{"id":12194,"date":"2022-06-06T16:47:51","date_gmt":"2022-06-06T11:17:51","guid":{"rendered":"https:\/\/kuvera.in\/blog\/?p=12194"},"modified":"2022-10-18T18:19:45","modified_gmt":"2022-10-18T12:49:45","slug":"senior-citizen-fixed-deposit-rates-in-india","status":"publish","type":"post","link":"https:\/\/kuvera.in\/blog\/senior-citizen-fixed-deposit-rates-in-india\/","title":{"rendered":"Senior Citizen Fixed Deposit Rates in India"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_40 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" area-label=\"ez-toc-toggle-icon-1\"><label for=\"item-69e6cff2d2577\" aria-label=\"Table of Content\"><span style=\"display: flex;align-items: center;width: 35px;height: 30px;justify-content: center;direction:ltr;\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/label><input  type=\"checkbox\" id=\"item-69e6cff2d2577\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/kuvera.in\/blog\/senior-citizen-fixed-deposit-rates-in-india\/#Senior_Citizen_Fixed_Deposit_Rates_in_India\" title=\"Senior Citizen Fixed Deposit Rates in India\">Senior Citizen Fixed Deposit Rates in India<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/kuvera.in\/blog\/senior-citizen-fixed-deposit-rates-in-india\/#Benefits_of_FD_for_Senior_Citizens\" title=\"Benefits of FD for Senior Citizens\">Benefits of FD for Senior Citizens<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/kuvera.in\/blog\/senior-citizen-fixed-deposit-rates-in-india\/#Senior_Citizen_FD_Interest_Rates\" title=\"Senior Citizen FD Interest Rates\">Senior Citizen FD Interest Rates<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/kuvera.in\/blog\/senior-citizen-fixed-deposit-rates-in-india\/#Top_Bank_Senior_Citizen_FD_Rates\" title=\"Top Bank Senior Citizen FD Rates\">Top Bank Senior Citizen FD Rates<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/kuvera.in\/blog\/senior-citizen-fixed-deposit-rates-in-india\/#Fixed_Deposits_on_Kuvera\" title=\"Fixed Deposits on Kuvera\">Fixed Deposits on Kuvera<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/kuvera.in\/blog\/senior-citizen-fixed-deposit-rates-in-india\/#Eligibility_Criteria_for_Senior_Citizen_FD\" title=\"Eligibility Criteria for Senior Citizen FD\">Eligibility Criteria for Senior Citizen FD<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/kuvera.in\/blog\/senior-citizen-fixed-deposit-rates-in-india\/#Documents_Required_for_Senior_Citizen_FD\" title=\"Documents Required for Senior Citizen FD\">Documents Required for Senior Citizen FD<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/kuvera.in\/blog\/senior-citizen-fixed-deposit-rates-in-india\/#Features_of_Senior_Citizen_Fixed_Deposit\" title=\"Features of Senior Citizen Fixed Deposit\">Features of Senior Citizen Fixed Deposit<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/kuvera.in\/blog\/senior-citizen-fixed-deposit-rates-in-india\/#Taxation_of_Interest_Earned_on_Senior_Citizen_FDs\" title=\"Taxation of Interest Earned on Senior Citizen FDs\">Taxation of Interest Earned on Senior Citizen FDs<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/kuvera.in\/blog\/senior-citizen-fixed-deposit-rates-in-india\/#Final_Word\" title=\"Final Word\">Final Word<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/kuvera.in\/blog\/senior-citizen-fixed-deposit-rates-in-india\/#Frequently_Asked_Questions\" title=\"Frequently Asked Questions\">Frequently Asked Questions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/kuvera.in\/blog\/senior-citizen-fixed-deposit-rates-in-india\/#How_to_open_a_senior_citizen_FD_account\" title=\"How to open a senior citizen FD account?\">How to open a senior citizen FD account?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/kuvera.in\/blog\/senior-citizen-fixed-deposit-rates-in-india\/#Where_to_find_out_the_best_FD_options_at_Kuvera\" title=\"Where to find out the best FD options at Kuvera?\">Where to find out the best FD options at Kuvera?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/kuvera.in\/blog\/senior-citizen-fixed-deposit-rates-in-india\/#Do_senior_citizen_FDs_come_with_a_lock-in_period_of_5_years\" title=\"Do senior citizen FDs come with a lock-in period of 5 years?\">Do senior citizen FDs come with a lock-in period of 5 years?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/kuvera.in\/blog\/senior-citizen-fixed-deposit-rates-in-india\/#How_can_senior_citizens_increase_their_monthly_income\" title=\"How can senior citizens increase their monthly income?\">How can senior citizens increase their monthly income?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/kuvera.in\/blog\/senior-citizen-fixed-deposit-rates-in-india\/#Do_FDs_provide_the_highest_rate_of_interest\" title=\"Do FDs provide the highest rate of interest?\">Do FDs provide the highest rate of interest?