |

Digibank by DBS | 1 year to less than 5 Years | 7.00% |

State Bank of India | Government Bank Benchmark | 7.30% |

ICICI Bank | Private Bank Benchmark | 7.75% – 8.00% |

Post Office FD (2 years) | Post Office | 7.00% |

Post Office FD (3 years) | Post Office | 7.20% |

Post Office FD (5 years) | Post Office | 7.80% |

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 IDFC Bank (3 years 1 Day – 10 years) at 8.75%.**

Bank | Description | Interest Rate |

IDFC Bank | 3 years 1 Day – 10 years | 8.75% |

Lakshmi Vilas Bank | 12 Months to 120 Months | 8.10% |

Ratnakar Bank | 36 months to less than 120 months | 8.10% |

DCB Bank | More than 60 months to 120 months | 7.75% |

Yes Bank | 1 Year <= 10 years | 7.75% |

Federal Bank | Above 2 Years | 7.75% |

Indus Ind Bank | 3 years to below 61 month | 7.75% |

Axis Bank | 5 years to 10 years | 7.50% |

Karur Vysya Bank | 2 years and above | 7.50% |

Digibank by DBS | 5 Years | 7.50% |

Tamilnad Mercantile Bank | 3 Years & above | 7.40% |

State Bank of India | Government Bank Benchmark | 7.35% |

ICICI Bank | Private Bank Benchmark | 7.50% |

## Interest Rate for Fixed Deposit of more than 10 Years

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

Bank | Description | Interest Rate |

Ratnakar Bank | 121 months to less than 240 months | 7.70% |

IDBI Bank | 10 Years to 20 Years | 6.50% |

## Small Banks FD Interest Rates for Senior Citizens:

RBI on September 2015 had granted licence to 10 Small Finance Banks. **Lately these banks have been in news for offering higher interest rates on their fixed deposits as compared to regular banks.** The table below compares the interest rate offered by Small banks. The difference is substantial for low tenure deposits – Fincare Bank offers 9.5% for 24 to 36 months deposit while SBI offers 7.3% only.

Banks | <1 year | 1 Year | 2 Years | 3 Years | 4 Years | 5 Years | 5 Year+ |

AU Small Finance Bank | 7.50% | 9.00% | 8.25% | 8.25% | 8.50% | 8.50% | 7.75% |

Capital Small Finance Bank | 7.50% | 8.00% | 8.10% | 8.20% | 8.00% | 8.00% | 7.90% |

Equitas Small Finance Bank | 8.00% | 9.25% | 9.30% | 9.30% | 7.50% | 7.50% | 7.50% |

ESAF Small Finance Bank | 8.00% | 9.25% | 9.25% | 8.50% | 7.50% | 7.50% | 7.50% |

Fincare Small Finance Bank | 7.50% | 9.25% | 9.50% | 9.50% | 8.50% | 8.50% | 7.50% |

Jana Small Finance Bank | 9.10% | 9.10% | 9.10% | 9.10% | 9.10% | 9.10% | 7.60% |

Suryoday Small Finance Bank | 8.00% | 8.75% | 9.00% | 9.25% | 8.25% | 8.50% | 7.50% |

Ujjivan Small Finance Bank | 8.00% | 8.80% | 9.10% | 8.00% | 7.50% | 7.50% | 7.00% |

Utkarsh Small Finance Bank | 8.00% | 9.00% | 9.50% | 8.35% | 7.50% | 8.50% | 7.50% |

SBI | 6.90% | 7.30% | 7.30% | 7.30% | 7.30% | 7.35% | 7.35% |

**Source:** Bank Websites **Last Updated: December 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.

## Helpful Posts on FD:

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

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

Respected Sir ,

Kindly inform me , How much maximum amount can I invest in 5 year senior citizen saving scheme account in post office , in ICICI bank and SBI ?

I know , the maximum amount I can invest in 5 year senior citizen saving scheme account in post office is Rs. 15 lac , maximum amount I can invest in 5 year senior citizen saving scheme account in ICICI bank is Rs. 15 lac and maximum amount I can invest in 5 year senior citizen saving scheme account in SBI is Rs. 15 lac .

So , can I invest in 5 year senior citizen saving scheme account in post office , in ICICI bank and SBI Rs. 45 lac in total ?

Dear Tell us some good investment plan for NRIs please

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

Can my father get benefit of 80ttb?

He is 61 .. Getting 70000 interest from post mis

yes

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

yes

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

IS IT SAFE TO INVEST IN FD IN KARNATAKA BANK LTD

yes

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!

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.

Explore SWP (Systematic Withdrawal Plan) in Debt Funds. This would give you higher returns post tax

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.

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

Thank you for pointing this out – have made the changes!

Thanks for the quick response

Thanks for sharing list.

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.

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.

Sorry for the inconvenience – we have updated the fixed deposit interest rates here.

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.