Senior Citizen FD Rates 2026
Extra interest for depositors aged 60+ — compare bank-wise senior rates, super-senior benefits, tax deduction under 80TTB and the higher TDS threshold.
Updated 27 September 2026 · 25 banks trackedWhat you need to know
Banks pay resident Indians aged 60 years or more an additional rate — usually 0.50% over the regular card, sometimes more for 5–10 year deposits (SBI’s WeCare adds another 0.50%) or for super seniors aged 80+ (for example, Central Bank and Indian Bank add 0.75% and Canara Bank adds 0.60% over the regular rate). Seniors also get a higher TDS threshold of ₹1 lakh a year and can claim a deduction of up to ₹50,000 on deposit interest in the old tax regime.
Best senior citizen FD rates by bank
| Bank | Highest senior rate | Tenure | 1 year (senior) | 5 years (senior) | Extra over general (at best tenure) |
|---|---|---|---|---|---|
| Bandhan Bank | 7.95% | 2 – <3 years | 7.50% | 6.60% | 0.50% |
| YES Bank | 7.75% | 18 months 1 day – <24 months / 3 – 5 years | 7.15% | 7.75% | 0.50% |
| RBL Bank | 7.70% | 18 – 36 months | 7.50% | 7.50% | 0.50% |
| IDFC FIRST Bank | 7.50% | 500 days – 3 years | 6.75% | 7.00% | 0.25% |
| IndusInd Bank | 7.50% | 1 year 6 months – <1 year 7 months | 7.25% | 7.15% | 0.50% |
| Tamilnad Mercantile Bank | 7.50% | 456 days | 7.30% | 7.10% | 0.40% |
| Bank of India | 7.45% | 3 years | 7.00% | 6.75% | 0.75% |
| Kotak Mahindra Bank | 7.30% | 2 – <3 years | 6.85% | 6.75% | 0.50% |
| South Indian Bank | 7.30% | 30 months | 6.75% | 6.20% | 0.50% |
| Axis Bank | 7.25% | 5 – 10 years | 6.75% | 7.25% | 0.75% |
| Bank of Baroda | 7.25% | 555 days (bob Golden Goal) | 6.75% | 6.90% | 0.50% |
| Federal Bank | 7.25% | 36 months | 6.75% | 6.90% | 0.50% |
| Indian Bank | 7.15% | 555 days (Ind Grow) | 6.60% | 6.50% | 0.50% |
| Canara Bank | 7.10% | 555 days | 6.75% | 6.75% | 0.50% |
| ICICI Bank | 7.10% | 3 years 1 day – 5 years | 6.75% | 7.10% | 0.60% |
| Indian Overseas Bank | 7.10% | 444 days | 7.00% | 6.60% | 0.50% |
| Punjab National Bank | 7.10% | 444 days | 6.75% | 6.60% | 0.50% |
| Standard Chartered Bank | 7.10% | 1 year – 376 days | 7.10% | 6.75% | 0.50% |
| Bank of Maharashtra | 7.05% | 400 days | 6.70% | 5.50% | 0.50% |
| Karnataka Bank | 7.05% | 555 days | 6.90% | 6.55% | 0.40% |
| State Bank of India | 7.05% | 5 – 10 years | 6.75% | 7.05% | 0.60% |
| Union Bank of India | 7.05% | 555 days | 6.70% | 6.50% | 0.50% |
| HDFC Bank | 7.00% | 3 years – 4 years 7 months | 6.75% | 6.90% | 0.50% |
| IDBI Bank | 7.00% | >2 – <3 years | 6.70% | 6.75% | 0.50% |
| Central Bank of India | 6.80% | 444 / 555 days | 6.70% | 6.50% | 0.50% |
SBI’s 5–10 year senior rate includes the WeCare premium. Some banks pay super seniors (80+) more — see the bank’s page.
Benefits for senior citizens
| Benefit | Details |
|---|---|
| Extra interest | Usually +0.50% over the regular rate; some banks pay more on long tenures or for 80+ |
| TDS threshold | ₹1,00,000 interest a year per bank (₹50,000 for others) from FY 2025-26 |
| Tax deduction | Up to ₹50,000 on interest from savings, FD and RD (Sec 80TTB, old regime only) |
| No TDS declaration | Seniors whose tax on total income is nil can submit Form 121 (earlier Form 15H) to stop TDS |
| Premature withdrawal | Several banks (e.g. IDFC FIRST) waive the penalty for seniors on deposits below ₹3 crore |
Senior FD vs other options for retirees
| Option | Rate | Tenure / limit | Safety |
|---|---|---|---|
| Bank FD (senior) | ≈6.6% – 7.95% | Flexible, 7 days – 10 years | DICGC ₹5 lakh per bank |
| SCSS | 8.2% (Jul–Sep 2026) | 5 years, max ₹30 lakh | Sovereign guarantee |
| Post Office MIS | 7.4% | 5 years, max ₹9 lakh single | Sovereign guarantee |
| RBI Floating Rate Bonds | NSC rate + 0.35% (resets half-yearly) | 7 years | Sovereign guarantee |
Smart strategies for retirees
- Use SCSS and POMIS first for guaranteed income, then top up with senior FDs for flexibility.
- Choose monthly or quarterly payout FDs for regular income; keep a cumulative FD for emergencies.
- Ladder deposits across 1–5 years so a part matures every year.
- Keep each bank’s total (with interest) within ₹5 lakh for full DICGC protection.
- Submit Form 121 at the start of each financial year if your tax liability is nil, to avoid TDS.
Frequently asked questions
Who qualifies as a senior citizen for FDs?
A resident individual who has turned 60 on the date of opening the deposit. NRIs are generally not eligible for the extra rate.
What if I turn 60 during the FD tenure?
The higher rate usually applies only to deposits opened or renewed after you turn 60. Some banks allow you to close and rebook without penalty.
Is the senior rate available on tax-saver FDs?
Yes, most banks pay the senior rate on 5-year tax-saver FDs too.
Do super seniors get more?
Some banks — for example Central Bank of India, Indian Bank and Canara Bank — pay an extra premium to depositors aged 80+.
Information is for education and comparison. Rates and rules change — confirm with your bank and a tax adviser before investing. FinancePortal is not a financial or tax adviser.