About the Senior Citizen FD Bonus Calculator
What is the Senior Citizen FD Bonus Calculator?
Most Indian banks pay senior citizens (60 and above) an additional 0.25–0.50 percentage points on fixed deposits, and some special schemes pay more. Over a few years, that extra rate adds up to a meaningful amount.
Enter the deposit, the regular rate, the senior citizen additional rate and the tenure. The calculator shows the maturity at both rates and the extra interest earned.
How to use the Senior Citizen FD Bonus Calculator
- Deposit Amount (₹) (sample: 10,00,000)
- Regular FD Rate (% per year) (sample: 7)
- Senior Citizen Additional Rate (percentage points) (sample: 0.5)
- Tenure (years) (sample: 5)
- Press Calculate Senior Citizen Benefit (results also refresh as you type). The result card shows the Extra Interest for Senior Citizens, along with Senior citizen maturity value, Regular maturity value, Senior citizen rate and Extra interest per year (average).
Formula used
Extra interest = P × (1 + (r + b) ÷ 4)^(4t) − P × (1 + r ÷ 4)^(4t)
- r = the regular FD rate
- b = the senior citizen additional rate
Quarterly compounding is assumed.
Worked example
These are the sample values already filled in the calculator above, and the result it returns for them:
| Input | Sample value |
|---|---|
| Deposit Amount (₹) | 10,00,000 |
| Regular FD Rate (% per year) | 7 |
| Senior Citizen Additional Rate (percentage points) | 0.5 |
| Tenure (years) | 5 |
| Result | Value |
|---|---|
| Extra Interest for Senior Citizens | ₹35,170 |
| Senior citizen maturity value | ₹14,49,948 |
| Regular maturity value | ₹14,14,778 |
| Senior citizen rate | 7.5% |
| Extra interest per year (average) | ₹7,034 |
Tips for using the Senior Citizen FD Bonus Calculator
- Senior citizens' TDS threshold on interest is ₹1 lakh a year per bank from FY 2025-26.
- Up to ₹50,000 of interest is deductible under Section 80TTB in the old regime.
- Compare with the Senior Citizens' Savings Scheme, which currently pays 8.2%.