FD rates: THESE 8 banks offer up to 7.1% interest on fixed deposits to senior citizens

Fixed deposit (FD) interest rates: Before opening a fixed deposit, it is advisable to first compare the interest rates offered by different banks. Typically, banks offer relatively higher interest on long tenor deposits than short tenors.

Additionally, almost all banks give somewhat higher interest to depositors who are senior citizens (above the age of 60) than to regular investors. Let us find out the interest rates offered by different banks (state and private) on their term deposits across tenors.

Private banks

HDFC Bank: This bank offers 7.10% to senior citizens on an FD of 18 months to 21 months tenor. and 6.6% to general citizens. These rates came into force on 25 June 2025.

ICICI Bank: This bank offers 7.10% on its fixed deposits of tenor between 2-10 years & 6.6% to general citizens.

Kotak Mahindra Bank: Likewise, this private lender offers a maximum interest of 7.1% to senior citizens on a term deposit of 23-month tenor & 6.6% to general citizens. These rates came into force on 20 August.

Federal Bank: This bank offers 7.2% interest on a tenor of 999 days to senior citizens and 6.7% to general citizens w.e.f. 17 October.

Government sector banks

State Bank of India (SBI): The largest lender of India offers 6.95% interest on a tenor of 2-3 years to senior citizens and 6.45% to general citizens. These rates came into force on 15 July.

Union Bank of India: This state lender offers 6.6% interest on an FD of 3 years tenure w.e.f. 20 August, whereas general citizens stand to earn 50 basis points lower than their older counterparts.

Punjab National Bank (PNB): This government bank offers 7.10% interest on an FD of 390-day tenor. These rates came into force on 1 September.

Canara Bank: Canara Bank offers 7% interest to senior citizens on an FD of 444-day tenor and 6.5% to general citizens for the same duration. The latest rates came into effect on 7 August 2025.

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