A few days after the Union Budget 2023 increased the investment limits under Senior Citizen Savings Scheme (SCSS) and Post Office Monthly Income Scheme (POMIS), some banks have raised their Fixed Deposit rates to attract elder depositors and others.
The latest banks to announce FD rate hikes are Bandhan Bank and Jana Small Finance Bank. Following are the details of what these banks are offering to Senior Citizens and others.
Bandhan Bank Fixed Deposit Interest Rate
Bandhan Bank on Monday (February 6) increased its FD interest rates by 50 bps. In a statement, the bank said that the revised FD rates will be applicable for retail deposits of up to Rs 2 crores and are effective from February 6, 2023. However, the revised rates will be available for a limited period only, the bank said.
Also Read: SCSS calculation: How much monthly income Rs 30 lakh will give
The highest interest rate offered by Bandhan Bank to senior citizens is 8.5% for FDs of 600 days tenure. The bank is offering 8% interest to non-senior citizens.
| Maturity Bucket | Interest Rates for non-Senior Citizens | Interest Rates for Senior Citizens |
| 7 days to 14 days | 3.00% | 3.75% |
| 15 days to 30 days | 3.00% | 3.75% |
| 31 days to Less than 2 months | 3.50% | 4.25% |
| 2 months to less than 3 months | 4.50% | 5.25% |
| 3 months to less than 6 months | 4.50% | 5.25% |
| 6 months to less than 1 year | 4.50% | 5.25% |
| 1 year to 599 days | 7.00% | 7.50% |
| 600 days | 8.00% | 8.50% |
| 601 days to less than 2 years | 7.00% | 7.50% |
| 2 years to less than 3 years | 7.00% | 7.50% |
| 3 years to less than 5 years | 7.00% | 7.50% |
| 5 years to up to 10 years | 5.60% | 6.35% |
Jana Small Finance Bank Fixed Deposit Interest Rate
Jana Small Finance Bank has also hiked interest rates for regular fixed deposits, effective February 1, 2023 and on FD Plus scheme from February 6, 2023.
Jana Bank is also offering up to 8.8% interest to senior citizens on Recurring Deposits effective from February 1, 2022.
Also Read: POMIS Calculation 2023: What Rs 9 lakh or Rs 15 lakh deposit will give
Jana Bank is now offering up to 8.8% interest to senior citizens on FDs of 2 years to 3 years. For other non-senior citizen customers, the bank is offering an interest rate as high as 8.10% on regular deposits for a tenure of more than 2-3 years. Customers can reap the benefit of 8.25% on Fixed Deposit Plus for a tenure of more than 2-3 years.
Jana Bank Fixed Deposit Rates (Effective 1st February 2023)
| Period | Regular FD Interest Rate (p.a.) | Senior Citizen FD Interest Rate (p.a.)* |
| 7-14 days | 3.75% | 4.45% |
| 15-60 days | 4.25% | 4.95% |
| 61-90 days | 5.25% | 5.95% |
| 91-180 days | 5.50% | 6.20% |
| 181-364 days | 7.00% | 7.70% |
| 1 Year[365 Days] | 7.25% | 7.95% |
| > 1 Year – 2 Years | 7.50% | 8.20% |
| >2 Years-3 Years | 8.10% | 8.80% |
| > 3 Year- < 5 Years | 7.35% | 8.05% |
| 5 Years[1825 Days] | 7.25% | 7.95% |
| > 5 Years – 10 Years | 6.00% | 6.70% |
Commenting on the FD rate hike, Shrinivas Murty, President and Head of Branch Banking and Marketing said, “Our interest rates are best in class. Jana Fixed deposits and Current accounts with sweep-in facility are extremely well received as these products help balance liquidity needs with returns. This increase in interest rates would help our customer plan their investments better and meet their financial objectives.”