Senior Citizens Latest FD Rates: What SBI, PNB, Canara & BoB Offer On Rs 5-15 Lakh Investments

Fixed deposits remain a go-to investment choice for millions across India, especially for senior citizens seeking safe and predictable income. Regulated by the Reserve Bank of India, bank FDs offer guaranteed returns, shielded from market volatility. Public sector banks like SBI, PNB, Canara Bank, and Bank of Baroda provide enhanced interest rates to senior citizens, making these FDs even more attractive. Let’s explore how much seniors can earn by investing Rs 5 lakh to Rs 15 lakh over one to five years across these banks.

Why Fixed Deposits Are Trusted by Senior Citizens

Fixed deposits have stood the test of time as a secure investment avenue. For elderly investors, the steady interest payout and capital protection make them especially appealing. According to financial planners, retirees or those nearing retirement prefer FDs for their risk-free nature, regular interest income, and fixed tenure clarity.

Senior citizens are generally offered interest rates higher than the standard rates applicable to other customers. This small yet crucial difference helps them earn a bit more on their hard-earned savings, especially when interest income becomes a significant financial pillar post-retirement.

State Bank of India (SBI) FD Returns for Senior Citizens

SBI offers slightly higher interest rates to senior citizens on fixed deposits. Based on current rates, here’s the estimated maturity value for different investment amounts:

Rs 5 Lakh Investment

• 1-year: Rs 5,34,614

3-year: Rs 6,12,099

5-year: Rs 7,09,129

Rs 10 Lakh Investment

• 1-year: Rs 10,69,228
  
  
  
• 3-year: Rs 12,24,197

5-year: Rs 14,18,258

Rs 15 Lakh Investment

• 1-year: Rs 16,03,842
  
  
  
• 3-year: Rs 18,36,296
  
  
  
• 5-year: Rs 21,27,388
  
  
  

Bank of Baroda (BoB) FD Returns for Senior Citizens

BoB currently offers a uniform interest rate of 7% across 1-year, 3-year, and 5-year FDs for senior citizens. Here's the return breakdown:

Rs 5 Lakh Investment

• 1-year: Rs 5,35,930
  
  
  
• 3-year: Rs 6,15,720
  
  
  
• 5-year: Rs 7,07,389
  
  
  

Rs 10 Lakh Investment

• 1-year: Rs 10,71,859
  
  
  
• 3-year: Rs 12,31,439

5-year: Rs 14,14,778

Rs 15 Lakh Investment

• 1-year: Rs 16,07,789
  
  
  
• 3-year: Rs 18,47,159
  
  
  
• 5-year: Rs 21,22,167
  
  
  

Punjab National Bank (PNB) FD Returns for Senior Citizens

PNB offers slightly different rates, with 6.9% applicable on shorter durations and 7% for 5-year FDs. Based on this, maturity values stand as follows:

Rs 5 Lakh Investment

• 1-year: Rs 5,35,403
  
  
  
• 3-year: Rs 6,13,907
  
  
  
• 5-year: Rs 7,07,389
  
  
  

Rs 10 Lakh Investment

• 1-year: Rs 10,70,806
  
  
  
• 3-year: Rs 12,27,813

5-year: Rs 14,14,778

Rs 15 Lakh Investment

• 1-year: Rs 16,06,209
  
  
  
• 3-year: Rs 18,41,720
  
  
  
• 5-year: Rs 21,22,167
  
  
  

Canara Bank FD Returns for Senior Citizens

Canara Bank currently offers a flat 7% across 1 to 5-year FDs for senior citizens, similar to BoB. Here’s what investors can expect:

Rs 5 Lakh Investment

• 1-year: Rs 5,35,930
  
  
  
• 3-year: Rs 6,15,720
  
  
  
• 5-year: Rs 7,07,389
  
  
  

Rs 10 Lakh Investment

• 1-year: Rs 10,71,859
  
  
  
• 3-year: Rs 12,31,439

5-year: Rs 14,14,778

Rs 15 Lakh Investment

• 1-year: Rs 16,07,789
  
  
  
• 3-year: Rs 18,47,159
  
  
  
• 5-year: Rs 21,22,167
  
  

Choosing the Right FD for Your Goals

According to financial experts, selecting the right tenure and bank depends on individual financial goals—whether it’s monthly income support or a future lump sum requirement. While all these banks are reliable, slight variations in maturity amounts could influence your decision. Longer tenures benefit most from compounding, especially when interest is reinvested.

Senior citizens should also consider factors like liquidity, premature withdrawal penalties, and the option of monthly or quarterly interest payouts if regular income is preferred over reinvestment.

For senior citizens, fixed deposits with public sector banks continue to be a safe and rewarding option. With preferential rates and guaranteed returns, FDs offer peace of mind along with stable growth. Whether the investment is Rs 5 lakh or Rs 15 lakh, the earnings over time are significant and secure.

Disclaimer: This article is intended for informational purposes only and does not constitute investment advice. Returns are based on publicly available interest rates and may vary. Please consult a certified financial advisor before making any financial decisions.