Fixed deposit rates for senior citizens at 6.8-8.25%: Check April offers

Senior citizen fixed deposit (FD) rates show a wide spread in mid-April, with returns varying across small finance, private, and public-sector banks based on tenure, according to data from digital investment platform Stable Money. These rates include an additional premium for seniors, positioned as a key option for steady, predictable income.

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Small finance banks

Small finance banks dominate the rate chart for senior citizens:

• 
  Suryoday Small Finance Bank: Up to 8.25 per cent (2.5 years)
• 
  Utkarsh Small Finance Bank: Up to 8 per cent (3 years)
• 
  Jana Small Finance Bank: Up to 8 per cent (3 years)
• 
  Unity Small Finance Bank: Up to 8 per cent (1 year)
• 
  Ujjivan Small Finance Bank: Up to 7.95 per cent.

Private banks

Among private-sector lenders, senior citizen rates are moderately high:

• 
  Bandhan Bank, Yes Bank: up to 7.75 per cent (3 years)
• 
  RBL Bank: up to 7.7 per cent (3 years)
• 
  IDFC First Bank: up to 7.5 per cent (3 years)
• 
  ICICI Bank, Axis Bank: around 7.1–7.2 per cent 

PSU banks remain conservative

Public-sector banks continue to offer relatively lower rates:

• 
  State Bank of India: up to 7.05 per cent (5 years)
• 
  Bank of Baroda, Bank of India: up to 7 per cent
• 
  Punjab National Bank: up to 6.8 per cent 

NBFC FDs remain competitive

Non-banking financial companies (NBFCs) are also offering attractive rates:

Shriram Finance: up to 8.1 per cent (3 years)

Bajaj Finance: up to 7.3 per cent (3 years)

These rates place NBFC deposits close to small finance banks in terms of returns.

Benefits for senior citizens

“Small finance banks, along with other banks, are continuing to offer relatively higher interest rates across fixed and recurring deposits, making them an attractive option for investors seeking better risk-adjusted returns,” said Saurabh Jain, cofounder and chief executive officer, Stable Money.

He added that in a market where stability and predictability are crucial, FDs remain a reliable source of steady income.

Deposits are insured up to Rs 5 lakh per depositor under the Deposit Insurance and Credit Guarantee Corporation (DICGC), allowing senior citizens to optimise returns while keeping risk contained within insured limits.

What senior investors should consider

• 
  Spread deposits across banks to stay within the ₹5 lakh insurance cover
• 
  Use small finance banks selectively for higher returns
• 
  Align tenure with income needs and liquidity