Senior Citizen Fixed Deposit: The government has earned more than Rs 27,000 crore in tax from interest on investments in fixed deposits of senior citizens of the country. This is a good figure and as per the previous figures, a significant increase has been registered in it.

Tax taken from senior citizens
The government has collected more than Rs 27,000 crore tax from senior citizens on interest earned on fixed deposits in the last financial year. This information has been received according to the report of SBI Research, the country’s largest lender.

The scheme is quite popular among senior citizens
The report of SBI Research says that in the last five years, the total amount of deposits increased by 143 percent to Rs 34 lakh crore at the end of the financial year 2023-24, whereas five years ago it was Rs 14 lakh crore. According to the report, due to high interest rates on fixed deposits, this deposit scheme has become quite popular among senior citizens. During this period, the total number of fixed deposit accounts has increased by 81 percent to 7.4 crore.

Estimated deposit of more than Rs 15 lakh – SBI Research
SBI’s research estimates that out of these, an amount of more than Rs 15 lakh is deposited in 7.3 crore accounts. Keeping in mind the estimate of 7.5 percent interest on these deposits, senior citizens have earned Rs 2.7 lakh crore in the last financial year only in the form of interest. The report says that this includes Rs 2.57 lakh crore from bank deposits and the remaining amount from Senior Citizen Savings Scheme.

“Assuming 10 per cent (average) tax paid by senior citizens as consistent across all categories, the tax collection by the Government of India in this regard would be approximately Rs 27,106 crore,” the report said. Many banks of the country are also offering interest up to 8.1 percent on their fixed deposits to senior citizens.

ATM Cash Withdrawal Charge : SBI, PNB, HDFC and ICICI Bank changed the rules, now customers will have to pay this much charge for withdrawing money from ATM.

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By investing in which you can create a very big fund. Let us tell you that many banks in India are currently offering high-interest rates on Fixed Deposits (FDs), especially for senior citizens.

According to a media report, the increase in the repo rate by the Reserve Bank of India has led to an increase in FD interest rates, with some banks offering rates up to 9.50 per cent to senior citizens. While most major banks in the country offer interest rates on fixed deposits ranging from 3.50 per cent to 8 per cent, there are some small finance banks that offer higher rates.

Small banks are giving this much interest

For example, Utkarsh Small Finance Bank is paying the highest interest rate of 9 per cent to senior citizens for a tenure of 700 days, while 8.25 per cent is offered to ordinary citizens. Similarly, Unity Small Finance Bank offers 9 percent interest to general citizens and 9.50 percent interest to senior citizens with a tenure of 1001 days and 9.25 percent interest to senior citizens with a tenure of 501 days.

Pay special attention to this

You must keep in mind that before investing in Fixed Deposits of any bank, one should do due diligence to understand the level of safety and risk associated with the investment. It is recommended that investors take appropriate decisions only after thoroughly reviewing the financial position and credibility of the bank. Senior citizens who are planning to invest in Fixed Deposits should explore the various options available and choose the bank that offers the best returns while ensuring the safety of their investments.

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Because FD is the main means of preferred investment for senior citizens. Explain that most of the largest lending banks in the country pay 50 basis points (bps) more than the interest given to general customers.

After the repo rate hike by RBI from May 2022, banks are increasing lending as well as deposit rates. Hence, FD investors are happy to see attractive returns on their deposits. With the increase in repo rates the interest rates are going upwards. Repo rate is the rate at which banks borrow money from the Reserve Bank of India (RBI).

Citing sticky core inflation, the Reserve Bank on February 8 raised the benchmark policy rate by 25 basis points to 6.5 per cent. This was the sixth time the interest rate was hiked by the Reserve Bank of India (RBI) since May last year, taking the total quantum of increase to 250 basis points. Here is a list of top lending banks that are offering the highest interest rates on Fixed Deposits for senior citizens.

These 10 banks are giving good interest

Bandhan bank fd rate

600 Days (1 year, 7 months, 22 days) 8.50%

Yes bank fd rate

• 8.25% for 35 months tenure
• 8.00% on 25 months tenure

Axis bank fd rate

• 8.01% for 2 years to 30 months

IDFC First Bank FD Rate

• 18 Months & 1 Day to 3 Years (549 Days to 3 Years) 8.00%

Indusind bank fd rate

• More than 2 years 1 month to less than 2 years 6 months 8.25%
• 2 years 6 months to less than 2 years 9 months 8.25%
• 2 Years 9 Months to 3 Years 3 Months 8.25%
• For more than 3 years 3 months to less than 61 months 8.00%

Sunrise fd rate

• More than 1 year 6 months to 2 years 8.51%
• 8.01% for more than 2 years 998 days
• 8.76% for 999 days

RBL bank fd rate

• 453 to 459 days (15 months) 8.30%
• 460 to 724 days (15 months 1 day to less than 725 days) 8.30%
• 8.30% for 725 days

DCB bank fd rate

• 18 months to less than 700 days 8.00%
• 700 days 8.00%
• More than 700 days Less than 36 months 8.35%
• 36 months 8.35%
• 36 months to 60 months 8.10%
• 60 months to 120 months 8.10%

Equitas Small Finance Bank FD Rate

8.5% for 888 days

FD rates of Ujjivan Small Finance Bank

8.75% on 80 week FD

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Investing in it is considered very safe. Know how much interest is being received in which bank. In this news, you are being given information about interest on FD of many banks together. From which you can choose the right bank for yourself.. Know what are the complete details….

