​Senior citizens can get up to 8.1% interest rate on 3-year FDs; full list here

There are still many private sector banks who are offering up to 8.1% interest rate on senior citizen fixed deposits (FDs) of three-year tenure. These interest rates are applicable on FDs of an amount less than Rs 2 crore

Here's a list of private sector banks offering an interest rate of up to 8.1% on senior citizen FDs:

DCB Bank senior citizen FD rates

DCB Bank offers an interest rate of 8.1% to senior citizens on FDs maturing between 26 months and less than 37 months.

RBL Bank senior citizen FD rates

RBL Bank offers an interest rate of 8% on senior citizens FD maturing between 24 months 1 day and 36 months.

IndusInd Bank senior citizen FD rates

IndusInd Bank offers an interest rate of 8% on senior citizens FD maturing between 2 years 9 months and 3 years 3 months.

Bank	Interest Rate
DCB Bank	8.10%
RBL Bank	8%
IndusInd Bank	8%
IDFC Bank	7.75%
Bandhan Bank	7.75%
ICICI Bank	7.50%

Data as of January 3, 2024
Source: Paisabazaar.com

IDFC Bank senior citizen FD rates

IDFC Bank offers an interest rate of 7.75% to senior citizens' FD maturing between 2 years 1 day and 3 years.

Bandhan Bank senior citizen FD rates

Bandhan Bank offers an interest rate of 7.75% on senior citizens FD maturing between 3 years and 5 years.

ICICI Bank senior citizen FD rates

ICICI Bank offers an interest rate of 7.5% to senior citizens on FDs maturing between 2 years 1 day and 3 years.

When does TDS get deducted from senior citizen FDs?

Senior citizens investing in FDs should note that if the interest income from all the FDs in any particular bank is more than Rs 50,000 then the said bank will deduct tax deducted at source (TDS). Presently the rate of TDS is 10%. However if a senior citizen does not give his/her permanent account number (PAN), then the rate of TDS is 20%. One respite is that if a senior citizen does not have a gross income above the basic exemption limit, then he/she can submit Form 15H to banks so that TDS is not deducted.

Further, even if a senior citizen has a gross income above the basic exemption limit, he/she can get a TDS refund if their net tax liability is less than the amount deducted under TDS or is nil. But for this purpose, a senior citizen has to file their income tax return (ITR).