- By Aditya Pratap Singh
- Tue, 25 Feb 2025 05:53 PM (IST)
- Source:JND
Fixed Deposit Interest Rate For Senior Citizens: The Indian stock market has been experiencing a selloff for the past 5 months and amid corrections in the equity market, fixed deposits (FDs) are regaining traction, especially among senior citizens who depend on them for a reliable income after retirement. Following the Reserve Bank of India's (RBI) recent decision to reduce the repo rate by 0.25%, it is anticipated that banks will also decrease FD interest rates.
Ever since the RBI reduced the repo rate, several banks have updated their FD interest rates as of February 2025, with some providing returns as high as 9.1% specifically for senior citizens. Below are the details of the current FD rates from six banks:
DCB Bank
Starting February 14, 2025, DCB Bank has updated its fixed deposit rates, now offering over 8% interest across various tenures:
- 8.25% for deposits exceeding 12 months up to 12 months and 10 days (for senior citizens)
- 8.55% for deposits of 19 to 20 months
- 8% for deposits ranging from 700 days to 26 months, and for those over 26 months but under 37 months
- 8.35% for deposits of 37 to 38 months
- 8.15% for deposits of 61 months
Also Read: Stock Market: Sensex Bounces Back After 5-Day Slump; Nifty Ends Marginally Lower
Karnataka Bank
Effective February 18, 2025, Karnataka Bank is providing:
- 8% for deposits of 401 days (for senior citizens)
- 7.75% for deposits between 1 year and 2 years
These rates apply to deposits below Rs 3 crore.
Ujjivan Small Finance Bank
As of February 21, 2025, Ujjivan Small Finance Bank is offering interest rates between 4.25% and 8.75% for senior citizens on deposits under Rs 3 crore. For regular customers, the rates range from 3.75% to 8.25%.
Highest interest rate: 8.75% for 18-month deposits (senior citizens)
Platina Fixed Deposit: 8.45% for 12 to 18 months (all customers)
Suryoday Small Finance Bank
As of February 1, 2025, Suryoday Small Finance Bank is offering competitive FD rates for senior citizens:
- 8.75% for deposits from 1 year to 3 years
- 9.1% for deposits of 5 years
These rates apply to deposits under Rs 3 crore.
City Union Bank
Starting February 10, 2025, City Union Bank is offering:
- 8% for deposits of 333 days (for senior citizens)
- 7.25% for deposits ranging from 334 to 400 days
Shivalik Small Finance Bank
From February 18, 2025, Shivalik Small Finance Bank is providing:
- 9.05% for deposits from 12 months and 1 day to less than 18 months (for senior citizens)
- 8.8% for deposits of 18 to 24 months
- 8% for deposits from 24 months and 1 day to 36 months.