Good News Senior Citizens: Get higher returns than Post Office on fixed deposits from these government banks

India Post or Post Office is offering an interest rate of 5.5 per cent on fixed deposit for one year, 5.7 per cent on FDs for two years, 5.8 per cent on FDs of three years and 6.7 per cent on FDs of 5 years. The rate is same for all investors.

The largest public sector lender SBI is offering a return of up to 6.9 per cent for senior citizens on fixed deposits. The bank is offering an interest rate of 6.75 per cent for FDs of two to three years and 6.9 per cent for FDs maturing in five to 10 years. However, if you invest in a fixed deposit under SBI We Care scheme for five to 10 years, the bank is offering a return of 7.2 per cent for senior citizens.

The Bank of Baroda is offering a return of 6.9 per cent for senior citizens on fixed deposits maturing in five to 10 years. The bank is offering an interest rate of 6.75 per cent on deposits for above two years and up to five years.

Punjab National Bank is offering an interest rate of 7.5 per cent to senior citizens on fixed deposits for 600 days. The bank is giving a return of 6.8 per cent on FDs of one year to two years, 6.75 per cent on FDs of two to three years and 6.9 per cent on FDs of five to 10 years. The PNB is offering a return of 7.8 per cent for super senior citizens (above 80 years) on the fixed deposit for 600 days and 7.1 per cent on FDs of one year to two years (except for the 600 days scheme). 

Senior citizens investing in Canara Bank's 666 days fixed deposit scheme will earn a return of 7.5 per cent. The bank is offering a return of 6.75 per cent on FDs with a maturity tenure of one year to three years (except for 666 days), and 7 per cent for deposits with a maturity tenure of three to 10 years.