High-interest rate fixed deposits for super senior citizens: SBI vs PNB vs Union Bank of India vs RBL vs Indian Bank

High-interest rate fixed deposits for super senior citizens: Super senior citizens (aged 80 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 senior citizens?

As per section 194P of the Income Tax Act 1961, resident individuals attaining the age of 80 years or more are considered as Super Senior Citizens.

Here’s a list of the top Indian banks that offer high interest rates on FDs to super senior citizens.

SBI Patrons latest FD rates

SBI has also introduced ‘SBI Patrons,’ a specialized Term Deposit scheme for seniors 80 years and above. This product offers enhanced interest rates, recognizing many senior customers’ long-standing relationships with the bank. ‘SBI Patrons’ is available to existing and new Term Deposit customers. According to the State Bank of India website, under the ‘SBI Patrons’ scheme, super senior citizens will be offered an interest rate of 10 bps above the card rates applicable for senior citizens.

SBI offers the highest interest rate of 7.60% for super senior citizen FDs with tenures of 2 years to less than 3 years and 5 years and up to 10 years.

PNB special FD rates for super senior citizens

PNB offers the highest interest rate of 8.10% on a tenure of 400 days for super senior citizens.

“Super Senior Citizens of age 80 years & above shall get an additional rate of interest of 80bps over applicable card rate across all maturity buckets,” as per the PNB website.

Indian Bank Special FD rate for super senior citizens

The bank offers two special retail term deposit products with attractive interest rates for limited periods. The “IND SUPER 400 DAYS” product provides a higher rate of interest at 8.05% for Super Senior Citizens on investments starting from Rs.10,000 to less than ₹3 crore, for a term of 400 days in the form of FD/MMD with callable options. Additionally, the “IND SUPREME 300 DAYS” product offers a rate of 7.80% for investments starting from ₹5,000 to less than ₹3 crore, for a term of 300 days, also with callable options. Both offers are valid until 31 March 2025.

RBL Bank Special FD rate for super senior citizens

According to the RBL Bank website, “Super Senior Citizens (80 years and above) are eligible for an additional interest rate of 0.75% p.a. Senior Citizens/Super Senior Citizens rates are not applicable on Non-Resident Fixed Deposits (NRE/NRO).” The bank offers the highest interest rate of 8.75% on a tenure of 500 days for super senior citizen FDs.

Union Bank of India offers an additional rate component to resident senior and super senior citizens on term deposits up to ₹5 crore in all of its domestic term deposits scheme.

The bank offers 3.5% to 7.3% on deposits maturing in 7 days to 10 years to general customers. These rates are effective 1 January 2025.

Union Bank of India Special FD rate for super senior citizens

According to the Union Bank of India website, “The additional rate component, applicable to resident senior citizen deposits, is 0.50% over and above the normal rates displayed above.

The additional rate component applicable to resident super senior citizens is 0.75% over and above the normal rate displayed above (0.25% over and above the rate applicable to resident senior citizens).

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