Fixed deposits remain a popular investment option among senior citizens, particularly for those who prioritise capital safety, predictable returns and access to funds when needed. Banks generally offer senior citizens an additional interest rate over regular customers on several FD tenures. Although the difference may appear small, it can have a noticeable impact on the maturity amount when the investment is ₹5 lakh, ₹10 lakh or ₹15 lakh.
However, comparing senior citizen FDs is not simply about choosing the bank with the highest interest rate. State Bank of India (SBI), Bank of Baroda (BoB), Punjab National Bank (PNB) and Canara Bank offer special FD schemes with different interest rates and tenures. The final return therefore depends on both the rate and the length of the deposit.
SBI 5-Year to 10-Year Special FD
SBI offers senior citizens an interest rate of 7.05% on its special FD scheme with a tenure ranging from five to 10 years. For a ₹5 lakh investment, the maturity amount after five years is ₹7,09,129. A ₹10 lakh deposit would grow to ₹14,18,258, while ₹15 lakh would become ₹21,27,388 at maturity.
For the 10-year tenure, an investment of ₹5 lakh is listed to mature at ₹10,05,728. A ₹10 lakh deposit would reach ₹20,11,457, while ₹15 lakh would grow to ₹30,17,185.
Bank of Baroda 555-Day Golden Goal Deposit Scheme
Bank of Baroda offers senior citizens an interest rate of 7.25% under its 555-day BoB Golden Goal Deposit Scheme. On a deposit of ₹5 lakh, the maturity amount is ₹5,57,722. For an investment of ₹10 lakh, the maturity value is ₹11,15,444, while ₹15 lakh would grow to ₹16,73,166.
The 7.25% rate makes this scheme’s advertised interest rate higher than the rates listed for the other special FD schemes covered here, although its tenure is 555 days rather than several years.
PNB 444-Day Special FD
Punjab National Bank offers a 7.10% interest rate to senior citizens under its 444-day special FD scheme. A ₹5 lakh investment is listed to mature at ₹5,44,690. For ₹10 lakh, the maturity amount is ₹10,89,381, while a ₹15 lakh deposit would reach ₹16,34,071.
The shorter tenure may appeal to senior citizens who do not want to lock their money away for several years and prefer a special FD with a defined 444-day maturity period.
Canara Bank 555-Day Special FD
Canara Bank also offers a special FD for senior citizens with a 555-day tenure and an interest rate of 7.10%. According to the figures provided, a ₹5 lakh investment would mature at ₹5,56,433. A ₹10 lakh deposit is listed at ₹11,29,476 at maturity, while ₹15 lakh would grow to ₹16,69,421.
The maturity amounts for these special FD schemes can vary depending on the investment amount and tenure. Senior citizens considering these deposits should therefore compare both the applicable interest rate and the final maturity value before investing.
The interest calculations in the figures provided are based on quarterly compounding. Since the four banks offer different tenures, the maturity amounts should be viewed in the context of the respective investment periods rather than comparing the figures alone.