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/kuvera.in\/blog\/senior-citizen-fixed-deposit-rates-in-india\/#Interested_in_how_we_think_about_the_markets\" title=\"Interested in how we think about the markets?\">Interested in how we think about the markets?<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 style=\"color: black; font-size: 20px;\"><span class=\"ez-toc-section\" id=\"Senior_Citizen_Fixed_Deposit_Rates_in_India\"><\/span>Senior Citizen Fixed Deposit Rates in India<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Most banks and NBFCs offer higher interest rates on FD to their senior citizen investors, i.e., individuals aged 60 years and above. For instance, if an ordinary fixed deposit investor earns an interest of 7%, a senior citizen is guaranteed to receive an interest rate of more than 7%. Depending on the bank&#8217;s rate, it can be 7.50% or 7.75%.\u00a0<\/span><\/p>\n<p><i>Before discussing <\/i><i>senior citizen FD rates<\/i><i> in India, let&#8217;s list their benefits.<\/i><\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/kuvera.in\/explore\/fixed-deposit\/c\/all\"><img loading=\"lazy\" class=\"size-large wp-image-13417 aligncenter\" src=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/07\/FD-Banner_14-July-2022-1024x334.jpg\" sizes=\"(max-width: 640px) 100vw, 640px\" srcset=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/07\/FD-Banner_14-July-2022-1024x334.jpg 1024w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/07\/FD-Banner_14-July-2022-300x98.jpg 300w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/07\/FD-Banner_14-July-2022-768x250.jpg 768w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2022\/07\/FD-Banner_14-July-2022.jpg 1080w\" alt=\"Online Fixed Deposits on Kuvera\" width=\"640\" height=\"209\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<h2 style=\"color: black; font-size: 20px;\"><span class=\"ez-toc-section\" id=\"Benefits_of_FD_for_Senior_Citizens\"><\/span>Benefits of FD for Senior Citizens<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Fixed Deposits are suitable for senior citizens as they are available with added benefits like:\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The main advantage is that senior citizens get higher rates than the standard interest rate. Hence, they can earn more in the process.<\/span><\/p>\n<ul>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Unlike mutual funds or other types of investment, the risk factor in this kind of investment is zero. Thus, it serves as a steady income source during old age.<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Another primary reason senior citizens should invest in fixed deposits is to get an assured rate of return.<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Interest income of up to Rs. 50,000 received by senior citizens is not subject to TDS deduction.\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">For senior citizens, interest payout options are flexible. For instance, they can opt for interest income yearly, half-yearly, quarterly, and monthly.\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Individuals&#8217; interest in FDs can be used as a steady monthly income during retirement years.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2 style=\"color: black; font-size: 20px;\"><span class=\"ez-toc-section\" id=\"Senior_Citizen_FD_Interest_Rates\"><\/span>Senior Citizen FD Interest Rates<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">In the table below, you will get all details about senior citizen fixed deposit interest rates applicable from <\/span>April 2022:<\/p>\n<p>&nbsp;<\/p>\n<table style=\"width: 100%;\" border=\"1.5\">\n<tbody>\n<tr>\n<td><b>Bank<\/b><\/td>\n<td style=\"text-align: center;\"><b>Senior Citizen FD Rates<\/b><\/td>\n<td style=\"text-align: center;\"><b>Tenure<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Axis Bank<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">2.50% &#8211; 6.50%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">Up to 10 years<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">IDFC Bank<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">3.25% &#8211; 4%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">7 to 180 days<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">IndusInd Bank<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">3.25% &#8211; 7.61%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">Up to 10 years<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Bandhan Bank<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">3.00% &#8211; 6.35%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">Up to 10 years<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Yes Bank\u00a0<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">3.75% &#8211; 7.19%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">Up to 10 years<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Federal Bank<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">3.15% &#8211; 