Top 4 banks that offer best FD rates for those above 80 years

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The banks nowadays provide higher rates of interest on Fixed Deposits to the group of citizens who are very old. They are senior and super senior citizens. They get these privileges to get the bare minimum support they need in their old age. The higher interest rate also makes them independent to an extent.

Some banks provide higher interest rates to super senior citizens than regular banks. The interest rates vary from 0.50 to 0.75 basis points depending on the bank. They also have benefits like the deduction of taxes and other banking services.


Who Are Senior and Super Senior Citizens?

From the bank’s point of view, individual residents who are below 80 years of age and above 60 years of age are known as senior citizens. Super Senior citizens are residents who are 80 years or above that age. There are various schemes for the Super Senior Citizens regarding their fixed deposits.

The Fixed Deposits are the savings that might be useful to them later on for their health or another essential purpose. There are four central banks that provide higher fixed deposit interest rates to the super senior citizens. The four banks are the Indian Bank, Punjab National Bank, Union Bank, and Ratnakar Bank Limited.

The Four Banks That Provide Higher Interest Rates on FD

  • Punjab National Bank:- The website of the Punjab National Bank informs those senior citizens who are above 60 years of age and super senior citizens who are above 80 years of age will get a rate of interest that has an additional 50 basis points. It has been available for the applicable card rate for five years. Domestic deposits with a fixed amount of fewer than two crores have 80 basis points for some time above five years. The super senior citizens that are older and above 80 years of age will get a bonus of 80 base points as an additional rate of interest with applicable cards for all maturity statuses. In the tenure of 666 days, the customers of PNB who are super senior citizens will get an interest rate higher than 8.10%. This rule has been applicable since the 12th of December, 2022.
  • RBL Bank:- Up next is Ratnakar Bank Limited or RBL bank, which avails an additional rate of interest of about 0.50 % per annum for senior citizens between 60 years to 80 years old. The super senior citizens who are 80 years old or above are qualified for about 0.75% per annum as a preferential rate of interest for their fixed deposits. So, currently, an 8.3% interest rate is offered to the super senior citizens on their fixed deposit rate of interest. This will significantly benefit the keen senior citizens needing financial support during an emergency and challenging times.
  • Indian Bank:- The Indian Bank is offering an increased interest rate of 0.25% in IB-Golden Ager. The IB Golden Ager is an individual deposit account for Super senior citizens. This interest rate is usually more than the additional interest rate offered to senior, and super senior citizens currently on terminal fixed deposits.
  • Union Bank:- The Super senior citizens are eligible for an additional interest rate of 0.75% per annum according to their preference. In simple words, the rates that apply to the super senior citizens are 0.75% higher than the interest rate they usually get for tenure. This tenure is for those term deposits opened or renewed on or after December 1, 2022. The Union Bank also offers an interest rate of about 8.05% on fixed deposits for the super senior citizens for 800 days and three years. The rates of interest rose around the 25th of November 2022 and offered an interest rate of 0.50% per annum, which is an increased rate as compared to the standard rates.

The rise in interest rates on fixed deposits has undoubtedly aided elderly citizens. It has supported them in times of need and helped them to lead independent lives. But there are specific schemes that are required for the proper use of these benefits. These schemes will motivate elderly citizens to know how to invest and profit from their fixed deposits. These schemes are as follows:-

  • SBI WeCare Fixed Deposit Scheme:-

It states that the Super senior citizens with an existing basis point of 50 or above on a regular Fixed deposit rate for five years and above will get a tenure of 30 basis points as an additional premium. They will get the amount at the end of the term.

  • ICICI Bank Golden Years:-

The Senior Citizens who have Fixed Deposits in ICICI Bank get an additional interest rate of 10 basis points above the current fixed rate rates of 50 basis points. This is applicable for a tenure of 5 years and one day to about ten years. This scheme is only available for deposits of 2 crores.

Benefits of the Senior Citizens FDs:-

The main advantage of fixed deposits for senior citizens is that anyone from a poor to a middle-class senior citizen can deposit the money. It is possible because the minimum deposit amount is 100 rupees, and the maximum amount is limitless. So, the amount of the deposit is entirely dependent on the individual’s financial status. The tenure of this deposit ranges from 7 days to 10 years, which also depends on the need of the super senior citizen.

There are various pay-out options from which senior citizens can choose according to their needs. There are quarterly, monthly, half-yearly, and annual payout options. There is also an option of cumulative FD in which the interest on the deposits is invested till maturity. The cumulative method is beneficial as the interest starts generating the amount independently, and compounding is vital. The cumulative FD option earns more interest than the non-cumulative options.

Senior citizens can withdraw the fixed deposit amount at maturity or before it, according to their needs. Some fixed deposits renew automatically after they reach maturity. This is a significant advantage for depositors.

Eligibility and Requirements for Senior Citizens to get a Fixed Deposit?

Senior citizens who are 60 years or above are eligible to make fixed deposits at their preferred rate of interest. The banks also offer additional interest rates to super senior citizens. There are some documents and conditions that are necessary for a senior citizen to open an FD account. Firstly, they should have a current account or savings account, and they log in to their account to create an FD account.

They can also visit the bank with appropriate documents to create an FD account if it is impossible through net banking.

The documents necessary for this purpose are a senior citizen Id card, PAN Card, Passport, Photo ration card, Voter Id Card, Driving license, Electricity bill, telephone bill, home address, and bank statement.


The offer of giving the super senior citizens the advantage of having higher interest rates on their Fixed Deposits is a revolutionary decision that might help the country’s growth. The investment in the right place can benefit the super senior citizens and the economy as well. It will help them to lead an independent life and help them during health emergencies. The fact that the amount from fixed deposits can be withdrawn before maturity is also helpful in this regard.

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The Financial Blaze Team

The Financial Blaze is hub of your all financial requirements. Stay connected to the blog to get the latest information about Mutual Funds, Stock Market, Insurance, Loan and Banking. For any query you can mail us at [email protected].

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