FD Rate Update – Fixed Deposits (FDs) are one of the safest and most preferred investment options, especially for senior citizens looking for stable returns. The good news? Senior citizens get a higher interest rate than regular investors. But with so many banks offering different rates, it can be tricky to find the best deal.
Let’s break it down and see what major banks like SBI, PNB, BoB, Canara Bank, ICICI, HDFC, and Axis Bank are offering on their 1-year, 3-year, and 5-year FD plans.
SBI FD Rates for Senior Citizens
State Bank of India (SBI) has a special Amrit Vrishti scheme, offering a 7.75% interest rate on a 444-day FD. Here’s what they offer for standard FD tenures:
1-year FD: 7.30%
3-year FD: 7.25%
5-year FD: 7.50%
Plus, if you’re looking at a long-term investment, their 10-year FD for senior citizens offers 7.50% interest.
Bank of Baroda (BoB) FD Rates
Bank of Baroda has its Bob Utsav scheme, which gives 7.80% on a 400-day FD. Regular FD rates are:
1-year FD: 7.35%
3-year FD: 7.65%
5-year FD: 7.40%
PNB FD Rates
Punjab National Bank (PNB) offers 7.75% interest on a 400-day FD under a special scheme. Their standard FD rates are:
1-year FD: 7.30%
3-year FD: 7.50%
5-year FD: 7.00%
Canara Bank FD Rates
Canara Bank offers one of the highest rates, giving 7.90% for FDs ranging from 3 years to less than 5 years. Other rates include:
1-year FD: 7.35%
3-year FD: 7.90%
5-year FD: 7.20%
ICICI Bank FD Rates
ICICI Bank’s special scheme for FDs between 15 months and less than 18 months gives 7.80% interest. Other FD rates are:
1-year FD: 7.20%
3-year FD: 7.50%
5-year FD: 7.50%
HDFC Bank FD Rates
HDFC Bank offers 7.90% interest on a 55-month FD (4 years, 7 months). Regular FD rates are:
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1-year FD: 7.10%
3-year FD: 7.50%
5-year FD: 7.50%
Axis Bank FD Rates
Axis Bank provides 7.75% interest on FDs between 15 months and less than 2 years, as well as for 5-10 years. Standard rates include:
1-year FD: 7.20%
3-year FD: 7.60%
5-year FD: 7.75%
Is Investing in FDs a Good Choice for Senior Citizens?
FDs are considered one of the safest investment options since they offer guaranteed returns with zero market risks. For senior citizens, these higher interest rates make them even more attractive, especially for those who prefer steady income over riskier investments like stocks.
If you’re looking for a safe way to grow your savings, these FD rates can help you choose the right bank based on your investment tenure. Keep in mind that rates can change, so it’s always good to check with the bank before making a deposit.
