Senior Citizens Can Earn Up to 7.75% Interest on Fixed Deposits

Senior citizens can take advantage of higher interest rates offered by major banks in India. Top banks such as State Bank of India (SBI), HDFC Bank, ICICI Bank, Kotak Mahindra Bank, and YES Bank are offering interest rates ranging from 6.75% to 7.75% for senior citizen fixed deposits. These rates are applicable for various tenure periods and are revised to be effective from December 9, 2022, to December 16, 2022.

Key Takeaways:

State Bank of India (SBI) offers up to 7.25% interest on senior citizen fixed deposits maturing between one year one day and three years.
HDFC Bank offers up to 7.5% interest on senior citizen fixed deposits maturing between 15 months and five years.
ICICI Bank offers up to 7.5% interest on senior citizen fixed deposits maturing between 18 months and 10 years.
YES Bank offers up to 7.5% interest on senior citizen fixed deposits maturing between one year one day and 10 years.
Kotak Mahindra Bank offers up to 7.25% interest on senior citizen fixed deposits maturing between 365 days and 389 days.
SBI offers an additional 0.50 per cent interest rate on FDs for senior citizens, while other banks also offer this benefit.
The increased interest rates are effective from December 9, 2022, to December 16, 2022.

Statistics:

State Bank of India (SBI) offers a 7.25% interest rate for senior citizen FDs maturing between one year one day and three years.
HDFC Bank offers a 7.5% interest rate for senior citizen FDs maturing between one year and 15 months.
ICICI Bank offers a 6.25% interest rate for fixed deposits maturing between 290 days to less than one year.
YES Bank offers a 6% interest rate for fixed deposits maturing between 181 days and 271 days.
Kotak Mahindra Bank offers a 7.5% interest rate for senior citizen fixed deposits maturing between 390 days and 23 months.

Sources:

State Bank of India (SBI),
HDFC Bank,
ICICI Bank,
YES Bank,
Kotak Mahindra Bank, (Source: Banks' websites; Interest rates for FDs below Rs 2 crore)