Urban Money

Top 10 Fixed Deposit For Senior Citizens

The FDs can be of tenure ranging from 7 Days to 20 Yr . The ROI for different schemes starts from 2.50% to 7.75% for the general public and 3.30% to 8.50% for senior citizens. The min amount required to open a Fixed Deposit in such scheme is Rs.1,000

Name of Schemes

For General Citizen (p.a.)

For Senior Citizen (p.a.)

Jana Small Finance Bank Domestic Term Deposits FD

2.50% to 7.75%

3.30% to 8.50%

Bajaj Finance Ltd Domestic Term Deposits FD

6.35% to 7.40%

6.60% to 7.65%

Bajaj Finance Ltd Corporate FD

6.20% to 7.40%

6.45% to 7.65%

PNB Housing Finance Corporate FD

6.00% to 7.25%

6.25% to 7.50%

Yes Bank Domestic Term Deposits FD

3.25% to 6.75%

3.75% to 7.50%

Bandhan Bank Domestic Term Deposits FD

3.00% to 7.00%

3.75% to 7.50%

RBL Bank Domestic Term Deposits FD

3.25% to 7.00%

3.75% to 7.50%

IndusInd Bank Domestic Term Deposits FD

3.50% to 6.75%

4.25% to 7.50%

IDFC First Bank Domestic Term Deposits FD

3.50% to 6.90%

4.00% to 7.40%

HDFC Ltd Domestic Term Deposits FD

5.60% to 6.80%

5.80% to 7.10%

Senior Citizen Fixed Deposit Rate 2022

Bank and financial institutions across the country offer lucrative senior citizen FD Rates. The FD rates for senior citizens are 0.5% higher than that of the general citizens. The higher FD rates for senior citizens stimulate their savings post-retirement. If a senior citizen opts for a 5-Year fixed deposit, they are eligible for tax exemptions under Section 80C of the Income Tax Act. The YES Bank offers the best senior citizens' FD rates as they can earn interest up to 6.5% on fixed deposits.

Eligibility of an FD for Senior Citizens?

The individual who wants to avail of the attractive FD rates for senior citizens is required to maintain and exhibit the following:

  • The individual is required to establish that their age is more than 60 years. For that, they shall produce documents authenticating their age and identity.
  • The applicants who have chosen to take early retirement and are of the age of 55 and more are also eligible to apply. However, it is to be noted that such deposits are offered only in selective banks and NBFCs.
  • Non-Resident Indians are also eligible to open such fixed deposit accounts through NRO and NRE schemes.

Features Senior Citizens Fixed Deposit

The Senior Citizens Fixed deposits entail the following features that can be availed of by the depositors.

  • The tenure of the fixed deposits ranges from 7 days to 10 years. The tenure offered can vary from bank to bank.
  • The depositor can avail of the provision to select a nominee on their fixed deposit.
  • The FD Rates for senior citizens offered are with respect to the tenure of the investment.
  • The bank interest rates for senior citizens are compounded quarterly.
  • The penalty is levied in case the depositor withdraws the amount prematurely.

Documents Required for Opening Senior Citizen FD Account

The applicant requires the following documents to open a Senior Citizen FD Account:

  • Document Proof verifying the age
  • Aadhaar Card
  • PAN Card
  • Passport
  • Passport-Size photograph

How to Calculate the Maturity Value on Fixed Deposit?

Investors can use the diverse set of online calculators to compute the maturity and the interest amount. These calculators are easy-to-use self-help tools with a straightforward interface. The user is just required to mention the following:

Amount Deposited: the amount the investor is inclined to invest in the scheme

Rate of Interest: the interest the investor stands to make on the deposited amount

Tenure: The tenure of the investment in the scheme.

How can Senior Citizens Avail of the Benefits?

The senior citizen can avail of the following benefits by investing in the scheme:

  • The FD Rates for senior citizens are lucrative as they’re offered an additional interest rate of 0.5% on the investments.
  • The assured returns help the investors to stimulate their savings.
  • The deposits are also exempted from tax under Section 80C of the Income Tax Act.
  • Investors can choose from the variety of payout options available at their convenience.

Why Urban Money for Fixed Deposit Investment?

Urban money provides hassle-free financial and banking services to its customers with the assistance of sophisticated software solutions. Urban Money aims to provide a customer-friendly experience to its investors as they embark on their investment journey. Our services ensure that the investors get the best interest rates on their Fixed deposit investments so they can conveniently attain their financial goals.

FAQs

Which bank has the highest FD rates for senior citizens?

The YES Bank offers the highest FD rates for citizens as the investor can earn interest up to 6.5% on their investment.

Which is the best FD for senior citizens?

The tax-saving senior citizens FD allows the investor to earn tax-deductible interest under section 80C of the Income Tax Act.

Do senior citizens get any extra benefits on the FD?

The FD rates for senior citizens are higher compared to general citizens.

What age proof is required for a senior citizen fixed deposit?

The senior citizens can provide Aadhaar Card, Pan Card, or other identification proof to verify their age.

Is interest in FD taxable for senior citizens?

The FD Rates for senior citizens are lucrative and are eligible for tax exemption under section 80C of the Income Tax Act, 1961.

What is the TDS limit for senior citizens?

The financial institution levies no TDS on the interest income up to Rs 50,000.

Can a senior citizen open a fixed deposit account jointly with a person who is not a senior citizen?

Yes, the applicant can open a senior fixed deposit account jointly with a person who is not a senior citizen.