Senior citizen fixed deposit interest rates 2023

Check the latest senior citizen fixed deposit interest rates.

3 mins
1 August 2023

Features and benefits of our senior citizen FD

  • Get secured returns up to 8.60% p.a.
    Grow your savings without any effect of market fluctuations.
  • Up to 0.25% p.a. p.a., the higher interest rate for senior citizens
    Choose to receive returns on maturity or periodically.

  • Flexible tenure up to 60 months
    Get higher returns on your investments by staying invested for longer.

  • Deposits start just Rs. 15,000
    Start investing with a small amount and grow your savings with our fixed deposits.

  • Online account management
    Check FD account balance, renew FD and download receipt via customer portal- Bajaj My Account

Senior citizen FD interest rates 2023

Senior citizen fixed deposit (FDs) are term deposit plans with exceptional interest rates available to individuals over the age of 60. Apart from the additional 0.25% p.a. rate of interest, these fixed deposit accounts offer a wide range of benefits to older residents. Regular interest payouts can provide a constant and reliable income source for seniors in their post-retirement years. If needed, they can also take out a loan against the FD.

Bajaj Finance offers assured returns on fixed deposits, making them the preferred investment avenue for senior citizens. The ease of transaction, certainty, the safety of deposit and online facilities make the Bajaj Finance FD an excellent choice for every investor, regardless of their risk appetite.

You can easily calculate the interest returns with the help of Bajaj Finance FD Calculator.

The Bajaj Finance Senior Citizen FD is designed to facilitate the unique requirements of senior citizens. By investing in this fixed deposit, senior citizens can reap additional rate benefits of up to 0.25% p.a. p.a. along with the option to get periodic payouts and a suite of other benefits to secure their post-retirement years.

*Conditions apply

Interest rate 8.60% p.a.
Minimum tenure 1 year
Maximum tenure 5 years
Deposit amount Minimum deposit of Rs. 15,000
Application process Easy online paperless process
Online payment options Net Banking and UPI

Eligibility for senior citizen FD

All resident Indians above the age of 60 years of age can apply for senior citizen FD. The investor must have completed 60 years on the date on which he/she opens the FD account with Bajaj Finance.

Non-Resident Indians (NRIs), Persons of Indian Origin (PIO) and Overseas Citizens of India (OCI) can connect with our representative or write to us on

Documents required for opening senior citizen FD

Below are the documents required for applying to Senior citizen fixed deposit by Bajaj Finance.

  • PAN

  • Any KYC document: Aadhaar card/ Passport/ Driving license/ Voter ID

How to Invest in Bajaj Finance Fixed Deposit

Investing in a Bajaj Finance online FD is quick and easy. Follow the steps below:

  1. Click on 'Invest Online' to open our online form
  2. Enter your phone number, date of birth and OTP
  3. Existing customers only need to verify their details
  4. If you’re a new customer, you will be asked to enter your basic details for OKYC
  5. Choose the deposit amount, tenor, interest payout type and your bank details
  6. Pay the amount with net banking or UPI

Upon successful payment, your deposit will be booked, and you will receive an acknowledgement via e-mail and SMS within 15 minutes.

FD rates for senior citizens (customers above 60 years) (0.25% p.a. p.a. additional)

Revised interest rates for fixed deposits starting at Rs. 15,000 up to Rs. 5 crore (w.e.f May 10, 2023)

*Special interest rates are offered on tenure of 15, 18, 22, 30, 33, and 44 months

Tenure in months Cumulative (interest + principal amount payment at maturity) Non-cumulative (interest payout at a defined frequency, principal paid at maturity)
At maturity (p.a.) Monthly (p.a.) Quarterly (p.a.) Half yearly (p.a.) Annual (p.a.)
12-14 7.65% 7.39% 7.44% 7.51% 7.65%
15* 7.70% 7.44% 7.49% 7.56% 7.70%
>15-17 7.75% 7.49% 7.53% 7.61% 7.75%
18* 7.65% 7.39% 7.44% 7.51% 7.65%
19-21 7.75% 7.49% 7.53% 7.61% 7.75%
22* 7.75% 7.49% 7.53% 7.61% 7.75%
23 7.75% 7.49% 7.53% 7.61% 7.75%
24 7.80% 7.53% 7.58% 7.65% 7.80%
25-29 7.60% 7.35% 7.39% 7.46% 7.60%
30* 7.70% 7.44% 7.49% 7.56% 7.70%
31-32 7.60% 7.35% 7.39% 7.46% 7.60%
33* 8.00% 7.72% 7.77% 7.85% 8.00%
34-35 7.60% 7.35% 7.39% 7.46% 7.60%
36-43 8.30% 8.00% 8.05% 8.13% 8.30%
44* 8.60% 8.28% 8.34% 8.42% 8.60%
45-60 8.30% 8.00% 8.05% 8.13% 8.30%

Frequently asked questions

What is a senior citizen fixed deposit?

