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Top 3-year FD rates for senior citizens (indicative)
Here are the highest interest rates being offered by major lenders on 3-year fixed deposits for senior citizens. These figures are indicative — banks revise rates frequently and actual offers can vary by deposit size and branch.
- HDFC Bank: up to 7.10% — generally competitive for retail customers, with online booking options and quarterly interest payout choices.
- ICICI Bank: up to 7.00% — flexible tenures, monthly or cumulative interest options, and easy digital account management.
- SBI: up to 6.75% — wide branch network and straightforward senior-citizen premiums, often favored for safety and accessibility.
- Canara Bank: up to 7.25% — public sector bank rates can be attractive for seniors, with additional schemes and branch-level variations.
What to check before you invest
- Exact rate and eligibility: Confirm the senior-citizen premium and any minimum deposit requirement.
- Interest payout: Decide between cumulative (compounded) and periodic payouts — this affects effective returns and cash flow.
- Compounding frequency: Quarterly or yearly compounding can change final returns.
- Premature withdrawal rules: Check penalties and whether the senior-citizen premium still applies on breakage.
- Tax implications: Interest is taxable; understand TDS rules and exemptions that may apply.
Quick tips for senior investors
- Compare effective annual yield, not just the headline rate.
- Consider laddering deposits to balance liquidity and returns.
- Keep nomination details and KYC up to date for smooth handling.
- Visit the branch or official bank portal to confirm the latest rates and any promotional offers.
Note: Rates shown are indicative and may change. Always verify the current rate, terms and conditions with the bank before placing a deposit.