Senior Citizens (aged 60 years or more) are offered a higher fixed deposit interest rates by banks as compared to general public. They usually earn 0.25% to 0.75% higher interest compared to regular deposit rates for tenures ranging between 6 months to 10 years. All the resident and NRI senior citizens of 60 years or above are eligible to open Senior Citizen fixed deposit account with the banks. You can easily calculate Senior Citizen FD Interest using FD Interest Rate Calculator.
Senior citizen FD earns slightly higher returns than interest earned by the general customers. Important features of Senior Citizen Fixed Deposit are as follows:
To assist you to select the best bank for making FD investment, we are providing following table which shows interest rates offered by different banks to senior citizens for a period of 12 months. You can click on "FD Interest Rates" button against a particular bank FD interest rates of all the tenures offered by that bank.
There are many investment options which are safe and secured like Public Provident Fund (PPF), National Pension Scheme (NPS), EPF, NSC, Bank FD, Bank RD, etc. Bank Fixed Deposit is one of the safe and secured instruments to invest into that offers attractive rate of interest. Easy to open, higher rate of returns, availability of loan and flexibility to withdraw funds when needed are some of the major benefits of Fixed Deposit. Unlike shares, the returns on FD are not related to any market fluctuations hence remain fixed. Banks also offer Recurring Deposit Facility.
Fixed Deposit Account with any bank can be opened easily through a number of channels like Internet (online), Phone Banking or simply by visiting the bank branch.
The interest earned on bank FD can be availed in following 2 ways:
(1) Traditional Plan: Interest is paid on monthly or quarterly basis as required by you.
(2) Reinvestment Plan: Interest is compounded quarterly and reinvested with the principal amount. The interest is paid along with the principal at the time of maturity.
Bank FD is considered to be a beneficial investment option for Senior Citizens due to following reasons: