Home / Money / Personal Finance /  Senior citizens can earn up to 8.3% on FDs at RBL Bank, but there's a catch
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Mumbai-based RBL Bank has revised its fixed deposit rates below 2 crore for both the general public and senior citizens. Initially, an elderly can earn between 3.75% to a maximum of 8.05% on FDs below 2 crore. These interest rates have come into effect from November 25, 2022. However, there is a certain age group of senior citizens who are eligible to earn an additional interest rate of 0.75% per annum on the normal FD rates, taking the rate to as high as a whopping 8.3% per annum. Every bank offers additional interest rate benefits to elderlies on opening a fixed deposit account.

As per RBL Bank's website, with effect from November 25, a senior citizen can earn an 8.05% rate per annum on FDs maturing from 453 days to 725 days. While the bank is offering a 7.50% rate on 12 months to less than 15 months tenure, and from 726 days to 60 months 1-day tenures. However, the interest rate is 6.75% on 60 months 2 days to 240 months tenures.

The 7.50% interest rate is also applicable on tax savings FDs having a maturity period of 60 months.

The above-mentioned interest rates are inflation-beating. India's consumer price index (CPI) came in at 6.77% in October -- easing from its five-month high of 7.41% in September 2022.

On less than 1 year tenures, RBL Bank is offering 6.35% on 241 days to 364 days; 5.50% on 181 days to 240 days; 5% on 91 days to 180 days; and 4.50% on 46 days to 90 days tenures. Further, the bank is giving 4.25% on 15 days to 45 days tenure and 3.75% on 7 days to 14 days tenure to senior citizens.

Meanwhile, super senior citizens earn higher interest rates than compared to other senior citizens. The maximum rate is 8.30% for super senior citizens on tenures from 453 days to 725 days.

The senior citizens are depositors 60 years of age but less than 80 years. That being said, super senior citizens are 80 years and above.

Further, the bank offers 7.75% to elderlies holding 80 years of age and above on FDs maturing from 12 months to less than 15%; and from 726 days to less than 36 months. The rate is 7.30% on 36 months to 60 months 1 day, and 7% on 60 months 2 days to 240 months. On tenures less than 1 year, RBL Bank is offering 6.60% to super senior citizens on 241 days to 364 days; 5.75% on 181 days to 240 days; 5.25% on 91 days to 180 days; 4.75% on 46 days to 90 days; 4.50% on 15 days to 45 days; and 4% on 7 days to 14 days.

Notably, Senior Citizens/Super Senior Citizens rates are not applicable on Non-Resident Fixed Deposits (NRE/NRO).

At RBL Bank, the interest rates are subject to change from time to time. The deposit will be booked upon the availability of clear funds with the bank at an applicable interest rate as of the date of receipt of the funds by the bank.

Further, at RBL Bank, the maximum aggregate amount that can be invested in the Tax Savings Fixed Deposit (80C FD) under a single PAN is 1.5 lakh and the same cannot be closed prematurely before the expiry of the lock-in period of 5 years. Tax Savings Fixed Deposit is applicable for Domestic/NRO (Not Applicable for NRE Fixed Deposits).

On the other hand, the general public receives between 3.25% to 7.55% rates on FDs below 2 crore at RBL Bank.

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