6 banks offering above 8% interest on 3-year fixed deposits (FDs) to senior citizens (2024)
Interest rates of fixed deposits have gone up significantly in the last few months. Senior citizens can even earn as high as 8.5 per cent interest on fixed deposits now. If you are looking to invest in fixed deposits, here are six banks that offer more than 8 per cent interest on short-term fixed deposits (up to three-year tenure).
DCB Bank
DCB Bank offers an interest rate of 8.50 per cent to senior citizens for deposits maturing between 15 months and 24 months for amounts below Rs 2 crore. These rates are effective from March 10, 2023.
IDFC First Bank IDFC First Bank offers the highest interest rate of 8.25 per cent on FDs maturing in 18 months and one day to 3 years (549 days to 3 years) for deposits under Rs 2 crore.
IndusInd Bank IndusInd Bank offers the highest interest rate of 8.25 per cent to senior citizens for FDs maturing between one year and six months and two years and nine months. These rates are effective from March 22, 2023.
Axis Bank
Axis Bank offers the highest interest rate of 8.01 per cent on fixed deposits maturing in two years to less than 30 months. The rates are effective from April 4, 2023.
Bandhan Bank Bandhan Bank offers the best rate of 8.50 per cent to senior citizens on FDs maturing in 600 days ( one year seven months and 20 days), effective from February 6, 2023.
RBL Bank RBL Bank is offering the highest interest rate of 8.30 per cent on fixed deposits maturing in 15 months and between 15 months and one day and less than 725 days. The rates are effective from February 1, 2023.
Senior citizen FD interest rates
Bank
Interest rates
Tenor
DCB Bank
8.50%
15 months to 24 months
IDFC First Bank
8.25%
18 months - 1 day - 3years
IndusInd Bank
8.25%
1 Year 6 months to 2 years 9 months,
Axis Bank
8.01%
2 years to less than 30 months
Bandhan Bank
8.50%
600 days
RBL Bank
8.30%
15 months to less than 23 months
Source: Bank website
Big banks' FD rates State Bank of India and HDFC Bank offer the highest interest rate of 7.50 per cent to senior citizens for FDs maturing in three years. While ICICI Bank offers the highest interest rate of 7.60 per cent for FDs maturing in 15 months to less than 2 years.
TDS on fixed deposits Interest income earned on fixed deposit is fully taxable as per the tax bracket of the investor. It will be included in the investor's total income and taxed at the appropriate slab rates.
According to the Income Tax Act, a "senior citizen" is a resident who was 60 years of age or older at any point during the applicable financial year. Every senior citizen who resides in India and is a resident according to this newly proposed section may deduct up to Rs 50,000 from the interest income received on deposits (savings or fixed) during the relevant financial year.
Unity Small Finance Bank offers interest rates of up to 9% per annum to its general customers and up to 9.5% per annum to senior citizens. These rates are applicable on tenures ranging from 7 days to 10 years. Unity Small Finance Bank is a scheduled commercial bank, recognised by the Reserve Bank of India.
North East Small Finance Bank FD rates for senior citizens
The highest interest rate of 9.50% is offered for tenure 546 - 1111 Days. The rates are effective from June 7, 2024. The bank offers interest rates between 3.50% to 7.75% on tenures ranging from 7 days to 10 years for amounts below Rs 3 crore.
Unity Small Finance Bank offers a 9% interest rate on fixed deposits (FDs) with a 1001-day maturity. Suryoday Small Finance Bank provides an 8.65% interest rate for FDs maturing in two years and two days. Ujjivan Small Finance Bank offers an 8.5% interest rate for FDs with a maturity of 15 months.
Federal Bank Fixed Deposit Rates 2024. Federal Bank offers the Fixed Deposit (FD) scheme at interest rates ranging from 3.00% p.a. to 7.40% p.a. The tenure of the FD account ranges between 7 days and 10 years. Apart from Indian residents, the bank offers the scheme for Non-Resident Indians (NRIs) as well.
SBI FD Interest Rates 2024 Features of SBI Bank FD. SBI Bank offers FD interest rates of 3.50% - 7.10% p.a. to the general public and 4% - 7.60% p.a. to senior citizens for tenures ranging from 7 days to 10 years.
Unity Small Finance Bank offers FD interest rates ranging from 4.50% to 9% for tenures maturing between 7 days and 10 years to general citizens. The highest interest rate of 9% is offered on FDs maturing in 1001 Days. The rates are effective from October 9, 2023.
A fixed deposit that offers optimal profits while being an uncomplicated investment option for really senior citizens. 80 years and above individuals are entitled to a preferential interest rate of 0.75% per year for all tenures.
State Bank of India (SBI): SBI offers its highest interest rate of 7 percent when fixed deposit tenure is between 2 to 3 years. Deposits with tenure between 3-5 years, the state lender offers 6.75 percent. And when the tenure is longer than 5 years, the interest rate is 6.5 percent.
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