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These 6 Banks Have Revised FD Rates; Seniors Can Earn Up To 9.50%

Six banks revised their fixed deposit rates in the week ending February 3, 2024. Learn more

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February 3, 2024
These 6 Banks Have Revised FD Rates

These 6 Banks Have Revised FD Rates

These 6 Banks Have Revised FD Rates for senior citizens in the week ending February 3, 2024. Seniors aged 60 and older and super senior citizens 80 and above can avail of up to 9.50 per cent on FDs with the additional points they accrue as a bonus. Let’s dive into the rates.

Punjab & Sind Bank:

The highest rate for a senior citizen is 8.10 per cent.

The bank revised the rates on February 1. For FDs of 180 days and above, it offers seniors 0.50 per cent more than others. For 222-day FDs, it provides 7.50 per cent; for 333-day, it gives 7.65 per cent; and for 444 days, it provides 8.10 per cent. These special FDs are valid up to March 31, 2024. The interest rate on FDs of six months to one year ranges from 5.75 to 6.00 per cent.

For all tenures of over a year, the rate for senior citizens is over 6.00 per cent. For one year, it is 6.70 per cent; for over one year to two years, 6.50 per cent; for more than two to less than three years, it is 6.30 per cent and 6.50 per cent and 6.75 per cent for three years to five years and five years to 10 years, respectively.

Punjab National Bank (PNB):

Highest rate for senior citizens: 7.75 per cent

Senior citizens can get a maximum of 7.75 per cent on FDs of 400 days. It revised rates on February 2, 2024, increasing the rate for 300 days from 6.75 per cent to 7.55 per cent for senior citizens and from 7.05 per cent to 7.85 per cent for super senior citizens. The other rates remained the same. The bank offers a 0.50 per cent additional rate to senior citizens for up to five years and 0.80 per cent extra for more than five years. Super seniors are offered a default 0.80 per cent additional rate across all tenures.

The rate offered to senior citizens post-revision is 7.30 per cent (One year), 7.35 per cent (More than one year to 399 days), 7.80 per cent (400 days), and 7.35 per cent (401 days to two years). For more than two years to three years, the rate is 7.55 per cent, and for more than three years to five years and more than five years to 10 years, it is 7.05 and 7.35 per cent, respectively.

Dhanlaxmi Bank:

Highest rate for senior citizens: 7.75 per cent

Danlaxmi Bank revised rates on February 1, 2024, and offers 0.50 per cent extra to senior citizens for one year and above tenures. It offers 7.25 per cent for ‘one year and above to two

years’, 7.75 per cent for ‘555 Days (18 months and seven days)’, and 7.0 per cent for more than two to three years. The rate is 7.10 per cent for tenures of more than three years to ten years.

Karnataka Bank:

The highest rate for senior citizens is 7.80 per cent.

This private sector bank revised interest rates on FDs on February 1, 2024. It offers senior citizens 0.40 per cent additional rates, providing the highest of 7.80 per cent. Seniors can avail of 7.80 per cent on ‘375 days’ FD and 7.65 per cent on 400 days FD with the bank.

For other tenures such as ‘one year to two years’, it offers 7.50 per cent, for above two years to five years 6.90 per cent, and for above five years to ten years, 6.30 per cent to senior citizens.

Karur Vysya Bank (KVB):

The highest rate for senior citizens is 8.00 per cent.

Effective February 1, 2024, KVB offers senior citizens the highest 8.00 per cent on its 444-day FD, followed by 7.80 per cent on 333-day FD.

The rate is 7.40 per cent for various tenures from one year to five years, except the 444-day tenure for which the bank offers the highest interest rate. For tenures of more than five years to up to 10 years, the bank provides 6.65 per cent to seniors.

Unity Small Finance Bank:

The highest rate for senior citizens is 9.50 per cent.

Small finance banks generally offer higher rates than larger banks. At Unity Small Finance Bank, seniors can get up to 9.50 per cent on FDs of 1,001 days.

The bank revised rates on February 2, 2024. It provides 9.25 per cent to senior citizens for more than six months to 201-day FDs. For more than one year to 18 months, it offers 8.35 per cent to senior citizens except for 501-day FDs, whose rate is 9.25 per cent.

For more than 18 months to 700 days tenure, the interest provided by the bank is 8.40 per cent; for 701 days, 9.45 per cent; for 702 days to 1000 days, 8.40 per cent; and for 1001 days, 9.50 per cent. Further, from 1,002 days to five years and more than five years to 10 years, the bank offers 8.65 per cent and 8.00 per cent, respectively to seniors.

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