INCOME TAX20 Sept 2026
Bank FD rates for Senior citizens: How much will they earn from different banks? Check Bank of India, SBI and more | Mint
Senior citizens can now earn up to 7.45% yearly interest on fixed deposits, with Bank of India offering the top rate among major public sector banks. This means ₹7,450 a year on ₹1 lakh, before tax. Rates vary by bank and deposit period, so the advertised peak may not apply to your tenure. Check your bank's exact rate before depositing.
Key Statutory Highlights
- Bank of India offers the highest peak rate at 7.45%, which works out to ₹7,450 a year on ₹1 lakh before tax.
- For a one-year deposit, Bank of India and Indian Overseas Bank lead with 7%, while Punjab & Sind Bank and UCO Bank offer the lowest at 6.35%.
- For five years, State Bank of India leads at 7.05%, but Bank of Maharashtra offers the lowest five-year rate at 5.50%.
Actionable Advice for Taxpayers / Founders:Before you book a fixed deposit, ask your bank for the rate that applies to your exact deposit period, because the highest advertised rate does not apply to every tenure.
Statutory Disclaimer: TaxQue Shorts are AI-assisted editorial briefs for compliance awareness. This brief has not passed every source check; confirm the original notification before acting. This does not constitute formal legal or CA counsel.
TaxQue News Desk
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