6.40%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">Up to 10 years<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">UCO Bank<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">2.80% &#8211; 5.80%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">Up to 10 years<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Deutsche Bank<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">5.61% &#8211; 8.30%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">Up to 5 years<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">ICICI Home Finance<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">4.80% to 7.25%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">Up to 10 years<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Equitas Small Finance Bank<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">3.50% to 6.64%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">Up to 10 years<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><i><span style=\"font-weight: 400;\">* Dates as on April 22nd, 2022. Rates are subject to change without prior notice<\/span><\/i><\/p>\n<p>&nbsp;<\/p>\n<h2 style=\"color: black; font-size: 20px;\"><span class=\"ez-toc-section\" id=\"Top_Bank_Senior_Citizen_FD_Rates\"><\/span>Top Bank Senior Citizen FD Rates<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Down below is a list of all the top banks that offer distinctive interest rates to their senior citizen investors:<\/span><\/p>\n<p>&nbsp;<\/p>\n<table style=\"width: 100%;\" border=\"1.5\">\n<tbody>\n<tr>\n<td><b>Bank<\/b><\/td>\n<td style=\"text-align: center;\"><b>Senior Citizen FD Rates<\/b><\/td>\n<td style=\"text-align: center;\"><b>Tenure<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">SBI senior citizen FD interest rate<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">3.40%-6.40%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">7 days to 10 years<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;\"><span style=\"font-weight: 400;\">Canara Bank senior citizen FD interest rate<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">2.93% to 6.40%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">15 days to 10 years<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">PNB Housing Finance senior citizen FD rate<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">6.00% to 7.25%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">1 year to 10 years<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">HSBC senior citizen FD interest rate<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">2.75% &#8211; 4.50%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">7 days to 5 years<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Bank of Baroda senior citizen FD interest rate<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">3.30% &#8211; 6.35%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">7 days to 10 years<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><i><span style=\"font-weight: 400;\">*Interest rates are subject to change without any prior notice<\/span><\/i><\/p>\n<p>&nbsp;<\/p>\n<h2 style=\"color: black; font-size: 20px;\"><span class=\"ez-toc-section\" id=\"Fixed_Deposits_on_Kuvera\"><\/span>Fixed Deposits on Kuvera<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">With Kuvera, you can choose between multiple<\/span><a href=\"https:\/\/app.kuvera.in\/explore\/fixed-deposit\/c\/all\"><span style=\"font-weight: 400;\"> Fixed Deposit<\/span><\/a><span style=\"font-weight: 400;\"> options from top banks and NBFCs. You are free to select a convenient tenure and rate. The complete process of booking a fixed deposit takes only minutes and you can do this with your primary bank linked to the Kuvera account.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3 style=\"color: black; font-size: 20px;\"><span class=\"ez-toc-section\" id=\"Eligibility_Criteria_for_Senior_Citizen_FD\"><\/span>Eligibility Criteria for Senior Citizen FD<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Individuals who can fulfill these criteria are eligible for senior citizen FDs:<\/span><\/p>\n<ul>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">They need to be a resident of India. NRIs can also open these accounts but only via NRO or NRE accounts.<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">An individual should be 60 years old or above on opening the fixed deposit account.<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">If an individual chooses superannuation or is a voluntary retirement scheme and is within 55 to 66 years old, they are eligible.<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Retired defense personnel within the age bracket of 50 to 60 years can apply.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Individuals will start receiving FD retirement benefits within a month of their investment.