It’s been only a week to the beginning of 2024, and banks have actively started revising their fixed deposit rates. Last week, seven banks Revise FD Rates For Seniors and this week, ending January 13, 2024, five banks have revised their FD rates, offering senior citizens a maximum of 8.30 per cent.

Another development this week came from the State Bank of India (SBI), which launched its SBI Green Rupee Term Deposit (SGRTD), an initiative to mobilise funds for financing green activities and projects, and developing green finance ecosystem in the country. This special FD offers deposits for three tenures: 1,111 days, 1,777 days, and 2,222 days, with deposit rates of 6.65 per cent, 6.65 per cent, and 6.40 per cent, respectively. This FD allows premature withdrawal as well.

The rate for senior citizens for deposits of 1,111 days and 1,777 days are 7.15 per cent (0.50 per cent extra), while for 2,222 days, it is 7.40 per cent (1 per cent extra). However, non-resident Indian (NRI) senior citizens are not eligible to invest in this FD.

Let us take a look at the other banks that have revised rates this week.

Punjab National Bank (PNB): The public sector bank revised its FD rates on January 8, 2024, after the last revision on January 1, 2024. The highest rate available to senior citizens is 7.75 per cent for FDs of ‘400 days’, and 8.05 per cent for super senior citizens for the same tenure.

The revision in deposit rates this week has been done only for fixed deposit with tenure of ‘300 days’. It has increased 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 deposit rate for other tenures remains the same. For ‘one year’, the deposit rate for senior citizens is 7.25 per cent, while for tenures of ‘more than one year to 399 days’ the deposit rate is 7.30 per cent. For ‘400 days’, the deposit rate is 7.75 per cent, and for ‘401 days to two years’, it is 7.30 per cent. For tenures ‘above two years and up to three years’, ‘above three years and up to five years’, and ‘above five years to up to 10 years’, the deposit rates for seniors are 7.50 per cent, 7per cent, and 7.30 per cent, respectively.

Super senior citizens receive an additional 30 basis points (0.30 per cent) on these rates for all tenures except ‘five years to 10 years’, where the rate is the same for them at 7.30 per cent.

Also Read: Start Investing Early To Take Benefit Of Power Of Compounding

Central Bank Of India (CBI):The bank offers a maximum deposit rate of 7.50 per cent to senior citizens, a 50 basis points additional rate over the rates applicable to others. After the revision on January 10, 2024, the rate for ‘one year to less than two years’ is 7.25 per cent, for ‘two years to less than three years’, it is 7.50 per cent, and for ‘three years to less than five years’ and ‘five years to up to 10 years’, the deposit rates are 7per cent and 6.75 per cent, respectively.

For its special FDs of ‘444 days’, this public sector bank offers 7.60 per cent. The deposit rate for ‘555 days’ and ‘999 days’ are 7.75 per cent and 7 per cent, respectively.

Bank Of Maharashtra (BoM):The bank offers the highest deposit rate of 7per cent to the general public and an additional 50 basis points (0.50 per cent) to senior citizens. For all FDs of more than 91 days and which are for less than Rs 2 crore, the bank offers an additional 50 basis points to senior citizens. The bank offers a rate of interest of 7 per cent for ‘one year’, 6.75 per cent for tenures of above one year to three years, and 6.50 per cent for tenures above three years.

For special tenures of ‘200 days’ and ‘400 days’, the deposit rates are 7.50 per cent and 7.25 per cent, respectively. The bank revised its rates on January 9, 2024.

J&K Bank: The bank revised its rates on January 11, 2024, but only for deposits with tenures of ‘181 days to 270 days’, offering a deposit rate of 6.25 per cent. For tenures of ‘271 days to less than one year’, the bank provides a rate of interest of 6.50 per cent. The highest rate offered by the bank is 7.60 per cent for senior citizens for tenures of ‘one year to less than two years’. For tenures of ‘two years to less than three years’, the bank is offering a deposit rate of 7.50 per cent, and for tenures of ‘three years and above’, the rate of interest is 7 per cent.

Shivalik Small Finance Bank: The bank revised its FD rates on January 8, 2024, and offers the highest rate of interest of 8.30 per cent to senior citizens for tenures of ’12 months to 24 months’. For longer tenure, such as ’24 months one day to 36 months, the bank is offering a deposit rate of 8 per cent. For other tenures, such as ‘36 months one day to 60 months, and 60 months one day to 120 months, the bank is offering a deposit rate of 7 per cent and 6.75 per cent, respectively.