Banks offer a slightly higher interest rate on FDs to senior citizens.Public sector lender Punjab National Bank (PNB) has revised its fixed deposit (FD) rates with effect from November 1, 2018.

Fixed deposits (FDs), also known as term deposits, are secure financial instruments, which offer guaranteed returns.

PNB has introduced a special fixed deposit scheme for 555 days effective for a period of November 2018 to March 2019, the lender noted on it's official website- pnbindia.in.

Recently, private lenders such as HDFC Bank and Canara Bank also revised their fixed deposit rates.In a FD account, an investor can park a lump sum amount and avail features like guaranteed returns and choice of interest payout.

FD interest rates vary from one bank to another, depending on factors such as the term of the fixed deposit.

It may be noted that banks offer a slightly higher interest rate on FDs to senior citizens. Here's a comparison of interest rates offered by PNB Bank, SBI, HDFC Bank and ICICI Bank on fixed deposits up to Rs 1 crore:PNB BankThe following FD interest rates are applicable on deposits below Rs 1 crore, according to the bank's website - pnbindia.in:Domestic FD Less Than Rs1 Cr (W.E.F.

01.11.2018)Sl.

NoPeriodGeneral public (% p.a.)For Senior Citizen (% p.a.)17 to 14 days5.76.2215 to 29days5.76.2330 to 45 days5.76.2446 to 90 days6.356.85591 to 179 days6.356.856180 days to 270 Days6.356.857271 days to less than 1 year6.356.8581 year6.757.259555 days**6.857.3510above 1 year upto 3 years6.757.2511above 3 year upto 5 years6.256.7512above 5 years upto 10 years6.257.27 State Bank of India (SBI)The following FD interest rates are applicable on deposits below Rs.

1 crore, according to the bank's website - sbi.co.in:Maturity period (term)Interest rate with effect from July 30, 2018General publicSenior citizen7 days to 45 days5.756.2546 days to 179 days6.256.75180 days to 210 days6.356.85211 days to less than 1 year6.46.91 year to less than 2 year6.77.22 years to less than 3 years6.757.253 years to less than 5 years6.87.35 years and up to 10 years6.857.35(Source: sbi.co.in) HDFC Bank:The following FD interest rates are applicable on deposits below Rs.

1 crore from November 6, 2018, according to the bank's website - hdfcbank.com: ICICI BankThe following FD interest rates are applicable on deposits below Rs.

1 crore, according to the bank's website- icicibank.com:Maturity period (term)Interest rate with effect from August 14, 2018General publicSenior citizen7 days to 14 days44.515 days to 29 days4.254.7530 days to 45 days5.5646 days to 60 days5.756.2561 days to 90 days66.591 days to 120 days66.5121 days to 184 days66.5185 days to 289 days6.57290 days to less than 1 year6.757.251 year to 389 days6.757.25390 days to 2 years77.52 years 1 day up to 5 years7.257.755 years 1 day up to 10 years77.55 Years Tax saver FD (Max up to Rs.

1.50 lac)7.257.75(Source: icicibank.com)Besides banks, post offices and companies also offer fixed deposits.

However, corporate fixed deposits do not guarantee an assured interest income.