INSUBCONTINENT EXCLUSIVE:
Major banks and post office pay an interest rate of 4-7.75% to senior citizens on FDs of up to 5 yearsMajor banks across the country offer
Most financial institutions pay slightly higher rates to senior citizens on bank deposits across several maturity periods (terms)
of interest rates paid by State Bank of India, HDFC Bank, ICICI Bank and India Post (post office) to senior citizen customers on fixed
days6.25%46 days to 179 days6.75%180 days to 210 days6.85%211 days to less than 1 year6.90%1 year to less than 2 year7.20%2 years to less
- 6 months6.75%6 months 1 day- 6 months 3 days7.25%6 months 4 days7.25%6 months 5 days- 9 months7.25%9 months 1 day- 9 months 3 days7.50%9
months 4 days7.50%9 months 5 days - 9 months 15 days7.50%9 months 16 days7.50%9 months 17 days < 1 Year7.50%1 Year7.75%1 year 1 day - 1 year
3 days7.75%1 year 4 days7.75%1 year 5 days - 1 Year 15 Days7.75%1 Year 16 days7.75%1 year 17 days - 2 Years7.75%2 years 1day - 2 Years 15
days7.60%2 Years 16 days7.60%2 years 17 days - 3 Years7.60%3 years 1day - 5 years7.60%5 Years 1 Day - 8 Years6.50%8 Years 1 Day - 10
days4.50%15 days to 29 days4.75%30 days to 45 days6%46 days to 60 days6.25%61 days to 90 days6.50%91 days to 120 days6.50%121 days to 184
days6.50%185 days to 289 days7%290 days to less than 1 year7.25%1 year to 389 days7.25%390 days to 2 years7.50%2 years 1 day upto 5
years7.75%5 years 1 day upto 10 years7.50%5 Years Tax saver FD (max
That means senior citizens can enjoy income up to Rs 50,000 a year in the form of interest from a savings account or fixed deposit without
having to bear any income tax
This is applicable on savings and fixed deposit accounts in a commercial bank, post office or co-operative bank, according to the taxman.
