Senior Citizen FD Calculator - Higher Interest Rate Calculator

Calculate senior citizen fixed deposit returns with higher interest rates. Get accurate FD maturity calculations for senior citizens aged 60+ in India.

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Calculate Senior Citizen FD Returns
Senior citizens (60+) get 0.25-0.50% higher interest rates on FDs
₹5,00,000
₹10,000₹1 Crore
7.5%
5%9.5%
5 Years
1 Year10 Years
Principal vs Interest
Total₹7,24,974
Principal Amount
₹5,00,000
Interest Earned
₹2,24,974

Principal Amount

₹5,00,000

Total Interest

₹2,24,974

Maturity Amount

₹7,24,974

Principal vs Interest31.0% interest earned
Principal
Interest

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What is Senior Citizen FD?

Senior Citizen Fixed Deposit is a special FD scheme offered by banks to individuals aged 60 years and above. These FDs offer higher interest rates (typically 0.25% to 0.50% more) compared to regular FDs, providing better returns for retirees who depend on FD interest for their monthly income.

Banks in India recognize the financial needs of senior citizens and offer preferential rates as these individuals often rely on fixed income sources during retirement. Additionally, senior citizens enjoy higher TDS threshold limits of ₹50,000 compared to ₹40,000 for others.

How Senior Citizen FD Interest is Calculated

A = P × (1 + r/n)^(n×t)

The formula is same as regular FD, but with higher interest rate (r) for senior citizens.

Example Senior Citizen FD Calculation

  • Principal: ₹10,00,000
  • Interest Rate: 7.5% p.a. (vs 7% for regular)
  • Tenure: 5 years
  • Senior Citizen Maturity: ₹14,45,089
  • Regular FD Maturity: ₹14,14,778
  • Extra Benefit: ₹30,311

Senior Citizen FD Interest Rates by Banks

BankRegular RateSenior Citizen Rate
SBI6.50%7.00%
HDFC Bank7.00%7.50%
ICICI Bank6.90%7.40%
Post Office7.50%7.50%

*Rates are indicative and subject to change

Benefits of Senior Citizen FD

  • Higher Interest Rates: 0.25-0.50% additional interest
  • Higher TDS Limit: TDS applicable only above ₹50,000 annual interest
  • Safe Investment: Capital protection with DICGC insurance
  • Regular Income: Monthly/quarterly interest payout option
  • Flexible Tenure: Choose tenure as per income needs
  • Loan Facility: Get loan against FD when needed

Tax Benefits for Senior Citizens

Senior citizens enjoy several tax benefits on FD interest:

  • Section 80TTB allows deduction up to ₹50,000 on interest income from FDs, savings accounts, and post office deposits
  • TDS is deducted only when annual interest exceeds ₹50,000 (vs ₹40,000 for others)
  • Submit Form 15H to avoid TDS if total income is below taxable limit
  • Super senior citizens (80+) have higher basic exemption limit of ₹5 lakhs

Frequently Asked Questions

You must be 60 years or older to qualify for senior citizen FD rates. Some banks also offer super senior citizen rates (slightly higher) for those aged 80 and above. Age is verified through PAN, Aadhaar, or other government ID at the time of account opening.

Small finance banks like Unity SFB, Ujjivan SFB offer rates up to 9% for senior citizens. Among large banks, HDFC, IndusInd, and Yes Bank typically offer competitive rates around 7.5-7.75%. Compare rates and consider bank safety before choosing.

Yes, senior citizens can invest in 5-year tax-saving FD under Section 80C and claim deduction up to ₹1.5 lakh. They also get higher interest rates on tax-saving FDs. However, interest earned is taxable (though eligible for 80TTB deduction).

Under Section 80TTB, senior citizens can claim deduction of ₹50,000 on interest income from all deposits combined. Additionally, the basic exemption limit (₹3 lakh for 60-80 years, ₹5 lakh for 80+) means many senior citizens pay no tax on FD interest.

Monthly interest payout is excellent for senior citizens who need regular income for expenses. While cumulative FD gives slightly higher effective returns due to compounding, monthly payout provides cash flow predictability. Choose based on your income needs.
Disclaimer

This calculator is provided for informational purposes only. The results are estimates and should not be considered as financial advice. Actual values may vary based on various factors. Please consult a certified financial advisor before making any financial decisions.

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Regular FD CalculatorSenior Citizen RD CalculatorPPF CalculatorTax Saving FD Calculator

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