If you are a senior citizen looking for a safe way to grow your savings, a fixed deposit (FD) is one of the most reliable options.
But before you invest, it’s important to compare interest rates across different banks.
Here’s a quick look at which major banks are offering the highest FD rates for senior citizens.
Private Banks Offering High FD Interest Rates
HDFC Bank
HDFC Bank, the country’s largest private bank, offers 7.1% interest for FDs with a tenure of 18 to 21 months.
For deposits ranging from 1 to 5 years, the rates are between 6.75% and 6.9%.
ICICI Bank
ICICI Bank provides senior citizens 7.2% interest on FDs with a tenure of 2 to 5 years.
For 1-year FDs, the interest rate is 6.75%.
Kotak Mahindra Bank
Kotak offers 7.2% interest for FDs from 391 days to less than 2 years.
Senior citizens get 6.75% for 1-year deposits.
Federal Bank
Federal Bank also offers 7.2% interest on 36-month FDs.
The interest rate for a 1-year FD is 6.75%.
Public Sector Banks With Competitive Rates
State Bank of India (SBI)
SBI offers 7.05% interest on FDs with a 5 to 10-year tenure.
This includes an extra benefit of 50 basis points under the SBI We Care scheme.
Canara Bank
Canara Bank provides 7% interest for FDs with a tenure of 444 days.
For 1-year FDs, senior citizens earn 6.75%.
Union Bank of India
Union Bank offers 7.1% interest on 3-year FDs.
For 1-year deposits, the interest rate is 6.9%.
