Latest fixed deposit (FD) rates for senior citizens: HDFC Bank vs ICICI Bank vs Axis Bank1 min read . Updated: 03 Nov 2019, 08:12 AM IST
- Usually, banks offer 0.50% higher interest rate to senior citizens
- Here is a comparison of the FD rates offered offered by ICICI Bank, HDFC Bank and Axis Bank
Highest interest rates with assured return make fixed deposits (FD) one of the most preferred investment for senior citizens. All top lenders including State Bank of India (SBI), ICICI Bank, HDFC Bank, Axis Bank offer high interest rates to senior citizens compared to the general public. Usually, banks offer 0.50% higher interest rate to individuals who are above 60 years of age. Senior citizens can invest in an FD for a tenure ranging from 7 days to 10 years.
Here is a comparison of the FD rates offered offered by ICICI Bank, HDFC Bank and Axis Bank
ICICI Bank has recently revised their FD rates. However, the lender has kept the interest rates unchanged on short-term deposits maturing in 7 days to less than 1 year. On deposits maturing in 7 days to 14 days, ICICI Bank offers an interest rate of 4.50%. For deposits maturing 15 days to 29 days, the interest rate is 4.75% and 30 days to 45 days, 5.50%. On deposits maturing in 46 days to 184 days, ICICI Bank offers an interest rate of 6.00%. Deposits maturing in less than one year will fetch an interest rate of 6.75%. Deposits maturing in less than 2 years will attract an interest of 7.35%.
On October 30, private sector lender HDFC Bank revised their FD rates. HDFC Bank offers an interest rate of 6.75% on fixed deposits up to ₹2 crore over a maturity period of one year. For the maturity period of more than one year, the interest rate is 6.95%. One can get an interest rate of 7.35% for the deposits maturing from 2 years 1 day to 3 years.
Axis Bank offers FDs across different tenures, ranging from 7 days to 10 years. For senior citizens, Axis Bank is offering 7.10% on FDs maturing in 1 year to less than 18 months. After the latest revision, FDs with tenure of 18 months to 2 years will fetch at interest rate of 7.45%. For the tenure of 2 years, 1 day to 20 months will fetch you, the interest will be 7.50%.