What is Fixed Deposit

According to the rules of the Reserve Bank of India (RBI), you can keep your money in a fixed deposit in a lump sum bank. On which you get the benefit of interest every year. This can be extended even further. In this, senior citizens get more interest.

Getting so much interest

To control inflation from the RBI, there has been a change in the repo rate several times since last year. In such a situation, the bank also provides you attractive schemes on Fixed Deposit. In this, whether it is Axis Bank, Canara Bank or Punjab National Bank, all banks are offering interest rates of 8 percent or more on many periods among rising FDs. In this, interest of 8 percent or more is being given to senior citizens.

People of this age group are senior

For this scheme, you should be 60 years or more and less than 80 years of age. These people are considered senior citizens in the country. A very senior citizen is one whose age is 80 years or more.

See at a glance more than 8 percent return on FD

• Punjab National Bank – Super Senior Citizens get 8.05% return on 666 days FD.
• Axis Bank – Senior citizens get 8.01% interest on FDs of less than 2 years to 30 months.
• DCB Bank – Senior citizens get 8.35% return on FDs ranging from 700 days to less than 36 months. 
• IDFC First Bank – In this bank, senior citizens are being given 8% return on FDs of 18 months – 1 day – 3 years.
• Yes Bank – In this bank, senior citizens get 8% interest on 25-month FD and 8.25% interest on 35-month special FD.
• In the same private banks HDFC Bank and ICICI Bank, senior citizens are getting 7.50 percent returns. 
• In Canara Bank , senior citizens are getting 7.65 percent interest on 444 days FD. 

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Four consecutive repo rate hike by the Reserve Bank of India (RBI) has prompted banks to increase their fixed deposit (FD) rates. Some banks are also offering inflation beating rates on FD.

Bandhan Bank Latest FD Rates for Senior Citizens

Bandhan Bank has started offering a special limited tenure of higher interest rates on Fixed Deposits. These rates are applicable on retail deposits up to Rs 2 crore and are effective from November 7, 2022. This will be applicable to fresh deposits as well as renewal of matured deposits. With this new offering, the bank is offering one of the highest interest rates on fixed deposits in the entire banking sector.

Customers will now get a higher interest rate of up to 7.5 per cent on deposits for a tenure of 600 days. Senior citizens can avail 0.50% or 50 bps more, which will take their returns up to 8% for FDs of 600 days tenor.

600 days-8%

Suryoday Small Finance Bank Latest FD Rates

Suryoday Small Finance Bank Latest FD Rates for Senior Citizens Suryoday Small Finance
Bank (SSFB) offers 8.01 percent for general public and 8.26 percent for senior individuals on FDs maturing in 999 days. The bank has recently increased the interest rates on fixed deposits with effect from November 2.

999 days -8.25%

Unity Small Finance Bank Latest FD Rates for Senior Citizens

Senior citizens can get up to 8.3% interest on FDs with Unity Small Finance Bank. This interest rate is applicable on deposits of 1 year – 1 day. Senior individuals will get 8.15% interest on FDs maturing in 2 years to 3 years and 3 years to 5 years. These rates are effective from 1 November.

1 year – 1 day : 8.30%

2 years -3 years: 8.15%

>3 years – 5 years: 8.15%

AU Small Finance Bank Latest FD Rates for Senior Citizens

AU Small Finance Bank offers 8% interest to senior citizens on deposits maturing in 2 years to 3 years and 3 years to 45 months. The interest rates applicable on fixed deposits have become effective from October 10.

24 months 1 day to 36 months – 8.00%

36 Months 1 Day to 45 Months – 8.00%

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This scheme is completely safe and returns are also guaranteed on it. Market volatility has no effect on this scheme. Senior citizens get a special discount on the interest income of FD. Under Section 80TTB of the Income Tax Act, resident senior citizens get the benefit of deduction up to Rs 50,000 on interest income on FDs in banks, co-operative banks or post offices. Also, there will be no TDS deduction from interest payment up to Rs 50,000 in a financial year.

This way you will get more returns
If you are above 60 years of age, you can go for these FDs and choose the tenure and amount based on your financial goals. Instead of putting your money in one FD, you can open multiple FD accounts of different amounts and terms. You can reinvest your money after maturity if the interest rate increases.

Compare interest rates before investing

FDs are useful if you need money for emergency use. Some banks allow you to break your FD without levying any penalty or additional charges. However, you should compare the rates offered by different banks before investing in FDs. Through this you will be able to invest in the right place. Along with this, you should also read the terms and conditions related to it properly. It is easy to open your FD account.

You can visit any nearest bank branch or apply online also. It is often advised that you open your FD account with the bank where you have an existing relationship as it becomes hassle free for you. You can also avoid more paperwork processes. If you are thinking of investing in FD, then the list given below can prove to be helpful in this. The maximum interest rate and maturity period have been given in this list.

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