Bank FD Rate Changed: Many big banks including State Bank of India (SBI) and Punjab National Bank (PNB), one of the leading banks of India, have changed the interest rates of their fixed deposits (FD). These banks have launched many new FD schemes for super senior citizens. Super senior citizens are being offered higher interest rates on FD
Bank FD Rate Changed: Super senior citizens (80 years) can earn higher returns on their fixed deposits (FD) than ordinary citizens. Major Indian banks like State Bank of India (SBI), RBL Bank, Union Bank of India, Indian Bank and Punjab National Bank (PNB) are offering attractive interest rates for this age group. Usually investors above 60 years of age get 0.25% to 0.75% more interest on FD than general customers. At the same time, super senior citizens are also provided higher returns than senior citizens above 60 years of age. Many big banks including SBI, PNB have changed their fixed deposit (FD) interest rates and also launched new FD schemes for super senior citizens.
According to section 194P of the Income Tax Act 1961, resident individuals aged 80 years or above are considered super senior citizens. If you are a super senior citizen and want better returns on FD, then you must be aware of the FD schemes and interest rates offered by SBI, PNB, Indian Bank, Union Bank of India and RBL Bank.
State Bank of India
SBI has launched a special fixed deposit (FD) scheme ‘SBI Patrons’ for senior citizens aged 80 years or above. Its purpose is to offer more interest to super senior citizens than the current rates. The ‘SBI Patrons’ scheme is available to both existing and new fixed deposit (FD) customers. According to the State Bank of India website, under this scheme, super senior citizens will get the benefit of 10 basis points (bps) higher interest rate than the card rates applicable for senior citizens. SBI offers the highest interest rate of 7.60% on super senior citizen FDs for tenures of 2 years to less than 3 years and 5 years to 10 years.
Punjab National Bank
PNB offers a maximum interest rate of 8.10% for super senior citizens for a tenure of 400 days. According to the PNB website, “Super senior citizens aged 80 years and above will get the benefit of an additional interest rate of 80 basis points (bps) over the applicable card rate for all maturity periods.”
Indian Bank
Indian Bank is offering 25 bps higher interest rate to super senior citizens than senior citizens. The bank’s special fixed deposit ‘IND SUPER 400 DAYS’ scheme offers a higher interest rate of 8.05% for super senior citizens on investments ranging from Rs 10,000 to less than Rs 3 crore. The scheme offers a callable option in the form of FD/MMD. Apart from this, the ‘IND SUPREME 300 DAYS’ scheme offers an interest rate of 7.80% for 300 days on investments ranging from Rs 5,000 to less than Rs 3 crore. Both schemes are valid till March 31, 2025.
RBL Bank
RBL Bank is offering 0.25% higher interest on FDs to super senior citizens than senior citizens. According to the RBL Bank website, senior citizens (60 to 80 years) get 0.50% additional interest per annum on FDs, while super senior citizens (80 years and above) are given the benefit of 0.75% additional interest per annum. However, these interest rates do not apply to non-resident fixed deposits (NRE/NRO). The bank is offering the highest interest rate of up to 8.75% on 500 days FD for super senior citizens.
Union Bank of India
According to the Union Bank of India website, “An additional interest of 0.50% over the normal rate is paid on deposits of resident senior citizens. This additional interest rate for resident super senior citizens is 0.75% over the normal rate, which is 0.25% higher than the interest rate given to senior citizens.”
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