International Senior Citizens Day: RBL Bank launches special FD with 7.75% returns

On all fixed deposits, especially those with a maturity of 15 months, RBL Bank is offering interest rates that are much more attractive to senior citizens. As per the recently introduced product, the bank will offer an additional interest rate of 0.75% p.a. on fixed deposits to super senior citizens or people of age 80 years and above. Consequently, on fixed deposits maturing in 15 months, RBL Bank is now offering an interest rate of 7.75% per annum. Super Senior Citizens can book this Fixed Deposit through RBL Bank website, RBL Mobank App, Online Banking, Contact Center and free doorstep banking services.

Surinder Chawla, Head – Retail Liabilities, Fees & 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 with an endeavor to make banking simple and attractive, we are introducing special rates and services.”

RBL Bank is currently offering interest rates ranging from 3.75% to 6.25% for senior citizens on fixed deposits of less than Rs. 2 crores mature 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 an overall additional interest rate benefit of 0.75% on fixed deposits with 15 months maturity period. Earlier, RBL Bank had promised a maximum interest rate of 7.50% for senior citizens. Senior citizens will now get 7.75% interest on deposits of 15 months, which is an additional 0.75% from the standard rate of 7.00%.

RBL Bank on its website mentions that “Senior citizens (60 years to less than 80 years) are eligible for an additional interest rate of 0.50% p.a. and super senior citizens (80 years and above) an additional rate of 0.75% p.a. Interest rate is eligible for. Senior Citizen / Very Senior Citizen rates are not applicable to Non-Resident Fixed Deposit (NRE/NRO).”

Other banks including SBI, HDFC, ICICI and IDBI Bank also offer special fixed deposit schemes for older people. For older people, HDFC Bank offers Senior Citizen Care FD scheme, under which the bank offers 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. guarantees. Year 1 day to 10 years. According to HDFC Bank this scheme is valid till 30 September 2022.

In its ICICI Bank Golden Years FD, the bank offers an additional interest rate of 0.20% per annum to the elderly over and above the existing additional rate of 0.50% per annum. The tenure of ICICI Bank Golden Years FD is 5 years and 1 day, up to 10 years, and the program is active till October 07, 2022. Senior individuals can also avail 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% more than the card rate. IDBI Naman Senior Citizen Deposit is available for tenors ranging from more than one year to ten years, and the program will be in force till September 30, 2022. The country’s largest lender, State Bank of India (SBI), offers SBI WeCare Deposit Scheme, with tenures of five years or more. Senior citizens will get an additional premium of 30 bps on SBI WeCare Deposit in addition to the existing 50 bps. SBI Wecare Deposit Scheme is valid till 30 September 2022. At present, older adults can avail the above mentioned special fixed deposit schemes amidst rising interest rates.

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