Saturday, October 31, 2020

Latest FD Rates for leading banks and NBFCs for terms more than 1 year (as on 31st October 2020)

I started compiling this information for my father and after spending quite a bit of time, I realized that this information could be helpful for many of us who want to know the options available for senior citizens. 


Senior Citizen Schemes

Scheme Name

Duration

Interest

Comments

PM Vaya Vandana Yojana

Maturity 10 years

7.4% per annum. Payable monthly/quarterly/six-monthly/annually.

PMVVY gives a guaranteed payout of pension at a specified rate for 10 years. Purchase Price is returned to investor or nominee at the end of 10 years.

 

Pre-mature withdrawal penalty 2%

Read more

 

Senior Citizens Saving Scheme

Maturity 5 years. Can be extended to 8 years

7.4% per annum. Interest paid quarterly.

Joint Account available for spouse.

Available in ICICI Bank, Govt banks, Post office.

 

Fixed Deposits

FD rates from leading banks for Senior Citizens:

 

SBI

Tenure (Months)

Interest rates

12 – 23

5.4%

24 – 35

5.6%

36 - 60

5.8%

60+

6.2%

SBI We Care FD for 5 years +

6.5%

 

HDFC Bank

Tenure (Months)

Interest rates

12 – 23

5.50%

24 – 35

5.65%

36 - 60

5.80%

60+

6.25%

 

ICICI Bank

Tenure

Interest rates

One year to 389 days

5.50%

390 days to less than 18 months

5%

18 months and one day to two years

5.60%

Two years and one day to three years

5.65%

Three years and one day to five years

5.85%

Five years and one day to 10 years

6.30%

 

Bank of Baroda

Tenure

Interest rates

One year to 400 days

5.60%

401 days to two years

5.60%

Above 2 Years and upto 3 Years

5.60%

Above 3 Years and upto 5 Years

5.90%

Above 5 Years and upto 10 Years

6.30%

 

Bajaj Finserv

Tenure (Months)

Interest rates

12 – 23

7.15%

24 – 35

7.25%

36 - 60

7.35%

 

PNB Housing Finance

Tenure (Months)

Interest rates

12 – 23

6.20%

24 – 35

6.45%

36 - 47

6.60%

48-59

6.60%

60+

6.70%

 

Post Office Time Deposit

Tenure (Years)

Interest rate

1

5.5 (Annual Interest Rs. 561 on Rs. 10000 deposit)

2

5.5 (Annual Interest Rs. 561 on Rs. 10000 deposit)

3

5.5 (Annual Interest Rs. 561 on Rs. 10000 deposit)

5

6.7 (Annual Interest Rs. 687 on Rs. 10000 deposit)