INCOME TAX14 Sept 2026
Senior citizens can earn up to 8.5% on five-year fixed deposits - Check top banks
Several small finance banks are offering senior citizens up to 8.5% interest on five-year fixed deposits. Suryoday Small Finance Bank pays 8.5%, while Jana Small Finance Bank pays 8% on a similar scheme. Do remember that banks deduct TDS (tax deducted at source) on FD interest above one lakh rupees for senior citizens. Compare rates before you book.
Key Statutory Highlights
- Suryoday Small Finance Bank offers 8.5% interest on five-year fixed deposits for senior citizens.
- Jana Small Finance Bank offers 8% interest on a similar fixed deposit scheme for senior citizens.
- Banks deduct TDS on fixed deposit interest exceeding one lakh rupees for senior citizens.
Actionable Advice for Taxpayers / Founders:Before you book a five-year fixed deposit, compare the rates offered by small finance banks and check the latest terms with the bank. Keep in mind that TDS on interest above one lakh rupees will reduce what you actually receive, so plan for that.
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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