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 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 per cent for seven to 45 days, and the maximum rate is 7.75 per cent for 444 days. For super senior citizens (80 years and above), the rate is 8.05 per cent for the same tenure. The FD rates for 180 to 270 days have been increased to 6.50 per cent from 6.0 per cent for senior citizens; for super seniors, the rate has been revised from 6.30 per cent to 6.80 per cent). For 271 to less than a year, the rate has increased from 6.30 per cent to 6.75 per cent for senior citizens and from 6.60 per cent to 7.05 per cent for super seniors.
Bank Of Baroda (BOB)
Seniors can avail of a maximum of 7.75 per cent interest for FDs of more than two to three years. It offers 0.50 per cent higher interest to senior citizens than the general public. But, on a few FDs, it offers up to 1.0 per cent higher interest to senior citizens, such as FDs for more than five to 10 years, at 7.50 per cent, 100 basis points higher than the general public. For more than three to five years, the rate is 7.15 per cent or 0.65 per cent higher than others.
Bank Of India (BOI)
It revised the rates on November 1, 2023. Bank of India offers a maximum of 7.25 per cent to senior citizens and 7.40 per cent to super senior citizens for three to less than five years. It is 0.75 per cent (75 basis points) and 0.90 per cent (90 basis points) higher than the general public, respectively. The general public earns 6.50 per cent 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 per cent interest to all, including the general public. Its minimum FD is Rs 10,000.
The highest rate for seniors is 7.65 per cent. 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 per cent interest for 444-day FDs, 7.35 per cent for one year to two years, 6.90 per cent for above two years to five years, and 6.30 per cent 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 per cent interest to senior citizens for one-year- and one-day FDs. It is 0.50 per cent higher than the general public. Seniors can get 7.30 per cent interest on 500-day FDs, 7.25 per cent on 30-month FDs, and 7.10 per cent 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 per cent; and for more than 66 months to 10 years, the interest rate is 6.50 per cent.
IDFC bank’s highest FD rate is 7.75 per cent for 549 days to two years. For one year and one day to 548 days, the interest is 7.50 per cent; for two years and one day to three years, it is 7.25 per cent; and for the period between three years and up to 10 years, the rate is 7.0 per cent. These rates are for the general public. Seniors get an additional 0.50 per cent over these rates. So, for them, the highest rate is 8.25 per cent. 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 per cent for FDs of more than two to three years (1,095 days). Also, seniors can avail of 8.75 per cent interest on FDs of more than one year to two years (730 days), 8.50 per cent on 365 days, and 7.75 per cent 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 per cent.
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 per cent for FDs of five years and one day to 10 years.