Highest Fixed Deposit Interest Rate for Senior Citizens offered by Government Banks in 2023: Fixed Deposit rates have gone up recently in view of the lending rate hikes announced by the Reserve Bank of India since last year. Senior Citizens can now book FDs at more than 9% interest with small finance banks. However, when it comes to Government/Public sector banks, the highest interest rate offered to senior citizens is around 8% subject to certain terms and conditions.
As most senior citizens prefer to park their savings in Government sector banks, here’s a look at the highest FD rates offered by five leading Public Sector Banks – State Bank of India, Punjab National Bank, Bank of Baroda, Bank of India and Central Bank of India. (Also check: Best 5-year Govt Bank FD rates for Senior Citizens)
SBI Fixed Deposit Interest Rates for Senior Citizens
The SBI is offering 7.5% interest to senior citizens on domestic term deposits below Rs 2 crore for tenures of 2-3 years and 5-10 years. The State Bank recently launched the Amrit Kalash deposit, which is a limited-period scheme offering 7.6% interest to senior citizens.
PNB Fixed Deposit Interest Rates for Senior Citizens
Punjab National Bank is offering a 7.75% interest rate to senior citizens on deposits for 666 days. For super senior citizens, PNB is offering 8.05% interest. The PNB is also offering a 7.5% interest rate to senior citizens on deposits of above 2 years and up to 3 years.
Also Read: How much monthly income Rs 30 lakh in Senior Citizen Savings Scheme will give
Bank of Baroda (BoB) Fixed Deposit Interest Rates for Senior Citizens
Bank of Baroda
Central Bank of India Fixed Deposit Interest Rates for Senior Citizens
Central Bank of India
On non-callable deposits of 444 days, the Central Bank of India is offering 8.1% interest to senior citizens while non-callable deposits of 555 days are offered at 7.75% interest.
Also Read: New Income Tax Calculator as per Section 115BAC in Finance Bill 2023
Bank of India (BOI) Fixed Deposit Interest Rates for Senior Citizens
Bank of India is offering a 7.55% interest rate to senior citizens on deposits of 444 days. The bank is also offering 7.25% on domestic term deposits of less than Rs 2 crore for 2-5 years.
Under BoI’s cumulative deposits schemes, senior citizens can get 8.85% interest on deposits of 8 years and above to 10 years. On deposits of 3 years to less than 5 years, the bank is offering 8.02% interest.
(The above information is based on interest rates provided on respective bank websites as on February 20, 2023.)