Senior Citizen RD Calculator - Higher Interest Rate Calculator

Calculate senior citizen recurring deposit returns with higher interest rates. Get accurate RD maturity calculations for seniors aged 60+ in India.

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Calculate Senior Citizen RD Returns
Senior citizens (60+) get 0.25-0.50% extra interest on RD deposits
₹10,000
₹100₹1,00,000
7.25%
5%8.5%
36 Months
6 Months10 Years
Investment vs Interest
Total₹4,02,948
Total Investment
₹3,60,000
Interest Earned
₹42,948

Total Investment

₹3,60,000

Total Interest

₹42,948

Maturity Amount

₹4,02,948

Investment vs Interest10.7% interest earned
Investment
Interest

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What is Senior Citizen RD?

Senior Citizen Recurring Deposit is an RD scheme with preferential interest rates for individuals aged 60 years and above. Banks offer 0.25% to 0.50% higher interest rates to senior citizens on RD accounts, helping retirees earn better returns on their monthly savings.

This higher rate applies automatically when the RD account holder is a senior citizen. Combined with the higher TDS threshold (₹50,000 vs ₹40,000), senior citizen RD is an attractive option for retirees who want to save regularly from their pension or other income sources.

How Senior Citizen RD Interest is Calculated

Same formula as regular RD, but with higher interest rate for senior citizens. Interest is compounded quarterly in most banks.

Example Senior Citizen RD Calculation

  • Monthly Deposit: ₹10,000
  • Interest Rate: 7.25% p.a. (vs 6.75% regular)
  • Tenure: 36 months
  • Senior Citizen RD Maturity: ₹4,01,168
  • Regular RD Maturity: ₹3,98,247
  • Extra Benefit: ₹2,921

Benefits of Senior Citizen RD

  • Higher Interest Rate: 0.25-0.50% more than regular RD
  • Higher TDS Limit: TDS only above ₹50,000 annual interest
  • Section 80TTB: Deduction up to ₹50,000 on deposit interest
  • Regular Savings: Perfect for investing pension income monthly
  • Safe & Secure: Capital protected with DICGC insurance
  • Flexible Tenure: Choose tenure as per retirement planning

Senior Citizen RD vs FD

FeatureRDFD
Investment TypeMonthlyLump Sum
Interest RateSimilarSimilar
Ideal ForMonthly pension savingRetirement corpus
FlexibilityFixed monthly depositOne-time deposit

Tax Benefits for Senior Citizens

  • Section 80TTB allows ₹50,000 deduction on interest from all deposits
  • Higher basic exemption limit (₹3 lakh for 60-80 years, ₹5 lakh for 80+)
  • Submit Form 15H to avoid TDS if total income below taxable limit
  • No advance tax if no business income and age 60+

Frequently Asked Questions

You must be 60 years or older to qualify for senior citizen RD rates. Some banks offer super senior citizen rates (slightly higher) for those aged 80 and above. Age proof like PAN, Aadhaar, or passport is required.

Yes, senior citizens can open joint RD accounts. If the primary holder is a senior citizen, the account gets senior citizen rates. It's advisable to add a nominee or joint holder for easy fund transfer in emergencies.

There is typically no maximum limit for RD monthly deposits. Senior citizens can invest any amount based on their financial capacity. However, for tax efficiency under 80TTB, keep total deposit interest below ₹50,000 for maximum benefit.

Yes, post office RD offers 6.7% interest (same for all ages) with government backing. While there's no special senior citizen rate, the post office is a safe option. Banks generally offer better rates for senior citizens than post office.

Yes, premature closure is allowed but attracts penalty (typically 0.5-1% lower rate). Some banks waive penalty for medical emergencies. Alternatively, you can take a loan against RD up to 90% of balance.
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.

Related Calculators

Regular RD CalculatorSenior Citizen FD CalculatorPPF CalculatorFD Calculator

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