Senior citizen FDs are offering up to 9.5%: Check the current fixed deposit interest rates after RBI cuts repo rate by 25 bps A repo rate cut benefits borrowers but affects fixed deposit investors. Banks will reduce FD rates soon. Seniors should invest in FDs now
The Reserve Bank of India has reduced its repo rate by 25 basis points, from 6.50% to 6.25 percent. A repo rate cut is good news for borrowers as this reduces EMI burden but bad news for FD investors. This is because FD investors have now one final chance to book their fixed deposit investments at current higher rates, as banks will begin to reduce their interest rates soon. If you are a senior citizen and have a surplus to invest in FDs, this may be the best time to make your deposits, as the current high rates may not be available in the coming months.#sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;} Delhi Elections Live
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Banks offering highest FD interest rates currently
Here is the list of small finance banks, private banks and public banks offering the highest interest rates for senior citizens.
Small Finance Banks offering up to 9.55
Currently, the small finance banks are offering the highest interest rates on the senior citizens fixed deposits. Unity Small Finance Bank is offering the highest FD interest rate at 9.5% per annum for 1001 days. Other small finance banks, such as Suryoday Small Finance Bank, are giving FD interest rates of 9.1% per annum for a 5-year term, while Utkarsh Small Finance Bank is giving 9.1% per annum for a 2-3-year FD tenure.Here is the list of small finance banks offering highest FD interest rates to senior citizens:
Bank NameInterest Rate (%)TenureAU Small Finance Bank8.618 monthsEquitas Small Finance Bank9888 daysESAF Small Finance Bank8.88888 daysJana Small Finance Bank8.751 year to 3 yearsNorthEast Small Finance Bank918 months 1 Day to 36 monthsSuryoday Small Finance Bank9.15 yearsUjjivan Small Finance Bank8.7512 monthsUnity Small Finance Bank9.51001 daysUtkarsh Small Finance Bank9.12 years to 3 years; 1500 days
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Private Sector Banks offering up to 8.55%
FD interest rates among private banks range between 7.5% to 8.75% per annum. Bandhan Bank offers the highest FD interest rate at 8.55% per annum for the 1-year tenure. On the other hand, DCB Bank offers the highest interest rate at 8.55% per annum for 19-20 months tenure and SBM Bank is offering the highest interest rate at 8.75% per annum for 18 months to less than 2 years 3 days tenure.Here is the list of private banks offering highest FD interest rates to senior citizens:
Bank NameInterest Rate (%)TenureAxis Bank7.7515 months to less than 2 years; 5-10 yearsBandhan Bank8.551 yearCity Union Bank8333 daysCSB Bank8501 daysDBS Bank8376 days to 540 daysDCB Bank8.5519 months to 20 months; Above 26 months to less than 61 monthsFederal Bank8444 daysHDFC Bank7.94 Years 7 Months (55 months)ICICI Bank7.8515 months to less than 18 monthsIDFC First Bank8.4400 days to 500 daysIndusInd Bank8.491 year 5 months to less than 1 year 6 monthsJammu & Kashmir Bank7.5333 days; 1 year to less than 3 yearsKarur Vysya Bank8.1760 days - Special DepositKarnataka Bank8375 daysKotak Mahindra Bank7.9390 days to less than 23 monthsRBL Bank8.5500 daysSBM Bank India8.75Above 18 months to less than 2 years 3 daysSouth Indian Bank7.91 year 7 days; 18 monthsTamilnad Mercantile Bank8.1300 days (TMB300)YES Bank8.518 months
Public Sector Banks offering up to 7.55%
Government banks generally offer lower interest rates as compared to small finance banks and private sector banks. Currently, public sector banks are offering FD interest rates in the range between 7.75% and 8% per annum to senior citizens.Currently, Punjab & Sind Bank is offering the highest FD interest rate at 7.95% for 555 days tenure to senior citizens. Bank of Maharashtra is currently offering the FD interest rate at 7.95% per annum for 366 days tenure. While SBI and PNB offer 7.75% on 444 days and 400 days respectively.
Here is the list of public sector banks offering the highest interest rates on FD to senior citizens:
Bank NameInterest Rate (%)TenureBank of Baroda7.8400 days - Bob UtsavBank of India7.8400 daysBank of Maharashtra7.95366 daysCanara Bank7.93 years to less than 5 yearsIndian Bank7.8400 days - IND SUPERIndian Overseas Bank7.8444 daysPunjab National Bank7.75400 daysPunjab & Sind Bank7.95555 daysState Bank of India7.75444 days - Amrit VrishtiUnion Bank of India7.8456 days
Lower TDS on FD interest from April 1, 2025
From April 1, 2025, the tax deducted on senior citizens' fixed deposits will be lower. This is because the threshold for TDS deduction has been hiked to Rs 1 lakh from Rs 50,000 currently. TDS will be applicable on interest income from savings accounts, fixed deposits and recurring deposits if the total interest income exceeds Rs 1 lakh in a financial year for senior citizens.
In the case of the general public, TDS will be applicable if fixed deposit interest income crosses the threshold of Rs 50,000 in a financial year.
(Senior citizen FD interest rates are taken on February 8, 2025, as of 12 PM. The FD interest rate can change anytime now as RBI has cut the repo rate by 25 bps. Please check the latest FD interest rate before investing.)
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This story originally appeared on: India Times - Author:Faqs of Insurances