\u00a0\u00a0\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2 style=\"color: black; font-size: 20px;\"><span class=\"ez-toc-section\" id=\"Documents_Required_for_Senior_Citizen_FD\"><\/span>Documents Required for Senior Citizen FD<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">The following documents are required for opening a senior citizen FD:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Original and a Xerox copy of your Aadhar Card<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">PAN Card, both original and a photocopy\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Any official age proof document \u2013 original and a Xerox copy<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Passport (if you have one)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Two self-photographs<\/span><\/li>\n<\/ol>\n<p><i><span style=\"font-weight: 400;\">Apart from this, individuals should also be aware of the features of senior citizen fixed deposits.<\/span><\/i><\/p>\n<p>&nbsp;<\/p>\n<h3 style=\"color: black; font-size: 20px;\"><span class=\"ez-toc-section\" id=\"Features_of_Senior_Citizen_Fixed_Deposit\"><\/span>Features of Senior Citizen Fixed Deposit<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">The following are the features of senior citizen FD accounts:<\/span><\/p>\n<ul>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Senior citizen fixed deposits usually have 7 days to 20 years.<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Fixed deposit interest rates are generally 0.25% to 0.65% higher than standard fixed deposit interest rates.<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Interest calculations are on a monthly, annual, and semi-annual basis instead of quarterly compounding for senior citizens.<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Senior citizens have the flexibility to invest in tax-saving fixed deposits for a tenure of 5 years.\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Some banks also allow senior citizens to make a bulk deposit of more than Rs. 2 crore.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Depending on the bank that individuals are opting for, these features may vary for senior citizen fixed deposit accounts.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Furthermore, individuals above the age of 60 should be aware of the taxes applicable to senior citizen FDs.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3 style=\"color: black; font-size: 20px;\"><span class=\"ez-toc-section\" id=\"Taxation_of_Interest_Earned_on_Senior_Citizen_FDs\"><\/span>Taxation of Interest Earned on Senior Citizen FDs<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">As per the existing income tax law, the interest each senior citizen earns on their FDs is subject to income tax. The taxable amount is deductible at the source. However, senior citizens who are not liable to pay these taxes should submit 15G and 15H forms in their respective banks.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the NRE deposit, taxes are not applicable, but for FCNR and NRO deposits, the interest earned is subject to taxation.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On the other hand, Section 80C of the Income Tax Act, 1961 enables senior citizens to opt for tax-saving FDs. They won&#8217;t have to pay any tax for a deposit amount of up to Rs. 1.5 lakh. These FDs come with a 5-year lock-in period. Individuals also cannot make premature withdrawals before the completion of 5 years.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Final_Word\"><\/span>Final Word<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>To summarise, banks offer senior citizens with an FD account various benefits. For starters, senior citizen FD rates<span style=\"font-weight: 400;\"> are pretty high. Other added benefits include tax exemption, flexible tenure, and interest earnings frequently. However, the rate of interest offered by the banks might change yearly and without any prior notice from their end.\u00a0\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span>Frequently Asked Questions<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<ul>\n<li aria-level=\"1\">\n<h4 style=\"color: black; font-size: 17px;\"><span class=\"ez-toc-section\" id=\"How_to_open_a_senior_citizen_FD_account\"><\/span>How to open a senior citizen FD account?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Senior citizens can open their fixed deposits online. All they have to do is fill out and submit the online form to their bank provides them. Next, their FD amount will get deducted from their preferred savings bank accounts.<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li aria-level=\"1\">\n<h4 style=\"color: black; font-size: 17px;\"><span class=\"ez-toc-section\" id=\"Where_to_find_out_the_best_FD_options_at_Kuvera\"><\/span>Where to find out the best FD options at Kuvera?