Which bank has the highest FD interest rate for senior citizens? SBI Vs HDFC Vs ICICI Vs Yes Vs Kotak

 

Let's take a comparative look at the interest rates offered by SBI, HDFC Bank, ICICI Bank, Yes Bank and Kotak Mahindra Bank

Fixed Deposits (FDs) are often the preferred investment option for senior citizens. All top lenders including State Bank of India (SBI), ICICI Bank, HDFC Bank, Yes Bank, Kotak Mahindra Bank and others offer 50 basis points (bps) interest to senior citizens over normal customers. The Reserve Bank of India (RBI) has increased the repo rate by 225 bps from May 2022. As a result, interest rates on fixed deposits have gone up in the last few months.

Let us have a comparative look at the interest rates offered by SBI, HDFC Bank, ICICI Bank, Yes Bank and Kotak Mahindra Bank.

SBI offers 7.25% interest rate on senior citizen FD

SBI offers an additional interest rate of 50 bps to senior citizens across all tenors. After the latest revision, senior citizens will get 3.5% to 7.25% on FDs maturing in 7 days to 10 years. The same rates are effective from 13 December 2022.

1 year to less than 2 years - 7.25%

2 years to less than 3 years -7.25%

5 years and up to 10 years -7.25%@

HDFC Bank gives 7.5% interest on senior citizen FD

Senior citizens will get an interest rate of 3.5 to 7.75%* on FDs maturing in 7 days to 10 years. These rates are effective from 14 December 2022.

1 year to < 15 months 7.00%

15 months to <18 months 7.50%

18 months to < 21 months 7.00%

21 Months - 2 Years 7.50%

2 years 1 day - 3 years 7.50%

3 Years 1 Day - 5 Years 7.50%

5 Years 1 Day - 10 Years 7.75%*

ICICI Bank offers 7.5% interest on senior citizen FDs

Senior citizens will get interest rates ranging from 3.5 to 7.50%* on FDs maturing in 7 days to 10 years. These rates are effective from 16 December 2022.

1 year to 389 days 7.10%

390 days to <15 months 7.10%

15 months to <18 months 7.50%

18 months to 2 years 7.50%

2 years 1 day to 3 years 7.50%

3 years 1 day to 5 years 7.50%

5 years 1 day to 10 years #7.50%

5 Years (80C FD) - Max ₹1.50 Lakh 7.50%

Yes Bank gives 7.5% interest on senior citizen FD

Senior citizens will get an interest rate ranging from 3.75% to 7.50% on FDs maturing in 7 days to 10 years. These rates are effective from 9 December 2022.

1 year to < 20 months 7.50%

22 months 1 day to < 30 months 7.50%

30 Months 1 Day to < 36 Months 7.50%

36 months to <= 120 months 7.50%

Kotak Mahindra gives 7.5% interest on senior citizen FD

Senior citizens will get an interest rate ranging from 3.25% to 7.50% on FDs maturing in 7 days to 10 years. These rates are effective from 15 December 2022.

365 days to 389 days 7.25%

390 days (12 months 25 days) 7.5%

391 days - less than 23 months 7.5%

23 months 7.5%

23 months 1 day - less than 2 years 7%