Public sector banks are nationalised banks that are run by the government. Many risk-averse senior citizen investors invest in government-backed banks’ fixed deposits (FD).
Here is a list of top government banks offering best FD interest rates for senior citizens.
Bank of Baroda
Bank of Baroda offers interest rates between 3.50% to 7.55% for amounts below Rs 2 crore and tenure ranging between 7 days to 10 years. According to the website, “Additional 30bps over & above 50bps being paid to Senior Citizens for Retail Term Deposits of tenor Above 5 Years to 10 years has been increased to 50bps as per ALCO Meeting deliberations dated 22.12.2022 and accordingly will be paid 100bps (50bps+50bps) w.e.f. 26.12.2022 (Fresh & Renewals).”
| Bank of Baroda FD rates for senior citizens | |
| Tenors | Resident Indian Sr. Citizen |
| 7 days to 14 days | 3.50 |
| 15 days to 45 days | 3.50 |
| 46 days to 90 days | 5.00 |
| 91 days to 180 days | 5.00 |
| 181 days to 210 days | 5.75 |
| 211 days to 270 days | 6.25 |
| 271 days & above and less than 1 year | 6.25 |
| 1 year | 7.25 |
| Above 1 year to 400 days | 7.25 |
| Above 400 days and upto 2 Years | 7.25 |
| Above 2 Years and upto 3 Years | 7.25 |
| Above 3 Years and upto 5 Years | 6.90 |
| Above 5 Years and upto 10 Years | 7.25 |
| Above 10 years (MACT/MACAD | 6.75 |
| Court Order schemes only) | |
| 444 Days (Baroda Tiranga Deposit Scheme)*** | 7.25 |
| 555 Days (Baroda Tiranga Deposit Scheme) | 7.25 |
| 399 Days (Baroda Tiranga Plus Deposit Scheme) | 7.55 |
Also read: Senior Citizens FDs: These 10 banks offer best fixed deposit interest rates for senior citizens
State Bank of India
State Bank of India offers interest rates between 3.50% to 7.50% on fixed deposits for senior citizens. The highest interest rate of 7.50% is offered on tenure of 2 years to less than 3 years.
SBI has launched special 400 days deposit called Amrit Kalash, offering highest interest rate of 7.60% to senior citizens.
| SBI FD rates for senior citizens | |
| Tenors | Rates |
| 7 days to 45 days | 3.5 |
| 46 days to 179 days | 5 |
| 180 days to 210 days | 5.75 |
| 211 days to less than 1 year | 6.25 |
| 1 Year to less than 2 years | 7.3 |
| 2 years to less than 3 years | 7.5 |
| 3 years to less than 5 years | 7 |
| 5 years and up to 10 years | 7.50@ |
| 400 days (Special Scheme i.e. “ Amrit Kalash”) | 7.6 |
Punjab National Bank
PNB offers interest rate between 4% to 7.75% for amounts below Rs 2crore and for tenure ranging between 7 days to 10 years for senior citizens. For super senior citizens, interest rate vary between 4.30% to 8.05%. Highest interest rate of 7.75% and 8.05% is offered on tenure of 666 days.
| PNB FD rates for senior and super senior citizens | ||
| Period | Rates For Senior Citizens | Rates For Super Senior Citizens |
| 7 to 14 days | 4 | 4.3 |
| 15 to 29days | 4 | 4.3 |
| 30 to 45 days | 4 | 4.3 |
| 46 to 90 days | 5 | 5.3 |
| 91 to 179 days | 5 | 5.3 |
| 180 days to 270 Days | 6 | 6.3 |
| 271 days to less than 1 year | 6.3 | 6.6 |
| 1 year | 7.3 | 7.6 |
| above 1 year to 665 days | 7.3 | 7.6 |
| 666 days | 7.75 | 8.05 |
| 667 days to 2 years | 7.3 | 7.6 |
| above 2 year & upto 3 years | 7.5 | 7.8 |
| above 3 year & upto 5 years | 7 | 7.3 |
| above 5 years & upto 10 years | 7.3 | 7.3 |
Canara Bank
Canara Bank offers interest rate between 3.25% to 7.65% for amounts below Rs 2crore and for tenure ranging between 7 days to 10 years for senior citizens. The highest rate is offered on tenure of 400 days.
