Senior citizens still getting 8%+ FD rates despite repo rate cut, see where

Despite the RBI's repo rate cut, many banks still offer over 8% FD rates for senior citizens. Here's a look at the best rates across small finance, private, public, and foreign banks.

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Following the repo rate cut by the Reserve Bank of India (RBI), all the small finance, public and private banks have followed suit and reduced their fixed deposit rates across tenures.

 

For senior citizens, who are looking to invest into fixed deposit (FD), interest rates play a crucial role in their decision-making.

 

Several banks are still offering more than 8 per cent interest for senior citizens. Below is a detailed list of banks, their offerings, and tenure from small finance banks to international banks compiled by Paisabazaar.com, to help senior citizens find the right option.

 

Small finance banks

 

North East Small Finance Bank is offering the highest rate among small finance banks. The highest rate it offers is 9 per cent per annum for senior citizens on a tenure of 18 months 1 day to 18 months 2 days, followed by Jana Small Finance Bank, offering 8.75 per cent per on tenure of above 2 years to 3 years.

 

The highest rate offered by small finance banks for 1-year FD

 

Suryoday Small Finance Bank -- 8.75 per cent

 

Utkarsh Small Finance Bank -- 8.60 per cent

 

Jana Small Finance Bank -- 8 per cent

 

Below is the detailed list of small finance banks with their offerings and tenure

 

Senior Citizen FD Table
Bank Name	Interest Rates (p.a.)
	Highest slab		1-year tenure (%)	3-year tenure (%)	5-year tenure (%)
	%	Tenure
SMALL FINANCE BANKS
AU Small Finance Bank	8.25	18 months	7.50	8.00	7.75
Equitas Small Finance Bank	8.55	888 days	8.40	8.25	7.75
ESAF Small Finance Bank	8.25	444 days	5.50	6.75	6.50
Jana Small Finance Bank	8.75	Above 2 years to 3 years	8.00	8.75	8.20
NorthEast Small Finance Bank	9.00	18 mnts 1 day to 18 mnts 2 days	7.50	8.75	8.50
Suryoday Small Finance Bank	9.10	5 years	8.75	8.75	9.10
Ujjivan Small Finance Bank	8.55	18 months	8.40	7.70	7.70
Unity Small Finance Bank	9.10	1001 days	7.75	8.65	8.65
Utkarsh Small Finance Bank	9.10	2 years to 3 years; 1500 days	8.60	9.10	8.35

   

Private sector banks

 

RBL Bank is offering the highest interest rate of 8.25 per cent on a tenure of 500 days, followed by DCB Bank, offering 8.50 per cent on a tenure of 15 months to less than 16 months.

 

The highest rate offered by private banks for 1-year FD

 

RBL Bank -- 8 per cent

 

Tamilnad Mercantile Bank -- 7.75 per cent

 

SBM Bank -- 7.55 per cent

 

Below is the detailed list of private lenders with their offerings and tenure

 

Senior Citizen FD Table
Bank Name	Interest Rates (p.a.)
	Highest slab		1-year tenure (%)

3-year tenure (%)

5-year tenure (%)

% Tenure PRIVATE SECTOR BANKS Axis Bank 7.65 5 years to 10 years 7.20 7.40 7.65 Bandhan Bank 8.55 1 year 8.55 7.75 6.60 City Union Bank 7.50 365 days 7.50 7.25 6.50 CSB Bank 8.00 501 days 5.50 6.25 6.25 DBS Bank 7.80 376 days to 540 days 7.50 7.00 7.00 DCB Bank 8.50 15 months to less than 16 months 7.60 8.00 7.90 Federal Bank 7.80 444 days 7.35 7.50 7.50 HDFC Bank 7.55 15 months to less than 21 months 7.10 7.40 7.25 ICICI Bank 7.55 18 months to 2 years 7.20 7.40 7.40 IDFC FIRST Bank 7.75 400 days to 500 days 6.75 6.75 6.50 IndusInd Bank 8.25 15 months to 16 months 8.00 7.75 7.60 Jammu & Kashmir Bank 7.80 888 days 7.50 7.25 7.00 Karur Vysya Bank 8.00 444 days 7.40 7.40 7.40 Karnataka Bank 7.75 399 days 7.50 7.00 7.00 Kotak Mahindra Bank 7.65 391 days to 23 months 7.30 7.40 6.70 RBL Bank 8.25 500 days 8.00 8.00 7.60 SBM Bank India 8.55 Above 18 months to less than 2 years 3 days 7.55 7.80 8.25 South Indian Bank 7.75 1 year 7 days 7.30 7.20 6.50 Tamilnad Mercantile Bank 7.80 400 days (TMB400) 7.75 7.00 7.00 YES Bank 8.25 3 years to 5 years 7.50 8.25 8.25

   

Public sector banks 

Central Bank of India offers the highest rates, 8 per cent on tenure of 3333 days, followed by Bank of Maharashtra, offering 7.95 on tenure of 366 years.

 

The highest rate offered by public sector banks for 1-year FD

 

Indian Overseas Bank- 7.60 per cent

 

Bank of India- 7.55 per cent

 

Band of Baroda, Canara Bank, Central Bank of India- 7.35 per cent 

 

Below is the detailed list of Public Bank with their offerings and tenure

 

Senior Citizen FD Table
Bank Name	Interest Rates (p.a.)
	Highest slab		1-year tenure (%)

3-year tenure (%)

5-year tenure (%)

%