FDs for super senior citizens: Check interest rates of top fixed deposit schemes

FD schemes: After focusing on senior citizens, banks are now expanding their offerings to include fixed deposit schemes tailored specifically for super senior citizens.

Following the launch of the SBI ‘Patrons’ scheme by the State Bank of India, which offers an additional 10 basis points above the standard senior citizen rates, IDBI Bank has introduced its own specialized fixed deposit scheme called 'IDBI Chiranjeevi-Super Senior Citizen FD.'

This new offering is designed for customers aged 80 years and above and provides enhanced interest rates, with 65 basis points above standard fixed deposit rates and 15 basis points over existing senior citizen rates, making it an appealing option for super senior citizens.

The 555-day tenure under this scheme offers an interest rate of 8.05 per cent per annum, making it one of the most competitive options in the market for super senior citizens. The bank has also introduced appealing rates for other tenure options, including 7.90 per cent per annum for 375 days, 8.00 per cent per annum for 444 days, and 7.85 per cent per annum for 700 days.

Here are other FD schemes for super senior citizens: 

1. IDBI Chiranjeevi – Super Senior Citizen FD

The IDBI Chiranjeevi–Super Senior Citizen FD provides an extra 65 basis points (bps) compared to the bank’s regular deposit rates for Utsav FDs and 15 basis points (bps) higher than the senior citizen rates for these FDs. The deadline for investing in Utsav FDs is March 31, 2025.

IDBI Chiranjeevi-Super Senior Citizen FD
           
(Effective from January 13, 2025)
           
Interest Rate (% p.a.)
Special Buckets    Senior Citizens          
375 Days    7.9          
444 Days    8          
555 Days    8.05          
700 Days    7.85     

2. SBI Patrons FD Scheme 

Under the SBI Patrons program, individuals aged 80 years and above qualify as super senior citizens according to Section 194P of the Income Tax Act, 1961.

Key Features:

Eligibility: Resident individuals aged 80 years and above qualify as super senior citizens under Section 194P of the Income Tax Act, 1961.

Higher Interest Rate: Super senior citizens receive an additional 10 basis points (bps) above the current interest rate offered to senior citizens. (100 bps = 1%)

Applicability: This scheme is only applicable to retail term deposits up to Rs 3 crores.

Deposit Type:

TDR/ STDR (Callable only)

Minimum & Maximum Deposit Amount:

Minimum: Rs 1000
Maximum: Less than Rs 3 crore

Deposit Period:

7 days to 10 years

Operation Mode:

Single/ Jointly

Premature Withdrawal:

Available with a penal clause applicable for normal term deposits.

3. Punjab National Bank

PNB offers an attractive interest rate of 8.10% for super senior citizens on a 400-day Fixed Deposit (FD). With an additional 30 basis points (bps) over senior citizen FD rates, the bank provides even higher rates for deposits with durations exceeding five years.

4. RBL Bank

RBL Bank stands out with an impressive 8.75% interest rate for super senior citizen FDs lasting 500 days.

Super senior citizens benefit from a 0.75% higher interest rate compared to the regular senior citizen FD rates, making RBL a preferred choice for those seeking enhanced returns.

5. Union Bank of India

Super senior citizens can benefit from Union Bank of India's special fixed deposit scheme, which offers an impressive interest rate of 8.05% on a 456-day tenure. This rate includes an additional 0.75% tailored specifically for older investors, surpassing the rates offered to senior citizens.

Union Bank of India prioritizes the financial well-being of the elderly by providing them with superior benefits through its fixed deposit offerings. With a range of attractive options available, super senior citizens can now maximize their returns and secure their savings for a financially stable future.

6. SBI We Care

SBI We-care deposit scheme offers senior citizens an interest rate of 7.50% for a duration of 5 years to less than 10 years. Additionally, under this scheme, a premium of 50 bps is offered for the public, resulting in a total of 100 bps above the card rate for the public.

7. Others

Super Senior Citizen Highest FD Interest Rates    

Bank                        Interest Rates    Tenure    
City Union Bank       8.10%    333 Days    
RBL Bank                 9.25%    500 Days    
Bank of Baroda        7.90%    400 Days    
Bank of India           7.95%    400 Days    
Canara Bank           8.00%    3 years to less than 5 years    
Indian Bank             8.05%    1 year to 375 days    
Indian Overseas Bank    8.05%    444 days    
Punjab & Sind Bank       8.10%    555 Days    

Who are super senior citizens?

Benefits of being a super senior citizen include eligibility for higher interest rates on deposits compared to both senior and non-senior citizens. Many banks offer an extra 0.5% to 0.75% above standard rates for seniors. A super senior citizen is defined as a resident who is 80 years or older during the previous year. Section 194P of the Income Tax Act, 1961 outlines conditions for exempting senior citizens aged 75 and above from filing income tax returns.