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Kotak Mahindra Bank will now give as much as 7.80 per cent interest rate to senior citizens on fixed deposits.
Kotak Mahindra Bank has hiked fixed deposit interest rates for senior citizens. The Bengaluru based private lender will now give as much as 7.80 per cent interest on FDs of tenures of 23 months. This is the highest interest rate that senior citizens can get by opening an FD with the private lender. But is 7.80 per cent currently the highest interest rate that senior citizens can get by opening an FD with any of the private sector banks in the country?
No. Currently, DCB Bank is giving the highest interest rate on fixed deposits to both senior and general citizens. Barring Small Finance Banks, no other private bank is giving as much interest rate on fixed deposits as DCB Bank. If senior citizens open an FD with the Mumbai based private lender, then, they can get as high as 8.50 per cent RoI. But for this, they will have to open the FD for 25 months.
Let’s see which other private lenders are giving industry best interest rates on fixed deposits to senior citizens:
Private banks with highest interest rates on fixed deposits to senior citizens:
| Bank | RoI (in %) Senior Citizens | Tenure |
| DCB Bank | 8.50 | 25 months |
| IndusInd Bank | 8.25 | 1 year 6 months < 1 year 7 months |
| Bandhan Bank | 8.35 | 1 year, 4 months, 11 days |
| RBL Bank | 8.30 | 15 months < 2 years |
| IDFC First Bank | 8.25 | 549 days- 2 years |
| Yes Bank | 8.25 | 18 months to 24 months |
| J&K Bank | 8.00 | 555 days |
| Federal Bank | 8.00 | 500 days |
| Kotak Mahindra Bank | 7.80 | 23 months < 2 year |
| Dhanlaxmi Bank | 7.75 | 555 days |
| HDFC Bank | 7.70 | 4 year 7 months |
| Karur Vysya Bank | 7.70 | 444 days |
| ICICI Bank | 7.60 | 15 months to 18 months |
| Axis Bank | 7.60 | 13-14 months |
| City Union Bank | 7.50 | 400 days |
| IDBI Bank | 7.50 | > 2 years to <3 years |
| South Indian Bank | 7.30 | 500 days |
We have taken into consideration only private banks and not small finance banks.
If account holders open FD with IndusInd Bank, then, senior citizens can get as high as 8.25 per cent RoI. But for this, they will have to open the FD for 1 year 6 months to below 1 year 7 months.
Bandhan Bank also gives as high as 8.35 per cent rate of interest on FDs of 1 year, 4 months, 11 days. Elderly will get 0.50 per cent additional rate.
Another Mumbai based private sector lender, RBL Bank, is giving as high as 8.30 per cent RoI on FDs of 15 months to less than 2 years.
While, account holders can earn highest interest rate of only 8.25 per cent if they open a fixed deposit with Yes Bank. The tenure of this particular FD is 18 months to 24 months.
IDFC First Bank is also giving RoI of 8.25 per cent to senior citizensbut on FDs of 549 days to 2 years. J&K Bank and Federal Bank are also giving up to 8.00 per cent interest on fixed deposits. With the former, elderly will have to open the FD for 555 days. Whereas, with latter, the elderly can get this much interest rate on only 500 days tenure FDs.
With Dhanlaxmi Bank, the elderly can get as high as 7.75 per cent rate. But for this, they will have to open the FD for 555 days.
Next in line is HDFC Bank with 7.70 per cent interest rates for senior citizens. They can open this FD for 4 Year 7 Months.