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Senior Citizens Fixed Deposit (FD)
Fixed Deposits (FDs) for senior citizens are tailored to meet the financial stability needs of those aged 60 years and above. These deposit schemes offer higher interest rates compared to regular FDs, providing a secure and reliable source of income post-retirement.
The preferential bank FD interest rates for senior citizens aid in managing living expenses, medical costs and other unforeseen expenses without compromising on lifestyle.
Features and Benefits
FD for senior citizens comes with a suite of features and benefits, including guaranteed returns, higher interest rates, loan facilities against FD, and easy liquidity through premature withdrawal. These attributes make FDs a cornerstone of your retirement planning. Moreover, the preferential interest rates offered with senior citizen FD ensure that your savings grow at an accelerated pace, while the option for premature withdrawal offers flexibility in case of emergency, making it a well-rounded financial product for you.
Minimum and maximum investment amounts
Investments can start from as low as ₹5,000, with no upper limit on the maximum investment. This flexibility allows you to invest according to your financial capabilities and goal
Read MoreTenure
Fixed Deposit tenure options range from 7 days to 10 years, offering flexibility. This variety in tenure allows you to plan your investments based on personal financial goals, whether you're looking for short-term gains or long-term growth.
Premature withdrawals
It is allowed with a nominal penalty, ensuring liquidity. This feature provides peace of mind to you, knowing you can access your funds in an emergency without losing the entire interest earned.
Loan against FD
Up to 85% of your Axis Bank Fixed Deposit can be used as a loan. This allows for financial flexibility, enabling you to meet unforeseen expenses without breaking your FD and thereby maintaining the continuity of earning interest on your deposits.
Eligibility for Senior Citizen Fixed Deposit
Documents required for opening a Senior Citizen FD account
FD Calculator
Fixed deposit calculator will help you calculate how much rate of interest you can earn by investing in a Fixed Deposit for a fixed tenure. Simply provide the following information, and you can easily calculate FD interests. Lorem, ipsum dolor sit amet consectetur adipisicing elit. Saepe, voluptatum?
₹
5K
1.99Cr
- Days
Rate of Interest*7.10%
Date of Fixed Deposit31 Jan 2024
Maturity Date31 July 2025
Interest Per Quarter
Interest Per Month
Maturity Value
3050
Senior citizen FD interest rates
Senior citizen FD interest rates at Axis Bank are notably 0.5% to 0.75% higher than those offered in case of regular fixed deposits, offering you an excellent opportunity to enhance your savings effectively.
This preferential rate ensures a significant boost in wealth accumulation and a more substantial payout upon maturity, providing a solid foundation for financial security during your retirement years.
Axis Bank's competitive rates on FDs allow senior citizens to maximise their earnings and enjoy a financially secure retirement.
To learn more about FD interest rates for senior citizens spanning from 7 days to 10 years, Click here.
Taxation under the Senior Citizen Fixed Deposit scheme
For senior citizens, the interest earned on FDs is taxable under "income from other sources." However, a tax deduction of up to ₹50,000 is allowed under Section 80TTB of the Income Tax Act, providing a beneficial tax treatment for senior citizens.
This provision helps lower your tax burden post-retirement, ensuring you can enjoy a higher net income from investments. Additionally, this tax advantage encourages all senior citizens to invest in FDs, offering them a safe and reliable income stream.
How do you open a Senior Citizen FD account?
Securing an FD for senior citizens is a hassle-free process that can be completed by visiting the Axis Bank branch or via an online application or mobile app. Axis Bank offers the convenience of online applications, allowing you to fill out and submit the required forms digitally. Simply, login to Internet or mobile banking and choose the deposit option, then click on create Fixed Deposit and fill in the required details. For more details, click here.
Additionally, as a senior citizen, you have the flexibility to choose the frequency of your interest payouts, which can be monthly or quarterly.
Frequently Asked Questions
Senior citizens can benefit from FD interest rates, which are generally elevated by 0.50% to 0.75% compared to standard rates.
Interest earned on FDs by senior citizens is taxable; however, they are entitled to a deduction of up to ₹50,000 under Section 80TTB of the Income Tax Act.
Fixed Deposits are available to individuals who are 60 years of age and older.
Minimum and maximum investment amounts
Investments can start from as low as ₹5,000, with no upper limit on the maximum investment. This flexibility allows you to invest according to your financial capabilities and goals, ensuring that you can benefit regardless of your investment capacity.
*For Resident Indians, HUF, sole proprietors
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