Senior Citizen FD Calculator — Bank Rates with +0.5% Bonus — FY 2026-27

Every Indian bank (PSU + private) offers +0.5% on all FD tenures for depositors aged 60+. Some banks (like HDFC, SBI) also offer an additional "Super Senior" tier for 80+ with +0.75% bonus. The bonus applies uniformly — 7-day FD to 10-year FD all get the +0.5%. Calculate your true bonus: card rate + 0.5% = your rate.

Section 194A exempts senior citizens from TDS up to ₹50,000 annual interest per bank (FY 2026-27). Below that threshold, no TDS is deducted. Above ₹50K, TDS @ 10% (with PAN). Super-senior citizens (80+) with total income below basic exemption can submit Form 15H annually to claim full TDS exemption regardless of amount.

Senior Citizen Savings Scheme (SCSS) pays 8.2% (FY 2026-27) with ₹30 L cap, 5-year tenure, quarterly interest payout, Section 80C deduction. Senior FD pays 7.0-7.5% depending on bank, no cap, flexible tenure, no 80C (unless tax-saver FD). Rule of thumb: fill SCSS first (higher rate + 80C), then use senior FDs for amounts beyond ₹30 L or for flexible tenure.

PMVVY was an LIC-administered pension plan (8% guaranteed) for seniors. It has been CLOSED to new subscriptions since 31 March 2023 — no longer available. Existing subscribers continue to receive 8% till their 10-year term. New senior investors should look at SCSS + Senior Citizen FD combo, which is the 2026-27 equivalent.

Yes, no limit. Some seniors split deposits across banks to stay under the ₹5 L DICGC insurance threshold per bank. Example: ₹25 L spread across 5 banks (₹5 L each) is fully insured, vs ₹25 L in one bank where only ₹5 L is insured. Senior bonus rate applies at each bank independently.