Banks have recently raised interest rates on fixed deposits for both regular depositors and older citizens. The most recent interest rate changes were made by SBI, HDFC Bank, Punjab National Bank, Yes Bank, and Unity Bank. Banks provide term deposit plans called Senior Citizen Fixed Deposits (FDs) with preferential interest rates for people over 60. Apart from the higher interest rate, which can be up to 0.50% higher than that offered to the general public, these fixed deposit accounts for seniors have a number of other advantages.
Here are some banks which offer higher rate interests on FD to senior citizens.
YES Bank is giving senior citizens an interest rate of 8.25 percent for a tenure of 35 months. YES Bank is giving senior citizens who deposit less than Rs 2 crore 8% percent on deposits made for 15 to 25 and 35 to 36 months, respectively. These prices are effective as of February 23, 2023. Anybody above the age of 60 may take advantage of this offer.
State Bank of India
SBI is giving senior citizens who deposit money for five to ten years an interest rate of 7.5%. From February 15, 2023, until March 31, 2023, SBI will provide senior citizens a 7.6% interest rate on a unique 400-day Amrit Kalash deposit. Anybody above the age of 60 may take advantage of this offer.
Punjab National Bank
PNB offers a 7.5% interest rate on deposits made for more than two years and up to three years to senior citizens. With effect from February 22, 2023, the PNB would give 8.05% interest on 666-day deposits to super senior citizens.
ALSO READ | Gold prices takes a dip: Investors brace for impact of stronger dollar and hawkish fed