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Senior Citizens Fixed Deposit Interest Rates in Punjab National Bank

Updated 19 Dec 2023

Financial security becomes all the more important as one progresses in age. With an understanding of this imperative need, banks like the Central Bank of India have designed offerings to ensure senior citizens enjoy the added benefits of their financial products.


One major advantage for senior citizens is the opportunity to avail higher interest rates on their FDs than the general populace. Central Bank of India's commitment to its senior citizen customers is evident through its competitive interest rates.

Features of Central Bank of India 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 aged 60 or above can set up a senior citizen FD account.
  • Duration: Depositors can choose from a broad range of FD durations, typically between 7 days and 10 years.
  • Early Withdrawal: While penalties may be incurred, senior citizens are often granted more lenient terms for premature FD closures.
  • Borrowing Options: Similar to other depositors, senior citizens can avail loans against their FDs.
  • Beneficiary Assignment: Central Bank of India permits a beneficiary to inherit the FD amount after the account holder's demise.
  • Tax Deduction at Source (TDS) Implications: Income from interest is taxable as per Indian tax laws. However, by presenting Form 15H, eligible senior citizens can avoid TDS deductions.
  • Automatic Renewal: The Central Bank of India might feature an auto-renewal system, ensuring the FD is renewed post-maturity unless otherwise instructed.
  • Deposit Limits: The deposit range for a senior citizen FD can vary. A minimum amount is typically stipulated, but a maximum limit might not exist.
  • Unique Offerings: From time to time or depending on bank promotions, exclusive features or benefits tailored for senior citizens may be introduced.

Central Bank of India FD Interest Rate for Senior Citizens

TenureSenior Citizen FD Rate
7 days - 14 days4%
15 days - 1 month 14 days4.25%
1 month 15 days - 1 month 28 days4.50%
1 month 29 days - 2 months 29 days4.80%
2 months 30 days - 5 months 26 days5%
5 months 27 days - 11 months 29 days6%
11 months 30 days - 1 year 11 months 29 days7.25%
1 year 11 months 30 days - 2 years 11 months 29 days7%
2 years 11 months 30 days - 9 years 11 months 28 days6.80%

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

Eligibility Criteria

  • Must be 60 years of age or older at the time of opening the FD account.
  • Should be a resident of India. 
    However, NRIs can also open accounts via NRE and NRO routes.

Documents Required

Identity Proofs

  • Aadhar Card
  • Passport
  • Driver’s License


Address Proof

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

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


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

The precise added interest can differ, but senior citizens generally receive a rate that's 0.50% higher than standard rates. Nonetheless, this can alter based on the bank's guidelines.

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

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

Is the heightened interest rate for senior citizens applicable on Tax-saving FDs as well?

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


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