Bajaj Finance offers fixed deposits for senior citizens, so individuals above 60 years of age can invest in a Bajaj Finance Fixed Deposit , earn fixed returns and grow their savings without any effect of market fluctuations.

Is the Bajaj Finance Fixed Deposit safe?

Bajaj Finance FD is one of the safest investment options for senior citizens. Here's what makes it one of the safest ways to grow your savings:

  • The highest credit ratings of CRISIL AAA/STABLE and [ICRA]AAA(Stable), indicates highest level of safety and lowest investment risk.

  • More than 2.5 lakh happy customers have contributed to a total FD book size of more than Rs. 20,000 crore

  • Nearly 80,000 of these customers are senior citizens, which reflects how senior citizens trust this FD to be one of the safest investment avenues

Investing in a Bajaj Finance Fixed Deposit is safe, as you can be sure of low risks of delays and defaults.

What is the best investment for senior citizens?

As one of the most reliable fixed-income instruments, the Bajaj Finance Fixed Deposit is the best investment for senior citizens. You can choose the tenor, payout frequency and investment amount at your convenience.

By investing in a Bajaj Finance FD, you gain high returns and ensure the safety of your investment amount.

What is the interest rate for senior citizens?

Senior citizens can get attractive interest rates up to 8.30% Bajaj Finance also offers special interest rates for certain tenors through which one can earn up to 8.60%

Is interest in FD taxable for senior citizens?

The interest earned on senior citizen fixed deposit is taxable, as per the applicable income tax laws. These taxes, if any, are deducted at the source. Senior citizens whose interest income from all Bajaj Finance FDs put together is Rs. 3 lakh in a year can submit Form 15H to avoid incurring deductions.

What is the safest investment for senior citizens?

Fixed deposit is one of the safest investment avenues for senior citizens. To grow their savings, senior citizens can consider investing in a Bajaj Finance FD because of the following benefits:

  • Bajaj Finance has the highest safety ratings of CRISIL AAA/STABLE and [ICRA]AAA(Stable).
  • Bajaj Finance is known to have ‘0 unclaimed deposits,’ which points towards timely payments and a default-free experience
  • Bajaj Finance has an end-to-end online FD facility, enabling senior citizens to invest easily from home. However, the rate benefit of NA on online deposits is not applicable for senior citizens
  • Senior citizens can get an additional rate benefit of up to 0.25% p.a. on their deposit, regardless of their mode of investment
  • Senior citizens can also choose the option to get payouts periodically, which can help them fund their regular expenses easily

Thus, Bajaj Finance FD makes a great investment choice for senior citizens. It is also one of the safest choices to grow savings and get assured returns.

What is the interest rate for Bajaj Finance Senior Citizen Fixed Deposit?

By investing in a Bajaj Finance Senior Citizen FD, senior citizens are eligible for additional rate benefit of up to 0.25% p.a. p.a. By investing in a Bajaj Finance Senior Citizen FD, they can earn returns of up to 8.60% p.a.

How can senior citizens save tax?

There are various investment options through which senior citizens can create wealth and also save tax. Some of these methods are:

a. Senior Citizen Fixed Deposit: With the Bajaj Finance Fixed Deposit, senior citizens can enjoy interest up to 8.60% p.a. Under section 80 TTB of the IT act, interest income up to Rs. 50,000 for senior citizens during a financial year is tax free.

b. Senior Citizen Saving’s Scheme: If you are above 60 years old, you can invest in the government backed Senior Citizen Savings Scheme and deduct up to Rs. 1.5 lakh from your taxable income under Section 80C of the Income Tax Act, 1961. Taxes are levied on the interest.

c. National Pension Scheme: The National Pension Scheme is a specialised section of the Pension Fund Regulatory and Development Authority, which is under the Ministry of Finance's supervision. In India, the National Pension Scheme is a defined contribution pension system with a voluntary component.

Show More Show Less


As regards deposit taking activity of Bajaj Finance Ltd (BFL), the viewers may refer to the advertisement in the Indian Express (Mumbai Edition) and Loksatta (Pune Edition) furnished in the application form for soliciting public deposits or refer
The company is having a valid Certificate of Registration dated March 5, 1998 issued by the Reserve Bank of India under section 45 IA of the Reserve Bank of India Act, 1934. However, the RBI does not accept any responsibility or guarantee about the present position as to the financial soundness of the company or for the correctness of any of the statements or representations made or opinions expressed by the company and for repayment of deposits/discharge of the liabilities by the company.

For the FD calculator the actual returns may vary slightly if the Fixed Deposit tenure includes a leap year.