Five banks have revised their FD interest rates before the Reserve Bank of India’s (RBI) monetary policy committee (MPC) meeting from August 5 to 8, 2024. These banks include Punjab National Bank (PNB), Bank of India (BOI), Union Bank of India, RBL Bank, and Federal Bank. Here are the details of interest rates for senior citizens.

Punjab National Bank (PNB):

The bank revised rates on August 1, 2024. Post the interest rate revision, it offers the highest 7.75 per cent to senior citizens (60 years and above) and 8.05 per cent to super senior citizens (80 years and above). The bank offers 0.50 per cent additional interest to seniors for up to five five-year tenures and a 0.80 per cent additional rate beyond five years. For super seniors, a 0.80 per cent additional rate is applicable across tenures. Here are the rates for seniors:

–      7.30 per cent for one year to 399 days

–      7.75 per cent for 400 days

–      7.30 per cent for 401 days to two years

–      7.50 per cent for more than two years to three years

–      7.00 per cent for more than three years to 1203 days

–      6.90 per cent for 1204 days

–      7.00 per cent for 1205 days to five years

–      7.30 per cent for more than five years to 1894 days

–      7.15 per cent for 1895 days

–      7.30 per cent for 1896 days to ten years.

Super seniors get an additional 0.30 per cent on these rates up to five years tenures, and beyond five years, the rates are the same for seniors and super seniors.

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Bank Of India (BOI):

It also revised FD interest rates on August 1, 2024, and offers a maximum of 7.80 per cent for senior citizens and 7.95 per cent for super seniors for ‘666 days’ tenure. The rates for senior citizens are:

–     7.30 per cent for one year to less than two years

–     7.80 per cent for 666 days

–     7.30 per cent for two years

–     7.25 per cent for above two years to less than five years

–     6.75 per cent for five years to 10 years.

For super seniors, an additional 0.15 per cent rate over senior rates is available for tenures starting from 180 days.

Union Bank Of India:

Seniors can avail of the highest 7.75 per cent on ‘399 days’ tenure with the bank FD. The bank revised the interest on August 2, 2024. The rates for seniors are:

–      6.80 per cent for one year to 398 days

–      7.75 per cent for 399 days

–      7.10 per cent for 400 days to 996 days

–      6.90 per cent for 997 days

–      7.10 per cent for more than 998 days to less than three years except for 999 days

–      6.90 per cent for 999 days

–      7.20 per cent for three years

–      7.00 per cent for more than three years to five years.

Super seniors get an additional 0.25 per cent over the rates available for seniors.

RBL Bank:

The bank offers seniors the highest 8.60 per cent. The FD interest rates for senior citizens are:

–      8.00 per cent for 365 days to 452 days (12 months to less than 15 months)

–      8.30 per cent for 453 days to 499 days (15 months to 16 months 14 days)

–      8.60 per cent for 500 days

–      8.30 per cent for 501 days to 545 days (16 months 16 days to less than 18 months)

–      8.50 per cent for 546 days to 24 months (18 months to 24 months)

–      8.00 per cent for 24 months one day to 36 months

–      7.60 per cent for 36 months one day to 60 months one day

–      7.50 per cent for 60 months two days to 120 months.

Super seniors are offered 0.25 per cent interest over the interest rates for senior citizens. The banks revised its interest rates on July 29, 2024.

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Federal Bank:

The highest interest rate after the rate revision by the bank is 7.90 per cent for senior citizens. Here are the details of senior citizens’ rates.

–      7.30 per cent for one year to 399 days

–      7.70 per cent for 13 months to 399 days

–      7.85 per cent for 400 days

–      7.55 per cent for 401 days to 776 days

–      7.90 per cent for 777 days

–      7.55 per cent for 778 days to less than three years

–      7.50 per cent for three years to less than 50 months

–      7.90 per cent for 50 months

–      7.50 per cent for above 50 months to less than five years

–      7.25 per cent for five years and above.

Federal Bank revised the rates on August 2, 2024.