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. Generally, 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 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 and above are considered as 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 and above. Its objective is to offer higher interest rates 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 interest rate 10 basis points (bps) higher than the card rates applicable for senior citizens. SBI offers the highest interest rate of 7.60% on Super Senior Citizen FD for tenure of 2 years to less than 3 years and 5 years to 10 years.
Punjab National Bank
PNB Super offers a maximum interest rate of 8.10% for senior citizens on a tenure of 400 days. According to the PNB website, “Super senior citizens aged 80 years and above will benefit from an additional interest rate of 80 basis points (bps) over the applicable card rate for all maturity tenures.”
Indian Bank
Super Senior Citizens are being given 25 bps higher interest rate than senior citizens by Indian Bank. The bank’s special fixed deposit ‘IND SUPER 400 DAYS’ scheme for super senior citizens offers a higher interest rate of 8.05% on investments from Rs 10,000 to less than Rs 3 crore. The scheme offers callable option in the form of FD/MMD. Additionally, the ‘IND SUPREME 300 DAYS’ scheme offers an interest rate of 7.80% for 300 days on investments from Rs 5,000 to less than Rs 3 crore. Both the schemes are valid till March 31, 2025.
RBL Bank
RBL Bank is providing 0.25% more interest on FD to Super Senior Citizens as compared to Senior Citizens. According to the RBL Bank website, senior citizens (60 to 80 years) get the benefit of 0.50% additional interest annually on FD, while super senior citizens (80 years and above) are given the benefit of 0.75% additional interest annually. However, these interest rates are not applicable to Non-Resident Fixed Deposits (NRE/NRO). The bank is offering the highest interest rate of up to 8.75% on FD of 500 days for super senior citizens.
Union Bank of India
According to the Union Bank of India website, “An additional interest rate of 0.50% above the normal rate is given on deposits of Resident Senior Citizens. This additional interest rate is 0.75% above the normal rate for Resident Super Senior Citizens, which is This is 0.25% more than the interest rate being received by Rs.
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