Senior citizens FD interest jumps to 7.5%: SBI, HDFC Bank, ICICI Bank, YES Bank, Kotak Mahindra FD rates compared

Rate this post

Fixed deposits (FDs) are still one of the most preferred investment options among senior citizens. With the Reserve Bank of India (RBI) raising the repo rate by 225 basis points this year since May, the interest rates on fixed deposits (FDs) have inched up in the last few months. A short-to-mid term fixed deposit in any well-known public or private sector bank is earning as much as 6.75-7 per cent interest rate. Senior citizens get an even sweeter deal – they usually get an additional 0.50 per cent interest rate on FDs over the regular card rate.
Let’s check out the interest rates offered on senior citizen fixed deposits by five popular banks — State Bank of India (SBI), HDFC Bank, ICICI Bank, Kotak Mahindra Bank, and YES Bank. (Source: Banks’ websites; Interest rates for FDs below Rs 2 crore.)

State Bank of India offers up to 7.25% interest on senior citizen FDs
State Bank of India (SBI) offers a whopping 7.25 per cent interest rate for senior citizen FDs maturing between one year one day and three years. For senior citizen deposits maturing between five years one day and 10 years, the interest rate will be 7.25 per cent. For FDs maturing between 211 days and one year, the interest will be 6.25 per cent. The country’s largest bank offers a 6.75 per cent interest rate for deposits maturing between three years one day and five years.

The increased interest rates are effective from December 13, 2022.

HDFC Bank offers up to 7.5% interest on senior citizen FDs

Senior citizens can earn an interest rate of 7.5 per cent on fixed deposits maturing between 15 months and five years. For senior citizen fixed deposits maturing between one year and 15 months, bank will offer an interest of 7 per cent. Fixed deposits maturing between 9 months one day and one year will fetch an interest rate of 6.5 per cent. Senior citizen FDs maturing between 6 months one day and 9 months, the interest rate will be 6.25 per cent.
These rates are applicable from December 14, 2022.


ICICI Bank offers up to 7.5% interest on senior citizen FDs


ICICI Bank offers a 7.5 per cent interest rate for senior citizen fixed deposits maturing between 18 months and 10 years. For senior citizen deposits maturing between one year one day and 15 months, the private sector bank will offer an interest rate of 7.10 per cent. Investors will receive an interest rate of 6.25 per cent for fixed deposits maturing between 290 days to less than one year. Fixed deposits maturing between 271 days and 289 days, will fetch an interest rate of 6 per cent.

The revised interest rates are effective from December 16, 2022.

YES Bank offers up to 7.5% interest on senior citizen FDs

YES Bank offers an interest rate of 7.5 per cent for fixed deposits maturing between one year one day and 10 years. For deposits maturing between 272 days and one year, the interest rate will be 6.25 per cent. Fixed deposits maturing between 181 days and 271 days, will fetch an interest rate of 6 per cent.

These interest rates are effective from December 9, 2022.

Kotak Mahindra Bank offers up to 7.5% interest on senior citizen FDs

The private sector bank offers a 7.5 per cent return for senior citizen fixed deposits maturing between 390 days and 23 months. For deposits maturing between 365 days and 389 days 7.25 per cent. Investors will get an interest rate of 7 per cent for senior citizen deposits maturing between 23 months one day and two years. Fixed deposits maturing between two years to less than three years will fetch an interest rate of 6.9 per cent. The bank will offer an interest rate of 6.8 per cent for deposits maturing in three years one day and four years, 6.75 per cent for deposits maturing in four years one day, and five years, 6.70 per cent for FDs maturing between five years and 10 years. For senior citizen fixed deposits maturing in 364 days, the interest rate will be 6.5 per cent. Kotak Mahindra Bank offers an interest rate of 6.25 per cent for FDs maturing between 180 days and 363 days.

The increased interest rates are effective from December 13, 2022.

Leave a Comment

Ads Blocker Image Powered by Code Help Pro

Ads Blocker Detected!!!

Please consider supporting us by disabling your ad blocker on our website