Senior Citizens Fixed Deposit Interest Rates in Central Bank of India

Overview FD Interest Rates FD Calculator Open FD Close FD Tax Saving FD Senior Citizen FD Rates

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.

Invest in bonds with 9-12% fixed returns

Earn higher return than FD, lower risk than equity. Start with just ₹10,000.

Explore Now

Central Bank of India FD Interest Rate for Senior Citizens

Tenure	Senior Citizen FD Rate
7 days - 14 days	4%
15 days - 1 month 14 days	4.25%
1 month 15 days - 1 month 28 days	4.50%
1 month 29 days - 2 months 29 days	4.80%
2 months 30 days - 5 months 26 days	5%
5 months 27 days - 11 months 29 days	6%
11 months 30 days - 1 year 11 months 29 days	7.25%
1 year 11 months 30 days - 2 years 11 months 29 days	7%
2 years 11 months 30 days - 9 years 11 months 28 days	6.80%

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 mandatory to avail of a Senior Citizen FD account.

FAQs

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.

Top Banks Senior Citizen FD Rates

Janata Sahakari Bank Senior Citizen FD Rates

Kalyan Janata Sahakari Bank Senior Citizen FD Rates

Thane Bharat Sahakari Bank Senior Citizen FD Rates

Bajaj Finance Senior Citizen FD Rates

Yes Bank Senior Citizen FD Rates

Karnataka Bank Senior Citizen FD Rates

Nainital Bank Senior Citizen FD Rates

Saraswat Bank Senior Citizen FD Rates

South Indian Bank Senior Citizen FD Rates

Federal Bank Senior Citizen FD Rates

Kotak Mahindra Bank Senior Citizen FD Rates

Bandhan Bank Senior Citizen FD Rates

ICICI Bank Senior Citizen FD Rates

IDBI Bank Senior Citizen FD Rates

IndusInd Bank Senior Citizen FD Rates

IDFC First Bank Senior Citizen FD Rates

RBL Bank Senior Citizen FD Rates

DCB Bank Senior Citizen FD Rates

City Union Bank Senior Citizen FD Rates

Karur Vysya Bank Senior Citizen FD Rates

Standard Chartered Bank Senior Citizen FD Rates

CSB Bank Senior Citizen FD Rates

Axis Bank Senior Citizen FD Rates

HDFC Bank Senior Citizen FD Rates

Dhanlaxmi Bank Senior Citizen FD Rates

Disclaimer: Wint Wealth makes no guarantee or warranty on the accuracy of the data provided on this site, the information displayed is subject to change and are provided on an as-is basis. Nothing contained herein is intended to or shall be deemed to be investment advice, implied or otherwise. You are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions. We accept no liability for any loss arising from the use of information contained on this website.