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%
|
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. |
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) |
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