4 Banks Providing Best FD Rates For Senior Citizens Above 80 | Popgen Tech

Banks are known to offer senior citizens various benefits ranging from banking services, better interest rates and sometimes even tax deductions. But do you know that there is another category above the elderly known as the super elderly. Individuals who are over 60 years old are called senior citizens and those who are over 80 years old are known as super senior citizens. Several banks have come forward to offer higher interest rates to their customers who are super senior customers.

Here is a list of banks in India that offer the best FD rates to super seniors

Punjab National Bank

As stated on the PNB website, super senior citizens who are above 80 years of age will receive an additional interest rate of 80 basis points above the appropriate paper rate in all maturity buckets . PNB super senior customers will receive the maximum interest rate of 8.10% over a term of 666 days. This rate will be in effect from 12 December 2022. In addition, senior citizens aged between 60 and 80 will receive an extra interest rate of 50 basis points on the relevant card rates up to 5 years and 80 basis points for periods longer than 5 years on domestic deposits of less than Rs 2 crore.

RBL bank

Those aged 80 and over are entitled to a preferential interest rate of 0.75% per annum for all tenures. The bank currently gives 8.3% to senior super. These rates came into effect from 25 November 2022. On the other hand, seniors between 60 and 80 years old can benefit from an additional interest rate of 0.50% per year.

Indian Bank

IB – Golden Ager- Special Term Deposit Account for Super Seniors (Aged 80 years and above) is offering an additional interest rate of 0.25% higher than the additional rate currently being offered for senior citizens with term deposit.

Union Bank of India

For all mandates, Super Senior Citizens are eligible for a preferential interest rate of 0.75% per annum. The additional rate applicable to resident super senior citizen deposits is 0.75% higher than the rate applicable to normal rates for term deposits opened/renewed on or after 1 December 2022. The bank offers the highest interest rate of 8.05% for super senior citizens on terms of 800 days and 3 years. These rates became effective on November 25, 2022. Senior citizens between the ages of 60 and 80 will receive an annual interest rate increase of 0.50%.

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