Many major banks, including State Bank and PNB, have either revised their fixed deposit (FD) rates or launched new products for super senior citizens (those aged 80 years and above) recently. Usually, banks offer super senior citizens 25 to 75 basis points (bps) higher than the regular rate offered to the general public.

Here’s a comparison of interest rates on term deposits being offered by the State Bank of India, Punjab National Bank, Indian Bank, Union Bank of India and RBL Bank to super senior citizens.

State Bank of India

SBI has launched ‘SBI Patrons’ term deposit for super senior citizens, offering the highest interest rate of 7.60% on tenure of 2 years to less than 3 years. Under the ‘SBI Patrons’ scheme, super senior citizens are getting an interest rate of 10 bps above the card rates applicable for senior citizens, according to the SBI website. A customer can open an FD account with Rs 1,000 under the ‘SBI Patrons’ scheme and raise the amount to Rs 3 crore.

Punjab National Bank

Punjab National Bank (PNB) is offering super senior citizens 30 bps higher interest on fixed deposits when compared to the rate being offered to senior citizens on select tenures. The bank’s highest rate offered is 8.1% on a tenure of 400 days for super senior citizens.

According to the PNB website, “Super Senior Citizens of age 80 years & above shall get an additional rate of interest of 80 bps over the applicable card rate across all maturity buckets.” Senior citizens will get an additional 50 bps over applicable card rates for a period up to 5 years and 80 bps for a period above 5 years on domestic deposits less than Rs 3 crore.

Also read: Fixed deposits offering more than 8% interest rates on 1-2 year FDs – Compare the latest rates

Indian Bank

Indian Bank’s interest rate on FDs for super senior citizens is 25 bps higher than the interest being offered to senior citizens. Its special fixed deposit ‘Ind Super’ offers 8.05% interest on 400 days tenure (valid till March 31, 2025).

RBL Bank

RBL Bank is offering super senior citizens 25 bps higher than the rate for senior citizens. The private sector bank is offering the highest interest rate of 8.75% on a tenure of 500 days for super senior citizens.

“Senior citizens (60 years to less than 80 years) are eligible for an additional interest rate of 0.50% p.a. and 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),” according to the RBL bank website.

Union Bank of India

Union Bank of India’s rate for super senior citizens is 25 bps higher than the rate for senior citizens. The bank offers the highest interest rate of 8.05% on a tenure of 456 days.

“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 rate applicable to resident senior citizens). The additional rate on super senior term deposits would be applicable for the term deposits opened/renewed on or after 01.12.2022,” according to the Union Bank of India website.