Banks pay a higher rate of interest to senior citizens compared to general public on FDsAxis Bank revised its fixed deposit interest rates on select maturities with effect from Wednesday, according to the private sector lender's website.
A fixed deposit (FDs) is a financial instrument which offers guaranteed return.
Unlike stocks and mutual funds, fixed deposits offer assured returns as they are unaffected by market volatility, experts say.
Customers can invest money in fixed deposits for a specific period, ranging from seven days to 10 years.
Banks usually pay a higher rate of interest to senior citizens compared to general public on fixed deposit accounts.Axis BankThe following FD interest rates are applicable on deposits below Rs.
2 crore with effect from May 29, 2019, according to axisbank.com:PeriodGeneral public (% p.a.)Senior citizen (% p.a.)7 days to 14 days3.53.515 days to 29 days3.53.530 days to 45 days5.55.546 days to 60 days6.256.2561 days < 3 months6.256.253 months < 4 months6.256.254 months < 5 month6.256.255 months < 6 months6.256.256 months < 7 months6.7577 months < 8 months6.7578 months < 9 months6.7579 months < 10 months7.17.3510 months < 11 months7.17.3511 months < 1 year7.17.351 year < 1 year 5 days7.17.751 year 5 days < 1 year 11 days7.17.751 year 11 days < 1 year 25 days7.17.751 year 25 days < 13 months7.37.9513 months < 14 months7.37.9514 months < 15 months7.37.9515 months < 16 months7.37.9516 months < 17 months7.37.9517 months < 18 months7.37.9518 Months < 2 years7.37.952 years < 30 months7.37.9530 months < 3 years7.37.83 years < 5 years7.257.755 years to 10 years77.5State Bank of IndiaThe following FD interest rates are applicable on deposits below Rs.
2 crore with effect from May 9, 2019, according to sbi.co.in:PeriodGeneral public (% p.a.)Senior citizens (% p.a.)7 days to 45 days5.756.2546 days to 179 days6.256.75180 days to 210 days6.356.85211 days to less than 1 year6.46.91 year to less than 2 year77.52 years to less than 3 years6.757.253 years to less than 5 years6.77.25 years and up to 10 years6.67.1Punjab National BankThe following FD interest rates are applicable on deposits up to Rs.
2 crore with effect from May 1, 2019, according to pnbindia.in:PeriodGeneral public (% p.a.)Senior Citizen (% p.a.)7 to 14 days5.756.2515 to 29 days5.756.2530 to 45 days5.756.2546 to 90 days6.356.8591 to 179 days6.356.85111 days6.57180 days to 270 Days6.356.85222 days6.67.1271 days to less than 1 year6.356.85333 days6.957.451 year77.5555 days6.857.35above 1 year up to 3 years6.757.25above 3 year up to 5 years6.256.75above 5 years up to 10 years6.256.75HDFC BankThe following FD interest rates are applicable on deposits below Rs.
2 crore from April 11, 2019, according to hdfcbank.com:PeriodGeneral public (% p.a.)Senior citizen (% p.a.)7 - 14 days3.504.0015 - 29 days4.254.7530 - 45 days5.756.2546 - 60 days6.256.7561 - 90 days6.256.7591 days - 6 months6.256.756 months 1 day- 6 months 3 days6.757.256 months 4 days6.757.256 months 5 days - 9 months6.757.259 months 1 day- 9 months 3 days7.107.609 months 4 days7.107.609 months 5 days - 9 months 15 days7.107.609 months 16 days7.107.609 months 17 days < 1 Year7.107.601 Year7.307.801 year 1 day - 1 year 3 days7.307.801 year 4 days7.307.801 year 5 days - 1 Year 15 Days7.307.801 Year 16 days7.307.801 year 17 days - 2 Years7.307.802 years 1 day - 2 Years 15 days7.407.902 Years 16 days7.407.902 years 17 days - 3 Years7.407.903 years 1 day - 5 years7.257.755 Years 1 Day - 8 Years6.507.008 Years 1 Day - 10 Years6.507.00ICICI BankThe following FD interest rates are applicable on deposits below Rs.
2 crore from March 7, 2019, according to icicibank.com:PeriodGeneral public (% p.a.)Senior citizens (% p.a.)7 days to 14 days44.515 days to 29 days4.254.7530 days to 45 days5.5646 days to 60 days66.561 days to 90 days6.256.7591 days to 120 days6.256.75121 days to 184 days6.256.75185 days to 289 days6.57290 days to less than 1 year6.757.251 year to 389 days6.97.4390 days to 2 years7.17.62 years 1 day up to 3 years7.583 years 1 day up to 5 years7.257.755 years 1 day up to 10 years77.55 Years Tax saver FD (Max up to Rs.
1.50 lac)7.257.75The fixed deposit accounts which have a lock-in period of five or 10 years also offer income tax benefit under Section 80C of the Income Tax Act.