Bank Fixed Deposits have become attractive once again, especially for senior citizens who don’t want to risk their life savings. While senior citizens also get an option to invest in various Post Office savings schemes like Senior Citizen Savings Scheme (SCSS), Post Office Monthly Income Scheme (POMIS) and National Savings Certificate (NSC) for guaranteed returns, many of them invest in Bank FDs also.
This article looks at the Fixed Deposit interest rates offered by 12 Government or Public Sector Banks (PSBs) to senior citizens on Fixed Deposits of 5 years. Investments done in Fixed Deposits for 5 years also qualify for tax deduction under Section 80C of the Income Tax Act.
Note: The below interest rates of different Government banks are based on the information provided by the respective bank websites as of February 22, 2023. Depositors should individually check the interest rate of each bank before investing as it may change.
1. Bank of Baroda 5-year Fixed Deposit Rate for Senior Citizens
Bank of Baroda (BoB) is offering a 6.9% interest rate to senior citizens on domestic Fixed Deposits below Rs 2 crore for a tenure of 3 to 5 years. On non-callable deposits of 3 to 5 years, the BoB is offering 7.15% interest. The minimum deposit required to avail of this interest rate is Rs 15 lakh and the maximum amount should be below Rs 2 crore. Under Baroda Tax Saving Fixed Deposit, BoB is offering 6.9% interest on deposits of 5 years and 7.25% interest on deposits for above 5 to 10 years
2. Bank of India 5-year Fixed Deposit Rate for Senior Citizens
Bank of India is offering 7.25% interest to senior citizens on deposits of 5 years and above. This is inclusive of the additional 0.5% interest provided to senior citizens by the Bank of India.
3. Bank of Maharashtra 5-year Fixed Deposit Rate for Senior Citizens
Bank of Maharashtra is offering 6.25% interest to senior citizens on FDs of 5 years and above.
Also Read: SCSS limit hike impact: Senior Citizens get over 9% interest on term deposits!
4. Canara Bank 5-year Fixed Deposit Rate for Senior Citizens
Canara Bank is offering 7% interest to Senior citizens on FDs of 5 years for callable deposits. On on-callable deposits above Rs 15 lakh and below Rs 2 crore, Canara Bank is offering 7.45% interest to Senior Citizens.
5. Central Bank of India 5-year Fixed Deposit Rate for Senior Citizens
Central Bank of India is offering 6.92% interest to senior citizens on FDs of 5 years and above up to 10 years. 5-year Fixed Deposit Rate for Senior Citizens
6. Indian Bank 5-year Fixed Deposit Rate for Senior Citizens
The Indian Bank is offering up to 7% interest on 5-year FDs below Rs 2 crore to senior citizens. The rate is inclusive of the additional 0.25% rate above the extra 0.50% interest provided to senior citizens.
7. Indian Overseas Bank 5-year Fixed Deposit Rate for Senior Citizens
Indian Overseas Bank is offering 7% interest to senior citizens for tax saver deposits of 5 years where the minimum investment amount is Rs 1 lakh.
Also Read: How much monthly income Rs 30 lakh in Senior Citizen Savings Scheme will give
8. Punjab & Sind Bank 5-year Fixed Deposit Rate for Senior Citizens
Punjab & Sind Bank is offering 6.75% interest to senior citizens on 5-year tax saver Fixed Deposits.
9. PNB 5-year Fixed Deposit Rate for Senior Citizens
Punjab National Bank (PNB) is offering 7% interest to senior citizens on 5-year 5-year Fixed Deposits. On deposits above 5 years to 10 years, PNB is offering 7.3% interest.
10. State Bank of India 5-year Fixed Deposit Rate for Senior Citizens
State Bank of India (SBI) is offering 7.5% interest to senior citizens on 5-year Fixed Deposits. This rate is also available for deposits above 5 years and up to 10 years. (Also check: SBI Amrit Kalash Deposit)
11. UCO Bank 5-year Fixed Deposit Rate for Senior Citizens
UCO Bank is offering 6.6% interest to senior citizens on deposits of 5 years and above. On deposits of 666 days, the bank is offering 7.25% interest to senior citizens.
Also Read: Highest Fixed Deposit Interest Rate for Senior Citizens by Govt Banks
12. Union Bank of India 5-year Fixed Deposit Rate for Senior Citizens
Union Bank of India is offering 7.2% interest to senior citizens on deposits of 5 years to 10 years. Super Senior Citizens get an additional 0.25% interest.