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Seniors Can Avail Of Fixed Deposit Rates Up To 8.25%; Know The Revised Rates Of Federal Bank, BOB, And 3 Others

Seniors can avail of up to 8.25 per cent on FDs; here are the revised rates of five banks.

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Outlook Money
January 20, 2024
Seniors Can Avail Of FD

Seniors Can Avail Of FD

Bank of Baroda (BoB), Union Bank of India (UBI), Karnataka Bank, IDBI Bank, and Federal Bank have revised their fixed deposit (FD) interest rate in the week ending January 20, 2024. Seniors Can Avail Of FD Rates up to a maximum of 8.25 per cent. Here are the details.

Bank Of Baroda (BOB): 

Those 60 years and older can avail of a maximum of 7.75 per cent on fixed deposits with the bank after the rate revision on January 15, 2024.It offers at least 50 basis points additional rates to seniors. For one year to less than two years, it offers 7.35 per cent to seniors, 7.75 per cent for above two years to up to three years, and 7.15 per cent for above three years up to five years. For above five years to up to 10 years, they can avail of 7.50 per cent, and 7.65 per cent for special 399-day tenure or the Baroda Tiranga Plus Deposit Scheme.   

Union Bank Of India (UBI): 

UBI revised the rates on January 19, 2024, offering a maximum of 7.75 per cent to senior citizens and 8.00 per cent to super senior citizens (80 years and older). It offers 7.25 per cent for one year and one year to 398-day FDs, 7.75 per cent for 399 days, and 6.50 per cent for all tenures from 400 days to up to 10 years. Super seniors get an additional 0.25 per cent over the rates available for senior citizens. So, it is 7.50 per cent for one year to 398 days, 8.00 per cent for 399 days, and 6.75 per cent for FDs of more than 399 days to 10 years. 

Also Read: 4 Things You Can Do If Employer Stops EPF Contribution

Karnataka Bank: 

It revised the rate on January 20, 2024, a second time this month. After the latest revision, it offers the highest 7.75 per cent to senior citizens. For one year to two-year FDs,it is 7.35 per cent, 6.90 per cent for above two years to five years, and 6.30 per cent for above five years to 10 years. These include additional 0.40 per cent offered to seniorsfor more than one year up to five year FDs and an additional 0.50 per cent for over five years to up to 10-yearFDs. 

For special FDs of 375 days and 444 days, it offers 7.50 per cent and 7.65 per cent, respectively. 

IDBI Bank:

The bank revised rates on January 17, 2024, offering the highest 7.75 per cent to seniors. For one year to two-year FDs, it is 7.30 per cent (except 375 days and 444 days), 7.50 per cent for over two years to less than three years, 7.00 per cent for three years to five years, and 6.75 per cent for more than five years to 10 years. For special tenure FDs of 375 days and 444 days, called Utsav Callable FDs, it offers 7.60 per cent and 7.75 per cent, respectively to senior citizens. These special FDs are open for deposits up to March 31, 2024.  

Federal Bank: 

Senior citizens can avail of a maximum of 8.25 per cent on 500-day FDs. The bank revised the rates on January 17, 2024, offering 7.30 per cent for one year to less than 13-monthFDs, 7.80 per cent for 13 months to 499-day FDs, and 8.25 per cent rate for 500-day FDs. 

For 501 days to 21 months, the interest is 7.80 per cent, for above 21 months to less than three years, it is 7.55 per cent, and for three years to less than five years, and five years and above, the interest ratesare 7.50 per cent and 7.25 per cent, respectively.

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Maximise Your Savings With Senior Citizen FD Rates

Fixed deposits are a secure investment option with attractive interest rates for senior citizens. Explore the highest FD rates across government banks, private banks, small finance banks, and corporate FDs to maximise your savings. However, also consider factors, such as tenure, credibility, premature withdrawal, senior citizen premium, and tax implications for an informed decision.

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