Senior Citizen FD Calculator
Calculate enhanced returns for senior citizens including the special 0.50% interest premium and 80TTB tax checks.
Deposit Details
Maturity Amount Let It Grow
₹14,49,948
Total Effective Rate
7.50%
Principal
₹10,00,000
Total Interest Extracted
₹4,49,948
Section 80TTB Tax Check: Partially Taxable
Your estimated average yearly interest (₹89,990) exceeds the ₹50,000 tax-free limit under Sec 80TTB. You will be taxed on the excess amount, and TDS may apply. Submit Form 15H if your absolute total income is non-taxable.
Yield Breakdown
Frequently Asked Questions
Who is considered a Senior Citizen for an FD?
In India, an individual who has completed 60 years of age is considered a senior citizen for banking purposes. Super senior citizens are those above 80 years of age.
What is the Senior Citizen Premium?
Banks typically offer an additional interest rate of 0.50% (50 basis points) over the regular public rate for senior citizen fixed deposits. Some banks offer an even higher premium for super senior citizens or special tenure deposits.
What is Section 80TTB?
Under Section 80TTB of the Income Tax Act, senior citizens can claim a deduction of up to ₹50,000 per financial year on the interest income earned from deposits (savings accounts, FDs, recurring deposits) held with banks, post offices, or cooperative banks.
Is TDS deducted on Senior Citizen FDs?
TDS (Tax Deducted at Source) is deducted at 10% only if the total interest earned across all branches of the bank exceeds ₹50,000 in a financial year. If your total income is below the taxable limit, you can submit Form 15H to the bank to request no TDS deduction.
Should I choose Cumulative or Non-Cumulative?
If you need a regular monthly or quarterly income to meet your post-retirement living expenses, choose a Non-Cumulative FD. If you have other sources of income (like a pension) and want the money to grow, choose a Cumulative FD for the power of compounding.