Highest Fixed Deposit Interest Rate for Senior Citizens by Govt Banks: SBI, PNB, BOI, BoB, CBI compared

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.

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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 is offering 7.55% interest on term deposits of 399 days under Baroda Tiranga Plus Deposit Scheme to senior citizens. The bank is also offering 7.25% interest to senior citizens on FDs of various tenors such as deposits of 1 year, 1 year to 400 days, 400 days to 2 years, 2 years to 3 years, 5 years to 10 years, 444 days and 555 days.

Central Bank of India Fixed Deposit Interest Rates for Senior Citizens

Central Bank of India is offering a 7.85% interest rate to senior citizens on special callable deposits of 444 days. On a special callable deposit of 555 days, the bank is offering 7.5% interest.

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.)