Senior Citizens FD Scheme : With interest rates seeing upward revisions, Indian banks are now offering senior citizens lucrative fixed deposit (FD) schemes for special tenures like 300 and 400 days. This offers an excellent opportunity for retirees to earn more from their savings without exposing themselves to market risks. These time-bound FD schemes come with enhanced interest rates exclusively for senior citizens, helping them beat inflation and plan better for their golden years.
Let’s explore the top banks, interest rates, benefits, and everything else you need to know before locking in your funds.
Why These Special FD Schemes Matter for Senior Citizens
As inflation continues to chip away at purchasing power, a higher fixed return becomes essential for senior citizens who depend on interest income. Special FD schemes targeting 300 and 400-day tenures allow them to earn more without compromising on liquidity or safety.
Here’s why these FDs are a game-changer:
- Higher interest rates compared to standard FDs
- Short to medium-term lock-in period ideal for retirees
- Lower risk compared to market-linked instruments
- Regular payout options to suit monthly income needs
Senior Citizens Can Now Get Highest FD Interest on 300 & 400-Day Deposits – Check Full Details
Top Banks Offering High FD Rates for 300 and 400 Days
Many leading banks in India have introduced special FD schemes for senior citizens with tenures of 300 and 400 days. These come with preferential rates and added flexibility.
Below is a detailed comparison of the latest FD rates:
Fixed Deposit Rates for Senior Citizens – 300 Days
| Bank Name | FD Scheme Name | Tenure | Interest Rate (Senior Citizens) | Interest Rate (General) | Payout Option | Min Deposit | Max Deposit |
|---|---|---|---|---|---|---|---|
| SBI | Amrit Kalash | 400 Days | 7.60% | 7.10% | Quarterly/Monthly | ₹10,000 | ₹2 crore |
| HDFC Bank | Special Senior Citizen FD | 300 Days | 7.75% | 7.25% | Monthly/Quarterly | ₹5,000 | ₹1 crore |
| ICICI Bank | Golden Years FD | 300 Days | 7.70% | 7.20% | Quarterly | ₹10,000 | ₹2 crore |
| Axis Bank | Senior Citizen Priority FD | 300 Days | 7.60% | 7.10% | Monthly/Quarterly | ₹5,000 | ₹1 crore |
| Bank of Baroda | Special Tenure FD | 300 Days | 7.65% | 7.15% | Monthly/Quarterly | ₹5,000 | ₹1 crore |
| IDFC FIRST Bank | Senior Citizen Plus FD | 300 Days | 8.00% | 7.50% | Monthly/Quarterly | ₹10,000 | ₹2 crore |
| Yes Bank | Special Tenure FD | 300 Days | 8.25% | 7.75% | Flexible | ₹10,000 | ₹1 crore |
Fixed Deposit Rates for Senior Citizens – 400 Days
| Bank Name | FD Scheme Name | Tenure | Interest Rate (Senior Citizens) | Interest Rate (General) | Payout Option | Min Deposit | Max Deposit |
|---|---|---|---|---|---|---|---|
| SBI | Amrit Kalash | 400 Days | 7.60% | 7.10% | Quarterly/Monthly | ₹10,000 | ₹2 crore |
| HDFC Bank | 400-Day Senior Citizen FD | 400 Days | 7.80% | 7.30% | Monthly/Quarterly | ₹5,000 | ₹1 crore |
| ICICI Bank | Golden Years FD | 400 Days | 7.75% | 7.25% | Quarterly | ₹10,000 | ₹2 crore |
| Bank of Baroda | Baroda Advantage FD | 400 Days | 7.70% | 7.20% | Monthly/Quarterly | ₹5,000 | ₹1 crore |
| Yes Bank | 400-Day Special FD | 400 Days | 8.35% | 7.85% | Monthly/Quarterly | ₹10,000 | ₹1 crore |
| IDFC FIRST Bank | Senior Citizen 400D FD | 400 Days | 8.10% | 7.60% | Monthly/Quarterly | ₹10,000 | ₹2 crore |
| Axis Bank | Special FD for Seniors | 400 Days | 7.65% | 7.15% | Monthly/Quarterly | ₹5,000 | ₹1 crore |
Key Benefits of 300 & 400-Day FD Schemes for Senior Citizens
These limited-period schemes provide a compelling package for retirees. Here are the main advantages:
- Enhanced Interest Income: Rates up to 8.35% help beat inflation.
- Custom Tenure: 300 and 400 days suit short-term financial goals.
- Risk-Free Returns: No market volatility, returns are guaranteed.
- Flexible Payouts: Choose between cumulative or non-cumulative interest.
- Special Benefits: Some banks offer additional perks like free health checkups or locker discounts for senior depositors.
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Factors to Consider Before Investing
While these offers are attractive, senior citizens should keep a few things in mind before investing:
- TDS Applicability: If total interest exceeds ₹50,000 in a financial year, TDS may apply.
- Premature Withdrawal Penalty: Breaking the FD early could lead to reduced interest or penalty.
- Taxation: Interest earned is taxable as per individual slab rates.
- Deposit Insurance: FDs up to ₹5 lakh (including principal + interest) are insured by DICGC.
- Interest Crediting Frequency: Choose the frequency (monthly, quarterly, etc.) that best suits your income needs.
How to Book These Special FDs
Booking these high-interest FDs is easy. Most banks allow online and offline options for senior citizens.
Here’s how you can do it:
- Online through Internet Banking or Mobile App: Log in to your bank’s portal and select ‘Fixed Deposit’. Choose the special 300 or 400-day scheme and complete the process.
- Visit the Nearest Branch: Carry your PAN card, Aadhaar, and senior citizen proof (if not already submitted).
- Through Relationship Manager: Some banks offer doorstep banking for senior citizens.
Tips to Maximize Returns on Senior Citizen FDs
- Split Deposits: Spread funds across different banks and schemes to stay within the insurance limit.
- Ladder Your FDs: Open multiple FDs with staggered maturity dates to ensure regular liquidity.
- Check Renewal Terms: Confirm whether the special rate will apply on renewal or revert to regular rates.
- Use Form 15H: If your income is below taxable limit, submit Form 15H to avoid TDS.
With multiple banks offering enhanced FD rates for senior citizens, the 300 and 400-day tenure FDs are ideal for maximizing safe returns in 2025. These special deposit schemes not only provide higher income but also help in planning for near-term expenses with minimal risk. Senior citizens should take full advantage of these schemes before they are withdrawn or revised.
The interest rates mentioned are as of April 2025 and are subject to change at the discretion of the banks. Investors are advised to verify the latest rates and terms directly with the respective banks before making any financial decision.
