Fixed Deposits (FDs) continue to be one of the most trusted investment options for senior citizens.
Unlike market-linked investments, FDs offer guaranteed returns and protect investors from market volatility.
Another major advantage is that senior citizens usually receive higher interest rates than regular customers, helping them earn better returns on their savings.
If you’re planning to invest ₹10 lakh in a fixed deposit, here’s a look at the latest FD rates offered by major public sector banks and the maturity amount you can expect.
Why Senior Citizens Prefer Fixed Deposits
FDs are popular among retirees because they provide stability and predictable income.
Investors can choose tenures ranging from 7 days to 10 years, depending on their financial goals.
The interest rate remains fixed throughout the tenure, ensuring that returns are not affected by market fluctuations.
However, FD rates vary across banks and tenures, making it important to compare options before investing.
SBI Offers Up to 7.05% Interest
State Bank of India (SBI), the country’s largest public sector bank, is offering attractive rates for senior citizens.
SBI FD Interest Rates
1 Year: 6.75%
3 Years: 6.80%
5 Years: 7.05%
10 Years: 7.05%
Maturity Amount on ₹10 Lakh Investment
1 Year: ₹10,69,227.90
3 Years: ₹12,24,197.35
5 Years: ₹14,18,258.37
10 Years: ₹20,11,456.80
Among the banks listed, SBI offers one of the highest returns on long-term deposits.
Bank of Baroda Gives Up to 7% on Long-Term FDs
Bank of Baroda (BoB) also offers competitive interest rates for senior citizens.
BoB FD Interest Rates
1 Year: 6.75%
3 Years: 6.75%
5 Years: 6.90%
10 Years: 7.00%
Maturity Amount on ₹10 Lakh Investment
1 Year: ₹10,69,227.90
3 Years: ₹12,22,392.97
5 Years: ₹14,07,842.17
10 Years: ₹20,01,597.34
PNB Offers Balanced Returns Across Tenures
Punjab National Bank (PNB) provides slightly different rates across various FD tenures.
PNB FD Interest Rates
1 Year: 6.75%
3 Years: 6.80%
5 Years: 6.85%
10 Years: 6.80%
Maturity Amount on ₹10 Lakh Investment
1 Year: ₹10,69,227.90
3 Years: ₹12,24,197.35
5 Years: ₹14,04,386.29
10 Years: ₹19,62,628.57
Canara Bank Maintains a Uniform Rate
Canara Bank offers the same interest rate across all major FD tenures for senior citizens.
Canara Bank FD Interest Rates
1 Year: 6.75%
3 Years: 6.75%
5 Years: 6.75%
10 Years: 6.75%
Maturity Amount on ₹10 Lakh Investment
1 Year: ₹10,69,227.90
3 Years: ₹12,22,392.97
5 Years: ₹13,97,498.68
10 Years: ₹19,53,002.55
Central Bank of India Offers Lower Rates
Among the banks compared, the Central Bank of India currently offers the lowest FD rates for senior citizens.
Central Bank of India FD Interest Rates
1 Year: 6.60%
3 Years: 6.50%
5 Years: 6.50%
10 Years: 6.50%
Maturity Amount on ₹10 Lakh Investment
1 Year: ₹10,67,651.54
3 Years: ₹12,13,407.58
5 Years: ₹13,80,419.77
10 Years: ₹19,05,558.75
Which Bank Gives the Highest Returns?
For senior citizens looking at long-term investments, SBI currently offers the highest return among the listed public sector banks, with a 7.05% interest rate on both 5-year and 10-year FDs.
A ₹10 lakh investment in SBI’s 10-year FD can grow to approximately ₹20.11 lakh, making it one of the most rewarding options for conservative investors.
Key Takeaway
Fixed Deposits remain a preferred investment choice for senior citizens seeking safety and stable returns.
Among major PSU banks, SBI and Bank of Baroda currently offer the most attractive long-term FD rates, while PNB and Canara Bank provide competitive alternatives.
Before investing, compare interest rates, tenure options, and maturity values to choose the FD that best matches your financial goals.
