When senior citizens think about investing and conserving their hard-earned money, they frequently look for opportunities that balance security and risk and offer the best returns. A popular long-term savings plan supported by the Indian government is the Public Provident Fund (PPF), which is one such option. PPF has long been a popular option for investors, especially older persons, because it offers a competitive interest rate of 7.1 percent together with tax benefits.
But a number of banks have recently started to offer Fixed Deposit (FD) plans with interest rates higher than PPF. To understand more about how these options compare to one another, let’s examine the details of each one.
Tax savings FD interest rates:
| Banks | Interest Rates (p.a.) | |
| General Public | Senior Citizens | |
| AU Small Finance Bank | 7.25% | 7.75% |
| Axis Bank | 7.00% | 7.75% |
| Bandhan Bank | 7.00% | 7.50% |
| Bank of Baroda | 6.50% | 7.15% – 7.50% |
| Bank of India | 6.00% | 6.75% (6.90% for super senior citizens) |
| Bank of Maharashtra | 5.75% | 6.25% |
| Capital Small Finance Bank Limited | 7.10% | 7.60% |
| Central Bank of India | 6.25% | 6.75% |
| DCB Bank | 7.40% | 7.90% |
| Federal Bank | 6.60% | 7.25% |
| Fincare Small Finance Bank | 7.25% | 7.75% |
| HDFC Bank | 7.00% | 7.50% |
| ICICI Bank | 7.00% | 7.50% |
| IDBI Bank | 6.50% | 7.00% |
| IDFC First Bank | 7.00% | 7.50% |
| Indian Bank | 6.10% – 6.25% | 6.60% – 6.75% |
| Indian Overseas Bank | 6.50% | 7.00% |
| IndusInd Bank | 7.25% | 7.75% |
| Jammu & Kashmir Bank | 6.50% | 7.00% |
| Jana Small Finance Bank | 7.25% | 7.75% |
| Karnataka Bank | 6.50% | 6.90% |
| Kotak Mahindra Bank | 6.20% | 6.70% |
| Karur Vysya Bank | 5.90% | 5.90% |
| Punjab & Sind Bank | 6.00% | 6.50% |
| RBL Bank | 7.10% | 7.60% |
| SBM Bank India | 7.05% | 7.55% |
| Shivalik Small Finance Bank Limited | 6.50% | 7.00% |
| South Indian Bank | 6.00% | 6.50% |
| State Bank of India | 6.50% | 7.50% |
| Suryoday Small Finance Bank | 9.01% | 9.25% |
| Tamilnad Mercantile Bank | 6.50% | 7.00% |
| UCO Bank | 6.20% | 6.70% |
| Ujjivan Small Finance Bank | 7.20% | 7.70% |
| Union Bank of India | 6.50% | 7.00% |
| Utkarsh Small Finance Bank | 7.50% | 8.10% |
These FD interest rates are as of 12th April 2024.