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Wrap Up 2023 With A Bang! 4 Banks Unveil New FD Rates For Senior Citizens

The finance ministry has increased the interest ratesfor post office fixed deposits and the Sukanya Samriddhi scheme, while four banks have revised their FD rates this week. Learn more

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Outlook Money
December 30, 2023
UTI Retirement Solution Pension Fund

UTI Retirement Solution Pension Fund

The Ministry of Finance increased the interest rates for the three-year post office fixed deposit (FD) and the Sukanya Samriddhi scheme to 7.1 percent and 8.2 percent, respectively, in its quarterly review of the small saving scheme interest rates on December 29, 2023. These rates will apply for the January-March 2024 quarter. For all other saving schemes, such as the Public Provident Fund (PPF), Senior Citizen Savings Account (SCSS), National Saving Certificate (NSC), etc., the interest rates remained the same. Meanwhile, SBI, BOB, UBI, and AXIS banks have revised their FD rates. Let’s check the details of 4 Banks Unveil New FD Rates For Senior Citizens.

 State Bank of India (SBI): It revised the FD rates on December 27, 2023; its last revision was on February 15. Senior citizens can earn up to 7.5 percent post-revision. The rates range from four to 7.50 percent for seven to 45 days and five years to 10 years of FDs. For one year to less than two years, the interest rate is 7.30 percent, for two to less than three years, it is 7.50 percent, for three years to less than five years, 7.25 percent and five years, and up to 10 years, it is 7.50 percent. For Amrit Kalash’ FD, valid till March 31, 2024, it offers 7.1 percent.

 Also Read: 5 Things Seniors Should Include In Their Financial Checklist For 2024 

Bank of Baroda (BOB):  Senior citizens can avail of 7.75 percent on BOB FDs. This is one of the 4 Banks Unveil New FD Rates. It revised rates on December 29, 2023. It offers 7.00 percent for all FDs of over a year. Seniors can earn an extra 0.50 percent on specific tenures. They can get 0.65 percent and 1.00 percent more on some FDs than the general public. For one year to up to two years, the interest is 7.35 percent, for above two years to up to three years, it is 7.75 percent, for above three years and up to five years, it is 7.15 percent, and for above five years and up to 10 years, it is 7.50 percent (1.00 percent extra). For FDs of 399 days (Baroda Tiranga Plus Deposit Scheme), the rate is 7.65 percent for senior citizens. 

Union Bank of India (UBI): UBI revised the rates on December 27, 2023. It offers more than 6.00 percent interest for all tenures beyond one year. The highest rate is 7.25 percent for the 399-day FD. The rate is 6.75 percent for one year to 398 days, and 6.50 percent for tenures of 400 days to 10 years. The bank offers 0.50 per cent additional interest to senior citizens, and 0.75 per cent additional interest to super senior citizens(aged 80 and above). 

 Axis Bank: Axis Bank provides the highest 7.75 percent interest rate to senior citizens. After revising the rates on December 26, 2023, seniors can avail of 7.20 percent interest for varied tenures from one year to less than 15 months. Further, from 15 months to less than five years, the interest rate is 7.60 percent across different tenures, and the highest 7.75 percent is available for the tenure of five years to 10 years. The rates applicable are for FDs below Rs 2 crore.

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