Many major banks, including State Bank and PNB, have either revised their fixed deposit (FD) rates or launched new products for super senior citizens (those aged 80 years and above) recently. Usually, banks offer super senior citizens 25 to 75 basis points (bps) higher than the regular rate offered to the general public.
Here’s a comparison of interest rates on term deposits being offered by the State Bank of India, Punjab National Bank, Indian Bank, Union Bank of India and RBL Bank to super senior citizens.
State Bank of India
Also Read Can you take a home loan from a co-operative bank? All you need to know about RBI guidelines Vision & courage defined Dr Manmohan Singh, says Dr Rangarajan IIFL Home Finance expects 15 per cent AUM growth in FY25 NBFCs maintain double-digit credit growth in FY24: RBI report
SBI has launched ‘SBI Patrons’ term deposit for super senior citizens, offering the highest interest rate of 7.60% on tenure of 2 years to less than 3 years. Under the ‘SBI Patrons’ scheme, super senior citizens are getting an interest rate of 10 bps above the card rates applicable for senior citizens, according to the SBI website. A customer can open an FD account with Rs 1,000 under the ‘SBI Patrons’ scheme and raise the amount to Rs 3 crore.
Punjab National Bank
Punjab National Bank (PNB) is offering super senior citizens 30 bps higher interest on fixed deposits when compared to the rate being offered to senior citizens on select tenures. The bank’s highest rate offered is 8.1% on a tenure of 400 days for super senior citizens.
According to the PNB website, “Super Senior Citizens of age 80 years & above shall get an additional rate of interest of 80 bps over the applicable card rate across all maturity buckets.” Senior citizens will get an additional 50 bps over applicable card rates for a period up to 5 years and 80 bps for a period above 5 years on domestic deposits less than Rs 3 crore.
Also read: Fixed deposits offering more than 8% interest rates on 1-2 year FDs – Compare the latest rates
Indian Bank
Indian Bank’s interest rate on FDs for super senior citizens is 25 bps higher than the interest being offered to senior citizens.
» Read More
