Banks have recently increased interest rates on fixed deposits for both regular depositors and senior citizens. The most recent interest rate changes were made by SBI, HDFC Bank, Punjab National Bank, Yes Bank and Unity Bank. Banks offer fixed deposit schemes called Senior Citizen Fixed Deposits (FDs) with preferential interest rates for people above the age of 60 years. Apart from the higher interest rate, which can be 0.50% higher than that offered to the general public, these fixed deposit accounts for seniors have several other advantages.
Here are some banks that offer higher rate of interest on FDs to senior citizens.
yes bank
Yes Bank is offering an interest rate of 8.25 percent to senior citizens for a tenure of 35 months. Yes Bank is offering 8 per cent rebate to senior citizens with deposits of less than Rs 2 crore on deposits made for tenures of 15 to 25 and 35 to 36 months, respectively. These prices are effective from February 23, 2023. Anyone above the age of 60 years can avail of this offer.
state Bank of India
SBI is offering an interest rate of 7.5 per cent to senior citizens who deposit money for five to ten years. From February 15, 2023 to March 31, 2023, SBI will offer 7.6% interest rate on 400 days Unique Amrit Kalash Deposit to senior citizens. Anyone above the age of 60 years can avail of this offer.
Punjab National Bank
PNB offers 7.5% interest rate to senior citizens on deposits of more than two years and up to three years. From February 22, 2023, PNB will give 8.05% interest on 666-day deposits to very senior citizens.
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