What is Section 80TTB and how does it benefit Indian Senior Citizens investing in FDs?

Section 80TTB of the Income Tax Act allows resident senior citizens (aged 60+) to deduct up to ₹50,000 of interest income earned from bank fixed deposits, recurring deposits, and post office time deposits. In addition, no TDS is deducted under Section 194A by banks if annual interest remains under ₹50,000.

How does DICGC insurance protect bank fixed deposits in India?

The Deposit Insurance and Credit Guarantee Corporation (DICGC), an RBI subsidiary, insures all deposits up to a statutory maximum of ₹5,00,000 (Rupees Five Lakhs) for both principal and interest per depositor per bank in the same capacity. This covers Public Sector, Private, and Scheduled Small Finance Banks.

Why do Small Finance Banks offer up to 9.0% - 9.5% on Senior Citizen FDs?

Small Finance Banks offer higher interest rates to mobilize retail liability funding for local credit operations. As RBI Scheduled Commercial Banks, their deposits enjoy identical ₹5 Lakh DICGC insurance as large PSU banks like SBI.

How can senior citizens prevent 10% TDS deduction using Form 15H?

Resident senior citizens whose estimated total income results in zero tax liability can submit Form 15H at the beginning of the financial year. Once accepted with a valid PAN, the bank is legally barred from deducting TDS.

What is the difference between Corporate Fixed Deposits and Bank FDs?

Bank FDs are covered by DICGC insurance up to ₹5 Lakhs. Corporate FDs (issued by NBFCs like Bajaj Finance) are not covered by DICGC and rely purely on credit ratings from agencies like CRISIL/ICRA.

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Direct Fixed Income Answers (Verified Sept 2026)

Highest Insured Bank FD

Unity SFB (9.50% Senior / 9.00% Gen) for 1001 days, 100% DICGC insured up to ₹5 Lakhs.

Top Sovereign Scheme

SCSS (8.20% p.a.) with quarterly direct bank payouts, ₹30 Lakh cap, and zero default risk.

Senior Tax Shield

Section 80TTB provides ₹50,000 tax-free interest annually; submit Form 15H to waive TDS.

Floating Rate Sovereign

RBI FRSB (8.05% p.a.) resets semi-annually at NSC + 35 bps with no upper investment ceiling.

Senior Citizen Priority (Ages 60+)Special Statutory Privileges

Earn up to 9.40% p.a. with Full ₹50,000 Section 80TTB Tax Exemption

Indian seniors receive +0.50% to +0.75% extra interest across banks. Plus, the first ₹50,000 interest is 100% tax-free under Sec 80TTB, and Form 15H eliminates TDS deduction.

Sec 80TTB: ₹50k Interest Tax-Free

Form 15H: Zero TDS Deductions

DICGC: ₹5 Lakh Insured / Bank

Bank & Deposit Directory

Fixed Income & Deposit Rates

Compare live rates, DICGC insurance status, and Sec 80TTB tax shields across scheduled banks and sovereign schemes.

Small Finance BankCARE A+ • DICGC

Unity Small Finance Bank Shrestha FD

Unity Small Finance Bank

DICGC ₹5L InsuredSec 80TTB Eligible

Senior Citizen Rate (60+)

9.40%p.a.

+0.50% Senior Bonus

Tenure1001 Days Special

Min Deposit₹10,000

AA+ Corporate FDCRISIL AA+ / IND AA+

Shriram Finance Unnati Fixed Deposit

Shriram Finance Limited

Standard

Senior Citizen Rate (60+)

8.90%p.a.

+0.50% Senior Bonus

Tenure50 Months Special

Min Deposit₹5,000

AAA Corporate FDCRISIL AAA / ICRA AAA

Tata Capital Secured Non-Convertible Debenture (NCD)

Tata Capital Financial Services

Standard

Senior Citizen Rate (60+)

8.70%p.a.

+0.25% Senior Bonus

Tenure3 to 5 Years

Min Deposit₹10,000

Small Finance BankCRISIL AA+ • DICGC

AU Small Finance Bank Fixed Deposit

AU Small Finance Bank

DICGC ₹5L InsuredSec 80TTB Eligible

Senior Citizen Rate (60+)

8.50%p.a.

