Best Senior Citizen Fixed Deposit Interest Rates

by Manshu on October 20, 2011

in Fixed Deposits

There are some pretty good fixed deposit interest rates on offer for senior citizens right now. The highest rate is Lakshmi Vilas Bank’s 10.75% for a deposit of 1 year to less than 2 years, and that’s followed by Yes Bank’s 10.60% for a 480 day deposit.

There are at least 20 banks that offer more than 10% to senior citizens and they range from a period of 1 year to 3 years. So, there is a good chance that there is a bank somewhere close to you that offers a pretty good interest rate.

I created this list by primarily looking at the list of my regular best fixed deposit accounts, so I won’t be surprised to see that there are more banks that offer more than 10% but aren’t included in this list.

If you know of any – please leave a comment, and I’ll update this list.

S.No. Bank Tenure Interest Rate

1

REPCO Bank 22 months    11.00%

2

Lakshmi Vilas Bank 1 year to less than 2 years

10.75%

3

Yes Bank  480 days

10.60%

4

South Indian Bank 300 days

10.50%

5

State Bank of Travancore 500 days

10.50%

6

Dhanalaxmi Bank  300 days

10.50%

7

City Union Bank 1 year to less than 2 years

10.50%

8

Tamil Nadu Mercantile Bank 1 year to less than 2 years

10.50%

9

Axis Bank 1 year to less than 14 months

10.40%

10

Indian Bank 9 months to less than a year

10.25%

11

IDBI Bank 500 days

10.25%

12

Corporation Bank 12 months

10.25%

13

Karnataka Bank 1 year to 2 years

10.25%

14

Punjab and Sind Bank 500 days

10.25%

15

State Bank of Patiala 999 days

10.25%

16

Karur Vysya Bank 1 year to 3 years

10.25%

17

Syndicate Bank 250 to 364 days

10.05%

18

ICICI Bank 990 days

10.00%

19

Indian Overseas Bank 1 year

10.00%

20

Federal Bank  1 year

10.00%

21

J&K Bank 2 years to less than 3 years

10.00%

22

Kotak Bank 700 days

10.00%

23

Andhra Bank 1 year

9.90%

24

Bank of Baroda 444 days

9.85%

25

Vijaya Bank 2 years to less than 3 years

9.85%

26

Bank of India 555 days

9.75%

27

Canara Bank 1 year

9.75%

28

Dena Bank  1 year

 

I had attempted to create such a list earlier as well but couldn’t keep it current for long, however I’m more optimistic about keeping this list current now because I have all the links in place, and I only look at the highest senior citizen interest rate which makes the process of data gathering a little easier.

Update: Added REPCO bank at 11% and corrected Axis Bank t0 10.40%. Thanks to  Prakash and Sanjay for pointing that out. 

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