Best FD For Senior Citizens: 5 PSU Banks Offering Highest FD Interest Rates

The Reserve Bank of India hiked the repo rate by 25 basis point (bps) at its Monetary Policy Committee (MPC) meeting held earlier this year on February 8, 2023. Many leading public and private sector banks hiked the interest rates on fixed deposits to make them an attractive investment option for senior citizens. Here is a list of top public sector banks that are offering highest interest rates on fixed deposits to senior citizens:

1. Bank of Baroda: The bank revised its FD interest rates on March 17, 2023 and new rates have already become effective. After revision in interest rates, senior citizens will be eligible to get the maximum interest rate of up to 7.55% on fixed deposits with Bank of Baroda. For deposits maturing in 399 days under Baroda Tiranga Plus Deposit Scheme, senior citizens can fetch 7.55% interest rate. Meanwhile, for deposits maturing between 5 years to 10 years, the bank offers an interest rate of 7.5%.

2. State Bank of India: The leading public sector bank is offering senior citizens interest rates between 3.50% to 7.50% on its FDs. Senior citizens can fetch the highest interest rate of 7.50 on FDs maturing in 2 years to less than 3 years. The bank also launched Amrit Kalash scheme wherein senior citizens can get an interest rate of 7.60% on 400 days deposits.

3. Punjab National Bank: The PSU bank offers interest rates ranging between 4.00% to 7.75% for FDs below Rs 2 crore Meanwhile, super senior citizens can get the highest interest rate of 8.05%. The highest interest rates offered by the bank is valid for deposits maturing in 666 days. The 666 days FD offers 7.75% interest rate to senior citizens and 8.05% interest rate to super senior citizens.

4. Punjab & Sind Bank: The bank offers senior citizens interest rates between 3.30% to 7.25%. It is worth noting that the bank also provides senior citizens with curated FDs where maximum interest rate for senior citizens is 8.50% under PSB-UTKARSH 222 DAYS FIXED DEPOSIT SCHEME. For super senior citizens, the highest interest rate is 8.85% under PSB-UTKARSH 222 DAYS FIXED DEPOSIT SCHEME.4.

5. Canara Bank: The bank offers the highest interest rate of 7.65% for FDs maturing in 400 days. The minimum interest rate for senior citizens starts from 3.25% for FDs maturing in 7 days to 45 days.