Last year, the Reserve Bank of India (RBI) cut the repo rate by 1.25 percent, which led to lower interest rates on loans.
However, this also caused banks to reduce the interest offered on fixed deposits (FDs).
Senior citizens, who often rely on FDs for steady returns, need to know which banks are still offering higher interest rates.
Here’s a look at the top 10 private banks in India offering the highest FD rates for senior citizens aged 60 and above.
Notably, no public sector banks feature in this top 10 list.
Top 10 Private Banks Offering Highest FD Rates for Senior Citizens
CSB Bank – 7.30% on 13-month FDs
Tamilnad Mercantile Bank – 7.40% on 400-day FDs
IDFC FIRST Bank – 7.50% on FDs from 450 days to 5 years
Jammu and Kashmir Bank – 7.50% on 888-day FDs
IndusInd Bank – 7.50% on 18–19 month FDs
SBM Bank India – 7.60% on FDs from 15 months up to 3 years 2 days
DCB Bank – 7.65% on 60–61 month FDs
Bandhan Bank – 7.70% on FDs over 2 years but under 3 years
RBL Bank – 7.70% on FDs over 18 months up to 3 years
Yes Bank – 7.75% on FDs over 3 years but under 5 years
What This Means for Senior Citizens
For senior citizens, these private banks offer significantly higher FD returns compared to most public sector banks.
Choosing the right bank and tenure can make a noticeable difference in interest income, especially for long-term savings.
By comparing interest rates and tenures, senior citizens can maximize their earnings while keeping their money safe in fixed deposits.