High interest fixed deposits for super seniors: Super seniors (80 years and above) can earn significantly higher returns on their fixed deposits (FDs) than regular depositors. Several leading Indian banks, including SBI, RBL Bank, Union Bank of India, Indian Bank and Punjab National Bank, offer attractive interest rates for those over 80.
Who are super seniors?
Under section 194P of the Income Tax Act 1961, resident persons who attain the age of 80 years or above are considered as Super Senior Citizens.
Here is a list of the best Indian banks offering high interest rates on FDs to super seniors.
SBI Patrons Latest FD Rates
SBI has also introduced ‘SBI Patrons’, a specialized term deposit scheme for senior citizens aged 80 years and above. This product offers higher interest rates and recognizes the long-standing relationship many senior customers have with the bank. ‘SBI Patrons’ is available for existing and new Term Deposit customers. According to the State Bank of India website, under the ‘SBI Patrons’ scheme, super senior citizens will get an interest rate of 10 basis points above the card rates applicable to senior citizens.
SBI offers the highest interest rate of 7.60% for super senior FDs with tenures ranging from 2 years to less than 3 years and 5 years and up to 10 years.
PNB special FD rates for super seniors
PNB offers the highest interest rate of 8.10% on a tenure of 400 days for super seniors.
“Super Senior Citizens aged 80 years and above will get an additional interest rate of 80 basis points above the applicable card rate for all maturity segments,” the PNB website said.
Indian Bank Special FD rate for super seniors
The bank offers two special retail term deposit products with attractive interest rates for limited periods. The product “IND SUPER 400 DAYS” offers higher interest rate of 8.05% for Super Senior Citizens on investments starting from Rs.10,000 to less than ₹3 crore, for a tenure of 400 days in the form of FD/MMD with callable options. In addition, the product “IND SUPREME 300 DAYS” offers a rate of 7.80% for investments from ₹5,000 to less than ₹3 crore, for a tenure of 300 days, also with callable options. Both offers are valid until March 31, 2025.
RBL Bank Special FD rate for super seniors
According to the RBL Bank website, “Super Senior Citizens (80 years and above) are eligible for an additional interest rate of 0.75% per annum. Senior Citizens/Super Senior Citizens rates are not applicable on Non-Residential Fixed Deposits (NRE/NRO). “ The bank offers the highest interest rate of 8.75% on a tenure of 500 days for super senior FDs.
Union Bank of India offers an additional rate component to resident seniors and super seniors on term deposits up to ₹5 crore in all its domestic term deposits.
The bank offers general customers 3.5% to 7.3% on deposits with terms of 7 days to 10 years. These rates apply from January 1, 2025.
Union Bank of India Special FD rate for super seniors
According to the Union Bank of India website, the additional rate component, applicable to senior citizen resident deposits, is 0.50% over and above the normal rates shown above.
The additional rate component applicable to resident super seniors is 0.75% on top of the regular rate shown above (0.25% on top of the rate applicable to resident seniors).
Read all our personal financial stories here
