PNB Vs SBI vs ICICI Bank vs BoB: Check senior citizens fixed deposit (FD) rates
Premium- A fixed deposit (FD) is a type of debt instrument that is offered to individuals by banks and non-banking financial institutions
A fixed deposit (FD) is a type of debt instrument that is offered to individuals by banks and non-banking financial institutions. Fixed deposit rates have climbed dramatically over the past several months as a result of the RBI raising repo rates to curb inflation, which has helped banks and NBFCs satisfy their credit demands. You may achieve your short- and long-term financial objectives by investing in a fixed deposit, which offers safe returns on a quarterly or yearly basis. The maturity period for fixed deposits runs from 7 days to 10 years. Senior citizens reap from fixed deposits the most because of the higher interest rates that are offered to them. While PNB recently upped its fixed deposit rates specifically for elderly citizens, several banks are still offering senior citizens special deposit schemes. Let's now compare the senior citizen fixed deposit interest rates offered by the major banks.
PNB FD Rates For Senior Citizens
In particular for older folks specifically, Punjab National Bank (PNB) increased its fixed deposit interest rates on September 13, 2022. Senior and super senior citizens are likewise subject to increased interest rates. For elderly persons, PNB increased interest rates on fixed deposits of less than ₹2 Cr maturing in 5 to 10 years by 30 basis points, from 6.15% to 6.45%, while the bank increased interest rates on fixed deposits across all tenors for super senior citizens.
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SBI FD Rates For Senior Citizens
Two initiatives offered by SBI for a limited time are advantageous to older persons. The UTSAV Deposit Scheme, which is in place until October 28, 2022, is introduced by the State Bank of India (SBI) in honour of India's 75th anniversary of independence. The plan exclusively accepts domestic retail term deposits, including new and renewal deposits as well as special term deposits, and it has a special tenure of 1000 days. For senior citizens, the programme gives an interest rate of 6.60%. The SBI WECare FD, a special fixed deposit programme for older adults, has just been extended till March 2023. On 16th September, SBI has said by announcing that “A special “ SBI Wecare" Deposit for Senior Citizens introduced in the Retail TD segment wherein an additional premium of 30 bps (over & above the existing 50 bps as detailed in the above table) will be paid to Senior Citizen’s on their retail TD for '5 Years and above' tenor only. "SBI Wecare" deposit scheme stands extended upto 31st March, 2023."
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Consequently, SBI is offering an interest rate of 6.45% on deposits maturing in 5 years and up to 10 years, which is an uptick of 30 basis points above and above the existing 50 basis points for senior citizens compared to the regular rates.
ICICI Bank FD Rates For Senior Citizens
The "Golden Years FD" initiative from ICICI Bank provides older individuals with preferential attention. The programme has an expiration date of October 7, 2022, and a tenure of 5 years and 1 day to 10 years. According to ICICI Bank, residents who are senior citizens will receive an additional interest rate on an FD of 0.20% over and above the existing additional rate of 0.50% per year. The additional rate will be available on newly established deposits as well as deposits renewed throughout the scheme period. Therefore, the bank is providing elderly residents with an interest rate of 6.60% on deposits maturing in 5 years and 1 day to 10 years.
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BoB FD Rates For Senior Citizens
The Baroda Tiranga Deposit plan was launched by Bank of Baroda (BoB) in recognition of India's 75th anniversary of independence. This special fixed deposit offers better interest rate benefits to retail depositors. The interest rates for the Baroda Tiranga Deposits are 6.25% per year for 444 days and 6.50% per year for 555 days for senior citizens. The Baroda Tiranga Deposit programme is open throughout the festival season and expires on December 31, 2022, according to BoB.
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