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Top 5 banks offer highest interest rate on fixed deposits to senior citizens

HDFC Bank

01.

HDFC Bank offers 7.10 percent to senior citizens on deposits of one year to 15 months. The interest rate rises to 7.60 percent on FDs of 15 to 18 month-tenure. When the tenure is between 18 months to 2 years 11 months, the interest rate falls to 7.5 percent.

ICICI Bank

02.

ICICI Bank offers interest in the range of 7 to 7.25 per cent depending on the tenure. For one year to 15 months, interest is 7.25 percent. For tenure between 15 months to 2 years, interest is 7.05 percent. For long tenure deposits, the interest rate is 7 percent.

State Bank of India

03.

SBI offers interest rate in the range of 7.3 to 7.5 percent across tenures. For one year to less than two years, the interest rate is 7.30 percent. For 2-3 years, interest is 7.5 percent. For 3-5 years, the interest rate is 7.25 percent. And for FDs with tenure longer than 5 years, the interest rate is 7.5 percent. The highest interest of 7.6 percent is given to senior citizens under a specific tenor scheme (400 days) called Amrit Kalash.

Bank of Baroda

04.

Bank of Baroda offers interest rate in the range of 7.35 percent to 7.75 percent based on the tenure. For one to two years, for instance, the bank offers 7.35 percent to senior citizens. When the tenure rises to 2-3 years, the interest rate is 7.75 percent.

Kotak Mahindra Bank

05.

Kotak Mahindra Bank offers interest rate in the range of 6.7 percent to 7.8 percent based on the tenure. For one-year deposits, the bank offers 7.6 percent which rises to 7.65 percent when the tenure rises to 390 days. For 23 months to less than two years, interest rate is 7.8 percent