Home / Money / Personal Finance /  International Senior Citizens Day: RBL Bank debuts special FD with 7.75% return
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In honour of International Senior Citizens Day to be celebrated tomorrow 21st August, RBL Bank has revealed that it has introduced a Super Senior Citizen Fixed Deposits Product.

On all Fixed Deposits, especially those with a maturity of 15 months, RBL Bank has been providing interest rates that are much more attractive for senior citizens. In accordance with the recently introduced product, the bank will provide Super Senior Citizens or those who are 80 years of age or more, with an additional interest rate of 0.75% per annum on fixed deposits. Consequently, on fixed deposits maturing in 15 months, RBL Bank is now offering an interest rate of 7.75% per year. Super Senior Citizens can book this fixed deposit through RBL Bank website, RBL MoBank App, online banking, Contact Centre and through free doorstep banking services.

Surinder Chawla, Head – Retail Liabilities, Fee and Digital Bank, RBL Bank, said, “We are delighted to offer additional rates to our Super Senior Citizens on the occasion of International Senior Citizens day. We value the contribution of our Senior Citizens and are launching special rates and services with an endeavour to make Banking simple and attractive."

RBL Bank is currently offering an interest rate ranging from 3.75% to 6.25% for senior citizens on fixed deposits of less than 2 Cr maturing in 7 days to 240 months. On the occasion of International Senior Citizens Day, RBL Bank will now offer an additional interest rate of 0.25% in addition to the existing additional rate of 0.50%, for a total additional interest rate benefit of 0.75% on fixed deposits with a 15-month maturity period. Previously, RBL Bank had promised a maximum interest rate of 7.50% for senior citizens. Senior citizens will now receive 7.75% interest on deposits of 15 months, which is an additional 0.75% over the standard rate of 7.00%.

RBL Bank has mentioned on its website that “Senior Citizens (60 years to less than 80 years) are eligible for additional interest rate of 0.50% p.a. and Super Senior Citizens (80 years and above) are eligible for additional interest rate of 0.75% p.a. Senior Citizens/Super Senior Citizens rates are not applicable on Non Resident Fixed Deposits (NRE/NRO)."

Other banks including SBI, HDFC, ICICI, and IDBI Bank also provide special fixed deposit schemes for older folks. For elderly people, HDFC Bank provides the Senior Citizen Care FD scheme, under which the bank guarantees senior citizens an additional premium of 0.25% over and above the prevailing premium of 0.50% on fixed deposits of less than 5 crores maturing in 5 (five) years 1 day to 10 years. This scheme is valid till 30th September 2022, as per HDFC Bank.

In its ICICI Bank Golden Years FD, the bank provides elderly persons with an additional interest rate of 0.20% over and above the existing additional rate of 0.50% annually. The ICICI Bank Golden Years FD has a term of 5 years and 1 day, up to 10 years, and the programme is active till October 07th, 2022. Senior individuals can also take advantage of IDBI Bank's Naman Senior Citizen Deposit, which gives an additional 0.25% in interest over and above the existing 0.50% annual additional rate, for a total of 0.75% above the card rate. The IDBI Naman Senior Citizen Deposit is available with terms ranging from more than a year to ten years, and the programme will be in force till September 30, 2022. The largest lender in the nation, State Bank of India (SBI), offers the SBI Wecare Deposit Scheme, which has a tenure of five years and more. Senior citizens will get an additional premium of 30 bps on the SBI Wecare Deposit in addition to the current 50 bps. SBI Wecare Deposit Scheme is valid till 30th September 2022. Currently, older adults may take advantage of the above-discussed special fixed deposit plans amid rising interest rates.

ABOUT THE AUTHOR

Vipul Das

Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
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