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Click on select the option, \u2018Invest\u2019, and click on, \u2018Fixed Deposits\u2019. You will be directed to a page where you can compare FD tenures of various banks &#8211; from lesser than one year to greater than 5 years. Options are available to cross-check the interest rate with the minimum deposit required.\u00a0 As of now, <\/span><a href=\"https:\/\/kuvera.in\/explore\/fixed-deposit\/c\/all\"><span style=\"font-weight: 400;\">Kuvera<\/span><\/a><span style=\"font-weight: 400;\"> is offering the best interest rate of 7.20% p.a. by Bajaj Finance Ltd. for a tenure of 3 years, and 8 months.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li aria-level=\"1\">\n<h4 style=\"color: black; font-size: 17px;\"><span class=\"ez-toc-section\" id=\"Do_senior_citizen_FDs_come_with_a_lock-in_period_of_5_years\"><\/span>Do senior citizen FDs come with a lock-in period of 5 years?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">No, senior citizen offers flexibility. Individuals can decide whatever tenure they want. However, opting for a 5-year long FD can be a tax saver and offer high-interest earnings on whatever amount is deposited.<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li aria-level=\"1\">\n<h4 style=\"color: black; font-size: 17px;\"><span class=\"ez-toc-section\" id=\"How_can_senior_citizens_increase_their_monthly_income\"><\/span>How can senior citizens increase their monthly income?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">As a retired individual, you can opt for fixed deposits to receive a steady monthly flow of income. Fixed deposits are probably the best low-risk investment option.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li aria-level=\"1\">\n<h4 style=\"color: black; font-size: 17px;\"><span class=\"ez-toc-section\" id=\"Do_FDs_provide_the_highest_rate_of_interest\"><\/span>Do FDs provide the highest rate of interest?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Yes, in comparison to other deposits, fixed deposits offer the highest interest rate.<\/span> FD interest rates are higher for senior citizens than the standard interest rates.<\/p>\n<p>&nbsp;<\/p>\n<h4 style=\"color: black; font-size: 17px;\"><span class=\"ez-toc-section\" id=\"Interested_in_how_we_think_about_the_markets\"><\/span>Interested in how we think about the markets?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p>Read more: <a href=\"https:\/\/kuvera.in\/blog\/category\/zen-and-the-art-of-investing\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Zen And The Art Of Investing<\/strong><\/a><\/p>\n<p>Check out all our &#8220;Investor Education Originals&#8221; videos on Youtube and get smart about investing.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><iframe loading=\"lazy\" title=\"SIP for the right start to your dreams | Best of Investor Education\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/8uwn1YpSsFU?list=PLDSzQdT9nLmBOsyCmLDKSz_PQcWdePZgI\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>Start investing through a platform that brings goal planning and investing to your fingertips. Visit <a href=\"http:\/\/app.kuvera.in\"><strong>Kuvera.in<\/strong><\/a> to discover <a href=\"https:\/\/kuvera.in\/blog\/direct-plans-better\/\"><strong>Direct Plans<\/strong><\/a> and <strong><a href=\"https:\/\/app.kuvera.in\/explore\/fixed-deposit\/c\/all\">Fixed Deposits<\/a><\/strong> and <a href=\"https:\/\/kuvera.in\/user\/login\"><strong>start investing today.<\/strong><\/a><br \/>\n#MutualFundSahiHai #KuveraSabseSahiHai #PersonalFinance #InvestorEducation<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Senior Citizen Fixed Deposit Rates in India &nbsp; Most banks and NBFCs offer higher interest rates on FD to their senior citizen investors, i.e., individuals aged 60 years and above. For instance, if an ordinary fixed deposit investor earns an interest of 7%, a senior citizen is guaranteed to receive an interest rate of more [&#8230;]<\/p>\n<p><a class=\"btn btn-secondary understrap-read-more-link\" href=\"https:\/\/kuvera.in\/blog\/senior-citizen-fixed-deposit-rates-in-india\/\">Read More&#8230;<\/a><\/p>\n","protected":false},"author":11,"featured_media":12201,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[543,615],"tags":[811,544,176,551,547],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Senior Citizen Fixed Deposit Rates in India - Kuvera<\/title>\n<meta name=\"description\" content=\"Senior Citizen Fixed Deposit Rates: Know Features, Benefits, Eligibility Get Latest FD Schemes for Senior Citizens from Bajaj, Other Top Banks.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/kuvera.in\/blog\/senior-citizen-fixed-deposit-rates-in-india\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Senior Citizen Fixed Deposit Rates in India - 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