Super senior citizens, those aged 80 and above, have the opportunity to earn considerably higher returns on their fixed deposits (FDs) compared to regular depositors. Several prominent banks in India, including the State Bank of India (SBI), Punjab National Bank (PNB), Union Bank of India, Indian Bank, and RBL Bank, offer attractive interest rates tailored specifically for this age group. Let’s explore the fixed deposit options available for super senior citizens from these top banks.
Who are Super Senior Citizens?
Super senior citizens are individuals aged 80 years or older. In recognition of their unique financial needs, banks provide enhanced interest rates on their fixed deposits, allowing them to maximize their savings during their retirement years. These higher rates serve as a gesture of appreciation for their long-standing relationship with the bank, as well as to help meet their financial requirements.
SBI Patrons: Exclusive FD Rates for Super Senior Citizens
The State Bank of India offers a specialized FD scheme called ‘SBI Patrons’ for super senior citizens. This scheme is available to both new and existing customers who are 80 years or older. It provides an additional 10 basis points (bps) over the regular senior citizen FD rates.
For super senior citizens, SBI offers the highest interest rate of 7.60% for fixed deposits with tenures of 2 years to less than 3 years, as well as for deposits with terms ranging from 5 years to 10 years. This makes SBI a competitive option for elderly individuals looking to grow their savings securely.
PNB Special FD Rates for Super Senior Citizens
Punjab National Bank (PNB) also recognizes the need for higher returns for super senior citizens. The bank offers an interest rate of 8.10% on fixed deposits with a tenure of 400 days for this age group. In addition to this, PNB provides an extra 80 bps over the applicable senior citizen rates, making their FD options highly appealing for elderly depositors.
Indian Bank’s Special FD Offer for Super Senior Citizens
Indian Bank offers two retail term deposit products with attractive interest rates for super senior citizens. The “IND SUPER 400 DAYS” scheme provides an interest rate of 8.05% for investments ranging from ₹10,000 to ₹3 crore for a term of 400 days. Another option, “IND SUPREME 300 DAYS,” offers an interest rate of 7.80% for deposits from ₹5,000 to ₹3 crore for a term of 300 days. Both of these special FD offers are valid until March 31, 2025.
RBL Bank’s High FD Rates for Super Senior Citizens
RBL Bank offers an excellent interest rate for super senior citizens, with an additional 0.75% per annum on their deposits. The highest rate available is 8.75% on fixed deposits with a tenure of 500 days, making it one of the most attractive offerings for super senior citizens.
Union Bank of India: Attractive FD Rates for Senior and Super Senior Citizens
Union Bank of India provides an additional interest rate component for senior and super senior citizens. For super senior citizens, the bank offers an additional 0.75% above the normal FD rates. The rates for general customers range from 3.5% to 7.3% for tenures ranging from 7 days to 10 years, while super senior citizens benefit from the extra 0.75% on top of these rates, enhancing their returns.
Final Thought’s
Super senior citizens have access to various high-interest fixed deposit schemes offered by leading banks in India. From SBI’s ‘SBI Patrons’ to PNB’s 8.10% rates and RBL’s outstanding 8.75%, these banks provide excellent options to ensure that elderly depositors can earn higher returns on their savings. Choosing the right bank and FD scheme can help super senior citizens secure their financial future with attractive interest rates and added benefits.
