The Reserve Bank of India (RBI) cut the repo rate by a total of 1.25 percent last year.
While this helped borrowers with cheaper loans, it also led banks to reduce interest rates on fixed deposits (FDs).
Despite this overall decline, some private sector banks are still offering attractive FD rates for senior citizens.
Below is a simple breakdown of the top banks offering the highest FD interest rates for people aged 60 years and above, along with the tenures where these rates apply.
Private Banks Lead Senior Citizen FD Rates
Notably, no public sector bank features in this list.
All the highest FD rates for senior citizens currently come from private sector banks, many of them through special or limited-period deposit schemes.
These options can be useful for retirees looking for stable and predictable returns in a falling interest rate environment.
Top FD Interest Rates for Senior Citizens
CSB Bank is offering an interest rate of 7.30 percent on fixed deposits with a tenure of 13 months.
Tamilnad Mercantile Bank is providing 7.40 percent interest under its special 400-day fixed deposit scheme.
IDFC First Bank is offering 7.50 percent interest on fixed deposits with tenures ranging from 450 days to 5 years.
Jammu and Kashmir Bank is also offering 7.50 percent interest through its special 888-day FD scheme.
IndusInd Bank is paying 7.50 percent interest on fixed deposits with tenures between 18 and 19 months.
SBM Bank India is offering 7.60 percent interest on deposits with tenures of more than 15 months and up to 3 years and 2 days.
DCB Bank is offering an interest rate of 7.65 percent on fixed deposits with tenures of 60 to 61 months.
Bandhan Bank is providing 7.70 percent interest on deposits with tenures of more than 2 years but less than 3 years.
RBL Bank is also offering 7.70 percent interest on fixed deposits with tenures of more than 18 months and up to 3 years.
Yes Bank is currently offering the highest interest rate on this list.
Senior citizens can earn up to 7.75 percent interest on fixed deposits with tenures of more than 3 years and less than 5 years.
What Senior Citizens Should Keep in Mind
Most of these high rates are linked to specific tenures or special schemes, which may change over time.
Senior citizens should check the latest terms, premature withdrawal rules, and deposit insurance coverage before investing.
With careful selection, fixed deposits can still offer reliable income even in a lower interest rate environment.