+0.50% Senior Bonus

Tenure24 to 36 Months

Min Deposit₹5,000

AAA Corporate FDCRISIL AAA / ICRA AAA

Bajaj Finance Fixed Deposit

Bajaj Finance Limited

Standard

Senior Citizen Rate (60+)

8.35%p.a.

+0.25% Senior Bonus

Tenure33 to 44 Months

Min Deposit₹15,000

AAA Corporate FDCRISIL AAA / IND AAA

Mahindra Finance Dhanvruddhi FD

Mahindra & Mahindra Financial Services

Standard

Senior Citizen Rate (60+)

8.30%p.a.

+0.25% Senior Bonus

Tenure30 to 42 Months

Min Deposit₹10,000

Govt Small SavingsSovereign Guarantee

Senior Citizen Savings Scheme (SCSS)

Government of India (Ministry of Finance)

DICGC ₹5L Insured80C100% Sovereign Backed

Senior Citizen Rate (60+)

8.20%p.a.

Senior: 8.20%

Tenure5 Years (extendable by 3 yrs)

Min Deposit₹1,000

Sovereign Floating BondSovereign Guarantee

RBI Floating Rate Savings Bonds (FRSB 2020)

Reserve Bank of India

DICGC ₹5L InsuredSec 80TTB Eligible100% Sovereign Backed

Senior Citizen Rate (60+)

8.05%p.a.

Senior: 8.05%

Tenure7 Years Lock-in

Min Deposit₹1,000

Public Sector BankGovt PSU • DICGC

SBI Amrit Vrishti / WeCare Senior FD

State Bank of India (PSU)

DICGC ₹5L InsuredSec 80TTB Eligible

Senior Citizen Rate (60+)

7.75%p.a.

+0.50% Senior Bonus

Tenure444 Days (Special Tenure)

Min Deposit₹5,000

D-SIB Private BankCRISIL AAA • DICGC

HDFC Bank Senior Citizen Care FD

HDFC Bank Ltd (Private Sector)

DICGC ₹5L InsuredSec 80TTB Eligible

Senior Citizen Rate (60+)

7.75%p.a.

+0.50% Senior Bonus

Tenure35 to 55 Months

Min Deposit₹10,000

D-SIB Private BankICRA AAA • DICGC

ICICI Bank Golden Years FD

ICICI Bank Ltd (Private Sector)

DICGC ₹5L InsuredSec 80TTB Eligible

Senior Citizen Rate (60+)

7.75%p.a.

+0.55% Senior Bonus

Tenure5 Years 1 Day to 10 Years

Min Deposit₹10,000

Public Sector BankGovt PSU • DICGC

Bank of Baroda bob399 Monsoon / Tiranga FD

Bank of Baroda (PSU)

DICGC ₹5L InsuredSec 80TTB Eligible

Senior Citizen Rate (60+)

7.65%p.a.

+0.50% Senior Bonus

Tenure399 Days Bucket

Min Deposit₹5,000

Postal Savings SchemeSovereign Guarantee

Post Office Monthly Income Scheme (POMIS)

Department of Posts, Govt of India

DICGC ₹5L InsuredSec 80TTB Eligible100% Sovereign Backed

Senior Citizen Rate (60+)

7.40%p.a.

Senior: 7.40%

Tenure5 Years

Min Deposit₹1,000

Tradable G-Sec BondSovereign Guarantee

10-Year Benchmark Government of India Security (G-Sec)

Government of India (via RBI Retail Direct)

DICGC ₹5L InsuredStandard100% Sovereign Backed

Senior Citizen Rate (60+)

6.92%p.a.

Senior: 6.92%

Tenure10 Years (Tradable on NDS-OM)

Min Deposit₹10,000

Public Sector BankCRISIL AAA / CARE AAA

NHAI 8.30% Tax-Free Infrastructure Bond

National Highways Authority of India (NHAI)

DICGC ₹5L InsuredTax Free

Senior Citizen Rate (60+)

5.45%p.a.

Senior: 5.45%

TenureMaturity 2027 / 2031 (Tradable on NSE/BSE)

Min Deposit₹50,000

Sec 54EC Capital GainsCRISIL AAA / ICRA AAA

REC 54EC Capital Gains Exemption Bond

REC Limited (Maharatna Govt of India Enterprise)

DICGC ₹5L Insured80C

Senior Citizen Rate (60+)

5.25%p.a.

Senior: 5.25%

Tenure5 Years Lock-in (Statutory)

Min Deposit₹20,000

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