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Senior Citizens Fixed Deposit Interest Rates in Bharat Bank

Updated 04 Oct 2023

Navigating post-retirement finances requires thoughtful strategies and instruments that offer safety, liquidity, and impressive returns. Bharat Co-operative Bank acknowledges the unique financial needs of our elders, introducing enhanced Fixed Deposit rates specifically tailored for senior citizens.

Beyond mere banking, it's an expression of gratitude, ensuring that those in their golden years enjoy the returns they deserve. With Bharat Bank's Senior Citizen FD Rates, retirees can bask in financial security while reaping higher interest benefits. It's not just an investment; it's a commitment to enriching the twilight years of our valued seniors.

Features of Senior Citizen FD

Enhanced Interest Rates: Senior citizens typically receive a bonus interest rate on top of the regular FD rates. The specific rate hinges on the bank's current offerings.

Qualification: Only individuals 60 or older can establish a senior citizen FD account.

Duration: Depositors can choose from a diverse range of FD durations, usually between 7 days and 10 years.

Early Withdrawal: Although penalties may apply, senior citizens often benefit from more accommodating terms for premature FD closures.

Borrowing Options: Senior citizens can secure loans against their FDs like other depositors.

Beneficiary Assignment: The bank allows a beneficiary to inherit the FD funds after the account holder's passing.

Tax Deduction at Source (TDS) Implications: Earnings from interest are taxable under Indian tax regulations. Yet, by submitting Form 15H, eligible senior citizens can avoid TDS deductions.

Automatic Renewal: Bharat Bank, among other banks, possibly features an automatic renewal mechanism, ensuring the FD's continuation post-maturity unless directed otherwise.

Deposit Limits: The deposit range for a senior citizen FD can differ. While a minimum threshold is often set, a maximum limit might be absent.

Unique Offerings: Periodically or based on bank initiatives, exclusive perks or attributes tailored for senior citizens may be presented.

Senior Citizen FD Rates in Bharat Bank

TenureSenior Citizen FD Rate
7 days - 29 days


1 month - 1 month 30 days


2 months - 2 months 29 days


2 months 30 days - 5 months 27 days


6 months 1 day - 11 months 29 days


11 months 30 days - 1 year 11 months 30 days


11 months 30 days - 1 year 6 months 1 day


1 year 6 months 2 days - 2 years 1 month 15 days


2 years - 2 years 11 months 30 days


2 years 1 month 16 days - 2 years 1 month 16 days


2 years 1 month 17 days - 4 years 11 months 29 days


3 years - 4 years 11 months 29 days


4 years 11 months 30 days - 9 years 11 months 28 days


Note: All interest rates shown above are as on 4th Aug 2023

Eligibility Criteria

The eligibility criteria for senior citizen FDs is that they need to be at least or above 60 on the day of opening the FD account. They typically need to be residents to open a senior citizen FD; However, NRIs can also open accounts through NRE and NRO accounts.

Documents Required

The documentation required is similar to that of a normal FD account opening. One essential metric is your age proof.


Identity Proofs

  • Aadhar Card 
  • Passport
  • Driver’s License

Address Proof

  • Gas Bill 
  • Utility Bill 
  • Bank Statement 
  • Cancelled Cheque

Age proof is mandatory to avail of a Senior Citizen FD account.

Bottom Line

The eligibility criteria are that the account holder must be above the age of 60. The documents needed to open a senior citizen account are the same as the general public requirements. The difference in the general public and senior citizen rates made a significant difference over the years.


How much extra interest do senior citizens get on their FDs?

The additional interest can vary, but senior citizens usually receive a rate of 0.50% higher than the regular rates. However, this can change based on the bank's policies.

Can a senior citizen avail of this benefit on joint accounts?

For joint accounts, if the first account holder is a senior citizen, then the senior citizen FD rate is typically applied.

Is the higher interest rate for senior citizens applicable to Tax-saving FDs as well?

Yes, the preferential rate for senior citizens generally applies to all types of FDs, including Tax-saving FDs.


Disclaimer: Wint Wealth makes no guarantee or warranty on the accuracy of the data provided on this site, the information displayed is subject to change and are provided on an as-is basis. Nothing contained herein is intended to or shall be deemed to be investment advice, implied or otherwise. You are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions. We accept no liability for any loss arising from the use of information contained on this website.

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