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Senior Citizens Fixed Deposit Interest Rates in State Bank of India

Updated 19 Dec 2023

Financial security becomes all the more important as you age. To prioritise senior citizens' financial security, the State Bank of India offers attractive FD schemes. One of the significant advantages for senior citizens is the opportunity to earn higher interest rates on their FDs compared to the general public.


State Bank of India's competitive interest rates ensure their senior citizen customers are satisfied.

Features of State 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 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:  State Bank of India, like other major banks, offers 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.

State Bank of India FD Interest Rate for Senior Citizens

TenureSenior Citizen FD Rate
7 days - 1 month 14 days3.50%
1 month 15 days - 5 months 26 days5%
5 months 27 days - 6 months 26 days5.75%
6 months 27 days - 11 months 29 days6.25%
11 months 30 days - 1 year 1 month 2 days7.30%
1 year 1 month 3 days - 1 year 1 month 3 days7.60%
1 year 1 month 4 days - 1 year 11 months 29 days7.30%
1 year 11 months 30 days - 2 years 11 months 29 days7.50%
2 years 11 months 30 days - 4 years 11 months 28 days7%
4 years 11 months 29 days - 9 years 11 months 28 days7.50%

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

Eligibility Criteria

  • Must be 60 years or older when opening the FD account.
  • Must be a resident of India. However, NRIs are also eligible through NRE and NRO accounts.
  • The account can be held individually or jointly. If held jointly, the first account holder must be a senior citizen.

Documents Required

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.


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 on Tax-saving FDs as well?

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


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