These 7 banks offer upto 7.65% interest on their fixed deposits to senior citizens

Prior to opening a bank fixed deposit (FD), investors are supposed to compare the interest rates offered by different banks. Almost all banks, invariably, offer higher interest rates to senior citizens. While on an average, highest interest rate of 7 percent is offered on a fixed deposit of one to two-year tenure to the general citizens, senior citizens are entitled to get an extra 50 basis points on these rates.

Some banks, in the recent past, have slashed their rates on fixed deposits after RBI cut repo rate by 25 basis points to 6 percent on April 9.

The table below shows the latest interest rates offered by different banks to senior citizens. We have compiled only the highest interest rate offered by these banks to the grey-haired customers.

Interest rate to senior citizens

As the table below shows, HDFC Bank offers 7.55 percent interest to senior citizens on a fixed deposit which has a tenure of 15-21 months.

ICICI Bank offers 7.55 percent interest on a fixed deposit to senior citizens which has a tenure of 18 months to 2 years.

Kotak Mahindra Bank offers an interest of 7.65 percent to senior citizens on a fixed deposit of tenure between 391 days to 23 months.

Federal Bank offers an interest of 7.65 percent to senior citizens on a fixed deposit of 444-day tenure.

The largest lender State Bank of India, meanwhile, offers 7.5 percent to senior citizens on a fixed deposit of 2-3 year tenure.

Union Bank of India offers an interest of 7.65 percent to senior citizens on 456-day tenure. Punjab National Bank offers an interest of 7.6 percent to senior citizens on 390-day tenure fixed deposits (FDs).

Note: This story is for informational purposes only. Please speak to a SEBI-registered investment advisor before making any investment related decision.