Senior Citizen Long-Term Fixed Deposit Interest Rates: While senior citizen fixed deposit rates of various tenors have gone up this year, there is not much change in long-term deposits of 5 to 10 years. A comparison of FD rates offered to senior citizens by 12 banks listed on the Nifty Bank Index shows that five banks, including SBI, Bank of Baroda and ICICI Bank, are offering 7.5% interest to senior citizens on deposits of 5 to 10 years.
HDFC Bank is currently offering the highest interest rate of 7.75% to senior citizens on long-term fixed deposits, followed by AU Small Finance Bank (7.71), which is also listed on the Nifty Bank Index. AU Bank is also the only Small Finance Bank listed on the index. As many as two banks listed on the index are offering less than 7% Fixed Deposit interest rate to senior citizens on long-term deposits of 5 to 10 years.
The following is the list of banks on the index and interest rates offered by them to senior citizens on 5 to 10 years term deposits of less than Rs 2 crore.
HDFC Bank
HDFC Bank is offering 7.75% interest rate to senior citizens on deposits of 5 years 1 day to 10 years.
State Bank of India
State Bank of India is offering 7.5% interest rate to senior citizens on deposits of 5 years to 10 years.
AU Small Finance Bank
AU Small Finance Bank is offering 7.71% interest rate to senior citizens on deposits of 5 years day to 10 years.
Also Read: Fixed Deposit strategy: How to make the most of FD now?
Axis Bank is offering 7% interest rate to senior citizens on deposits of 5 years day to 10 years.
Bandhan Bank is offering 6.6% interest rate to senior citizens on deposits of 5 years to 10 years.
Bank of Baroda
Bank of Baroda is offering 7.5% interest rate to senior citizens on deposits of 5 years to 10 years.
Federal Bank is offering 7.25% interest rate to senior citizens on deposits of 5 years to 10 years.
ICICI Bank
ICICI Bank is offering 7.5% interest rate to senior citizens on deposits of 5 years 1 day to 10 years.
Also Read: Should Senior Citizens change their bank for higher Fixed Deposit interest rate?
IDFC First Bank is offering 7.5% interest rate to senior citizens on deposits of 5 years 1 day to 10 years.
IndusInd Bank is offering 7.5% interest rate to senior citizens on deposits of 5 years 1 month and to 10 years.
Punjab National Bank is offering 7.3% interest rate to senior citizens and super senior citizens on deposits of above 5 years and up to 10 years.
Kotak Mahindra Bank is offering 6.7% interest rate to senior citizens on deposits of 5 years to 10 years.
Disclaimer: The above interest rates are based on the information available on respective bank websites as of June 27, 2023. Please contact the bank for latest interest rates as they are subject to change.