Synopsis: Some banks offer attractive fixed deposit schemes for 2026 with the best rate offered by some banks up to 7.75% per annum for senior citizens. In this article, the interest rates offered by the various banks under the FD scheme are compared.
Fixed deposits (FD) are still one of the preferred investment vehicles that Indians choose to invest in because of the fixed interest rates offered, safety of investment and regular returns that are generated through these. Among the many special deposit schemes available, 555-day FDs have become popular with investors who want to achieve an appropriate balance between the investment period and returns. Because it’s a shorter term than the typical three to five years, and also has a higher interest rate.
What is a 555-Day Fixed Deposit?
A special fixed deposit scheme with a maturity period of 555 days offered by some banks. It is for a period of around 1 year 6 months and 10 days, which is usually in the higher interest bracket than the 1-year or 2-year FDs. The schemes are typically available for a short time and rates may be subject to change or the scheme may be withdrawn at the discretion of the bank.
1. Central Bank of India New Cent Super 555 Days)
The highest senior citizen rate among the banks compared here is offered by Central Bank of India in its “New Cent Super 555 Days” scheme, which has a callable deposit rate of 7.75% p.a. The general citizens interest rate is 7.25% per annum. The scheme accepts deposits ranging from ₹10,000 to less than ₹10 crore.
2. City Union Bank
City Union Bank (CUB) offers competitive rates of 7.25% p.a.for general citizens, 7.50% p.a. for senior citizens (above 60 years) and 7.55% p.a. for super senior citizens for their general deposit. Flexible interest payment options (monthly, quarterly, half-yearly and cumulative).
3. Karnataka Bank
Karnataka Bank provides a special 555 day FD with a rate of 7% p.a. to general citizens and 7.40% p.a. to senior citizens with an extra 0.40% to the normal interest for senior citizens. This tenure does not have a separate super senior citizen category with the bank.
4. Indian Bank
Indian Bank is providing deposits of 6.80% p.a. for citizens, 7.30% p.a. for senior citizens and 7.55% p.a. for super senior citizens for a period of 555 days. The scheme offers the chance to enjoy public sector bank stability and security, while enjoying greater returns.
5. Union Bank of India
The Union Bank of India has a 555 day FD rate of 6.65% p.a. for the general public. This will increase by a further 0.50% (to 7.15% p.a.) for senior citizens (aged 60 and over), and a further 0.75% (to 7.40% p.a.) for super senior citizens (aged 80 and over).
6. Canara Bank
The FD in Canara bank is offered to general citizens at 555 days with 6.60% per annum. Senior citizens receive a rate of 7.10% p.a. while super senior citizens get a rate of 7.20% p.a. The bank offers nomination service, loan service and auto-renewal service. It is a government owned bank with a huge network of branches which makes it a sound investment option for conservative investors in India.
7. IDBI Bank
The IDBI Bank general citizens get 6.40% per annum, senior citizens 6.90% per annum and the super senior citizens 7.05% per annum for 555-day term deposits. The bank provides flexibility along with interest payout options and facilities of loan/overdraft on FDs.
Also Read: 4 Major Banks Offering GIFT City Fixed Deposits for NRIs: High Returns, Tax Benefits & Global Access
555-Day Special Fixed Deposit Interest Rates (2026)
Note: Interest rates are subject to change at the discretion of the respective banks. Always verify rates directly with the bank before investing.
Key Features to Know Before Investing
- Eligibility: Most of the 555-day schemes are available for all resident individuals, HUFs and in some cases NRIs under NRO accounts. Senior citizen rates are usually for a senior, defined as age 60 and over, and super senior citizen rates are for seniors 80 and over (if available).
- Premature Withdrawal: The most important feature of a callable FD is that most of them permit premature withdrawals with a penalty, which is usually 0.50% to 1% of the interest rate. The non callable FD usually won’t allow the account holder to exit the FD unless for specific reasons like death of the account holder.
- TDS (Tax Deducted at Source): Interest received on FDs is taxable as “Income from Other Sources”. Interest income above ₹50,000 for general citizens and above ₹1,00,000 for senior citizens. If PAN is provided, TDS will be deducted at 10% else at 20%. To prevent TDS, investors with income that is not taxable can submit Form 15G (for general citizens) or Form 15H (for senior citizens).
- Deposit Insurance and Credit Guarantee Corporation (DICGC) Insurance: All the deposits made in scheduled commercial banks are insured by the Deposit Insurance and Credit Guarantee Corporation up to ₹5 lakh per depositor per bank, including both principal and interest.
- Loan Against FD: The most important thing is that most banks offer loans or overdraft facilities up to 90% of the principal of an FD without closing the account.
Written By Ameet S
