Senior Citizens Fixed Deposit Interest Rates in Saraswat Bank

Updated on: Oct 4th, 2023

With its deep-rooted history in the banking sector, Saraswat Bank recognises the importance of catering to the financial needs of senior citizens. As such, they offer special fixed deposit rates for senior citizens, typically higher than the regular FD rates, ensuring better returns on their savings.


This differential interest is a gesture of appreciation for their lifetime of contributions and to support them in their golden years. Prospective depositors in the senior citizen category might find these rates particularly beneficial, providing them with an opportunity for a secure and enhanced income.

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: Saraswat 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 Saraswat Bank

Rates for Domestic Term Deposits (W.E.F. 18th July 2023):
Deposits under Kalpataru Deposits and Recurring Deposits scheme will be accepted for a period of 12 months up to 36 months only.
i) For a Single term deposit upto 'below ₹ 2 crore’ :
TenorROI For General Public (% p.a)ROI For Senior Citizens (% p.a)
7 days to 14 days3.253.75
15 days to 30 days3.253.75
31 days to 60 days3.54
61 days to 90 days44.5
91 days to 179 days4.755.25
180 days to 240 days5.756.25
241 days up to less than 1 year66.5
1 year77.5
1 year 1 day to 1 year 10 days77.5
1 year 11 day up to less than 2 years7.17.6
2 years7.257.75
2 years 1 day to 2 years 10 days7.257.75
2 years 11 days up to 3 years7.17.6
Above 3 years up to 5 years6.757.25
Above 5 years up to 10 years6.757.25
Interest Rate on Madhukar Scheme will be at 6.75% p.a. payable quarterly.
ii) For Single term deposit of '₹ 2 crore & above' :
TenorROI For General Public (% p.a)ROI For Senior Citizens (% p.a)
7 days to 14 days4.55
15 days to 30 days4.755.25
31 days to 60 days5.56
61 days to 90 days66.5
91 days to 179 days6.256.75
180 days to 240 days6.57
241 days up to less than 1 year6.57
1 year77.5
1 year 1 day to 1 year 10 days77.5
1 year 11 days up to less than 2 years7.17.6
2 years7.057.55
2 years 1 day to 2 years 10 days6.87
2 years 11 days up to 3 years6.87
Above 3 years up to 5 years6.67
Above 5 years up to 10 years6.67

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 Proof

  • Aadhaar card
  • Passport
  • Driving Licence

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 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 also applicable to Tax-saving FDs?

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

Earn once in a decade
returns on FD

Lock in returns as high as
8.61% before they go down

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