| Term Deposits (All Maturities) | Senior Citizen |
| Rate of Interest (% p.a.) # | |
| 7* Days to 45 Days | 3.25 |
| 46 Days to 90 Days | 4.5 |
| 91 Days to 179 Days | 4.5 |
| 180 Days to 269 Days | 6 |
| 270 Days to less than 1 Year | 6 |
| 1 Year only | 7.25 |
| Above 1 Year to less than 2 Years | 7.3 |
| 400 DAYS | 7.65 |
| 666 Days | 7.5 |
| 2 Years & above to less than 3 Years | 7.3 |
| 3 Years & above to less than 5 Years | 7 |
| 5 Years & above to 10 Years. | 7 |
Punjab & Sind Bank
Punjab & Sind Bank offers interest rate between 3.3% to 7.25 for senior citizens for tenure ranging from 7 days to 10 years. The bank also offered curated fixed deposits where the highest interest rate that can be earned is 8.50% for senior citizens and 8.85% for super senior citizens.
Curated fixed deposit scheme
Curated FD interest rates | ||
| EXTRA RATE OF INTEREST-DEPOSIT SCHEME | THROUGH BRANCH | THROUGH ONLINE MODE |
| PSB-UTKARSH 222 DAYS FIXED DEPOSIT SCHEME | Normal - 7.75 % | Normal - 8.00 % |
| Senior CTZ - 8.25 % | Senior CTZ - 8.50 % | |
| Super Sr CTZ - 8.60 % | Super Sr. CTZ - 8.85 % | |
| PSB FABULOUS 300 DAYS FIXED DEPOSIT SCHEME | Normal - 7.50 % | Normal - 7.75 % |
| Senior CTZ - 8.00 % | Senior CTZ - 8.25 % | |
| Super Sr CTZ - 8.35 % | Super Sr. CTZ - 8.60 % | |
| PSB FABULOUS PLUS 601 DAYS FIXED DEPOSIT SCHEME | Normal - 7.00 % | Normal - 7.00 % |
| Senior CTZ - 7.50 % | Senior CTZ - 7.50 % | |
| Super Sr. CTZ - 7.85% | Super Sr. CTZ - 7.85% | |
| PSB e-ADVANTAGE 601 DAYS FIXED DEPOSIT SCHEME | Normal - 7.25% | |
| Available online only. | Senior CTZ - 7.75% | |
| Super Sr. CTZ - 8.10% | ||
Union Bank of India
Union Bank of India offers interest rate between 3.5% to 7.80% for senior citizens for tenure ranging from 7 days to 10 years. For super senior citizens, the bank offers o.25% higher than senior citizen rate slabs, so highest interest rate will be 8.05%. According to the Union Bank of India website, “The additional rate component applicable to resident super senior citizens is 0.75% over and above the normal rate displayed above (0.25% over and above rate applicable to resident senior citizen). The additional rate on super senior term deposits would be applicable for the term deposits opened/renewed on or after 01.12.2022.”
| Period | Revised Interest Rate regular citizen |
| 7-14 Days | 3 |
| 15 -30 Days | 3 |
| 31-45 Days | 3 |
| 46 -90 Days | 4.05 |
| 91-120 Days | 4.3 |
| 121-180 Days | 4.4 |
| 181 Days to <1 Year | 5.25 |
| 1 Year | 6.3 |
| >1 Year to 598 Days | 6.30* |
| 599 Days | 7 |
| 600 Days to 699 days | 6.30* |
| 700 days | 7.25* |
| >700 days to 2 year | 6.30* |
| > 2 year to 799 days | 6.30* |
| 800 days | 7.30* |
| 801 days to less than 3 Year | 6.30* |
| 3 years | 7.30* |
| >3 Year to 5 Years | 6.7 |
| >5 Years to 10 Years | 6.7 |
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