Good news for senior citizens as seven banks have revised their interest rates upwards on fixed deposits in the week ending November 4, 2023. For senior citizens who rely on FDs for regular income, here is a chance to get the most out of it. These banks include public and private sector undertakings, including one small finance bank. Let us explore Interest On FDs To Senior in banks and the changes in detail. 

Punjab National Bank (PNB)

The bank revised its rates on November 1, 2023. For 60 years and above, the minimum FD rate is 4.0 percent for seven to 45 days, and the maximum rate is 7.75 percent for 444 days. For super senior citizens (80 years and above), the rate is 8.05 percent for the same tenure. The FD rates for 180 to 270 days have been increased to 6.50 percent from 6.0 percent for senior citizens; for super seniors, the rate has been revised from 6.30 percent to 6.80 percent). For 271 to less than a year, the rate has increased from 6.30 percent to 6.75 percent for senior citizens and from 6.60 percent to 7.05 percent for super seniors.   

Bank Of Baroda (BOB) 

Seniors can avail of a maximum of 7.75 percent interest for FDs of more than two to three years. It offers 0.50 percent higher interest to senior citizens than the general public. But, on a few FDs, it offers up to 1.0 percent higher interest to senior citizens, such as FDs for more than five to 10 years, at 7.50 percent, 100 basis points higher than the general public. For more than three to five years, the rate is 7.15 percent or 0.65 percent higher than others. 

Bank Of India (BOI) 

It revised the rates on November 1, 2023. Bank of India offers a maximum of 7.25 percent to senior citizens and 7.40 percent to super senior citizens for three to less than five years. It is 0.75 percent (75 basis points) and 0.90 percent (90 basis points) higher than the general public, respectively. The general public earns 6.50 percent for the same tenure.  

BOI also offers special rates for seniors for tenures of three years and above. For two-year FDs, it provides 7.25 percent interest to all, including the general public. Its minimum FD is Rs 10,000. 

Karnataka Bank

The highest rate for seniors is 7.65 percent. The bank offers additional rates to senior citizens for one year and above FDs, more than the rate available for the general public. After the rate revision on November 1, 2023, seniors can avail of 7.65 percent interest for 444-day FDs, 7.35 percent for one year to two years, 6.90 percent for above two years to five years, and 6.30 percent for above five years to 10 years. 

South Indian Bank

It revised the rate on November 1, 2023. The bank provides a maximum of 7.50 percent interest to senior citizens for one-year- and one-day FDs. It is 0.50 percent higher than the general public. Seniors can get 7.30 percent interest on 500-day FDs, 7.25 percent on 30-month FDs, and 7.10 percent on one-year FDs. For one year and two days to 499 days, 501 to less than 30 months, above 30 months to less than five years, and 66 months, the rate is 7.0 percent; and for more than 66 months to 10 years, the interest rate is 6.50 percent.  

IDFC Bank

IDFC bank’s highest FD rate is 7.75 percent for 549 days to two years. For one year and one day to 548 days, the interest is 7.50 percent; for two years and one day to three years, it is 7.25 percent; and for the period between three years and up to 10 years, the rate is 7.0 percent. These rates are for the general public. Seniors get an additional 0.50 percent over these rates. So, for them, the highest rate is 8.25 percent. The bank revised the rates on November 2, 2023. 

Jana Small Finance Bank

Jana SFB revised rates on November 4. The highest rate for seniors is 9.0 percent for FDs of more than two to three years (1,095 days). Also, seniors can avail of 8.75 percent interest on FDs of more than one year to two years (730 days), 8.50 percent on 365 days, and 7.75 percent for 181 to 364 days, more than three years to less than five years, and five years (1,825 days). For FDs of more than 5 to 10 years, the rate is 7.0 percent. 

Note: Besides these bank FDs, seniors can also consider the HDFC Senior Care FD, whose last date for subscription is November 7, 2023. It offers 7.75 percent for FDs of five years and one day to 10 years.