Banks are known to offer senior citizens several benefits ranging from banking services, better interest rates and at times even tax deductions. But do you know that there is another category above the senior citizens known as the super senior citizens. Individuals who are above the age of 60 are referred to as senior citizens and those above the age of 80 are known as super senior citizens. Several banks have come forward to offer higher interest rates to their customers who are super senior citizen customers.
Here is a list of banks in India that offer the best FD rates to super senior citizen
Punjab National Bank
As stated on the PNB website, super senior citizens over the age of 80 will receive an additional rate of interest of 80 basis points above the appropriate card rate across all maturity buckets. PNB super senior customers will receive the maximum interest rate of 8.10% on a 666-day term. This rate will be in effect from December 12, 2022. Furthermore, senior citizens aged between 60 and 80 years would receive an extra rate of interest of 50 basis points over relevant card rates for 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 up are entitled to a preferential interest rate of 0.75% per annum for all tenures. The bank currently gives 8.3% to super senior citizens. These rates were put into effect from November 25, 2022. Senior citizens between the ages of 60 and 80, on the other hand, can benefit from an additional interest rate of 0.50% per annum.
Indian Bank
IB – Golden Ager- A Special Term Deposit Account for Super Senior Citizens (Aged 80 and above) is offering an additional 0.25% increased rate of interest over and above the additional rate that is currently being offered for senior citizens on term deposit.
Union Bank of India
For all tenures, Super Senior Citizens are eligible for a preferential interest rate of 0.75% per annum. The additional rate applicable to resident super senior citizen term deposits is 0.75% higher than the rate applicable to normal rates for term deposits opened/renewed on or after December 1, 2022. The bank offers the highest interest rate of 8.05% for super elderly 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 a 0.50% annual interest rate increase.
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