Senior Citizen Fixed Deposit: Four Banks Hike Interest On FDs This Month - Check Latest Rates

Axis Bank, in a move to attract savers, has raised its interest rates for fixed deposits, with the new rates taking effect from August 14. Depending on the maturity periods, which range from 7 days to 10 years, the bank's offering now spans a spectrum of 3.5% to 8.05%.

Canara Bank has also followed suit, enhancing the interest rates on various fixed deposit schemes since August 12. The bank now extends interest rates ranging from 4% to 7.75% specifically catering to senior citizens.

On the occasion of the 77th Independence Day, Federal Bank unveiled a new chapter in its interest rates history. Effective from August 15, 2023, the bank's term deposit with a tenure of 13 months is now a standout with an impressive 8.07% interest rate for senior citizens. However, Federal Bank clarified that this alluring rate is available for a limited period, underlining the importance of timely consideration.

Suryoday Small Finance Bank has also embraced the trend, modifying its fixed deposit interest rates to entice depositors. The bank's revised rates, tailored to senior citizens, now span an enticing range of 4.50% to 9.10%. These revised rates apply to fixed deposits with durations spanning from 7 days to 10 years.