Many banks have been increasing interest rates since the Reserve Bank of India (RBI) increased repo rates by 0.35% to 6.25% in its December monetary policy meeting. Senior citizens receive higher fixed deposit (FD) interest rates from most banks, which is a known fact. The higher rates range from 0.5 to 0.75 basis points (bps), depending on the bank.

Recently, many big banks including SBI, HDFC Bank, ICICI Bank, and PNB have raised their fixed deposit interest rates. Here is a quick comparison of interest rates offered to senior citizens of these above banks.

SBI FD interest rate for senior citizens

The State Bank of India (SBI) has increased interest rates on some fixed deposits (FDs) by up to 65 basis points. The new interest rates are effective from December 13, 2022.

After the hike, the bank will now offer an interest rate between 3.50% to 7.25% for senior citizens for tenure between 7 days to 10 years.

Read more:
SBI hikes FD interest rates by up to 65 bps; Senior citizens can earn up to 7.25%

HDFC Bank FD interest rate for senior citizens

HDFC Bank has raised the interest rate on fixed deposits of less than Rs 2 crore. Following the increase, HDFC Bank now offers fixed-term deposit (FD) interest rates ranging from 3.50% to 7.50% for senior citizens for terms ranging from 7 days to 10 years. According to the bank’s official website, the new rates are effective from December 14, 2022.

ICICI Bank FD interest rate for senior citizens

ICICI Bank has hiked fixed deposit (FD) interest rates on deposits up to Rs 2 crore by up to 60 basis points. The hiked FD rates are effective from December 16, 2022. After the hike, the interest rate offered by the bank ranges from 3.5% to 7.50% for tenure from 7 days to 10 years.

PNB FD interest rate for senior citizens

According to the bank’s website, senior citizens will get an additional 50 basis points over standard card rates for any domestic deposit maturity of less than Rs 2 crore. For senior citizens, banks offer interest rates ranging from 4% to 7.75% for terms ranging from 7 days to 10 years.

Canara Bank FD interest rate for senior citizens

Canara Bank, a public sector bank, has raised interest rates on fixed deposits of less than Rs 2 crore. According to the bank’s official website, the new rates are applicable from December 19, 2022.

After the revision, the bank offers interest rates ranging from 3.25% to 7.50% on deposits maturing in 7 days to 10 years for senior citizens.

(Source: Banks’ websites; Interest rates for FDs below Rs 2 crore.)

Also read:
These banks have revised FD interest rates in the last one week