Many major Indian banks, including State Bank of India (SBI), Punjab National Bank (PNB), Indian Bank, Union Bank of India, and RBL Bank, have introduced new fixed deposit (FD) schemes for super senior citizens aged 80 and above. As per the Income Tax Act, residents aged 80 years or above are considered super senior citizens. This age group is entitled to higher returns on FDs than senior citizens above 60 years.
SBI has launched a special FD scheme called ‘SBI Patrons’ for super senior citizens, offering 10 basis points (bps) higher interest rates than the current rates. 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.
PNB offers a maximum interest rate of 8.10% for super senior citizens for a tenure of 400 days, with an additional 80 bps interest rate benefit over the applicable card rate. Indian Bank is offering 25 bps higher interest rate to super senior citizens than senior citizens, with its ‘IND SUPER 400 DAYS’ scheme offering 8.05% for super senior citizens.
RBL Bank is offering 0.25% higher interest on FDs to super senior citizens than senior citizens, with the highest interest rate of up to 8.75% on 500 days FD for super senior citizens. Union Bank of India is offering an additional interest rate of 0.50% over the normal rate for resident senior citizens, with a bonus 0.25% higher rate for resident super senior citizens.
These new FD schemes are available to existing and new customers, and the interest rates are valid until March 31, 2025. Super senior citizens can consider these schemes to earn higher returns on their fixed deposits, making them a great option for those looking to maximize their returns in a relatively low-risk investment.