FDs allow the depositor to put in a fixed amount of money for a pre-defined period of time during which the investor earns a pre-determined interest income on the amount. There is no volatility in the interest income. Moreover, if one is in serious need of cash suddenly, one can easily close it and withdraw the money accumulated in it. Let’s have a look of the special Fixed Deposit schemes offered by different top banks of India.
SBI Patrons FD & other schemes
The biggest bank in the country, State Bank of India (SBI) has floated SBI Patrons FD (Fixed Deposit). It is specifically targeted towards Super Senior Citizens – a term that refers to anyone who is aged 80 and above. The interest rate applicable to super senior citizens will be 0.1 percentage points or 10 basis points higher than what is payable to senior citizens. What is significant is that SBI has created this special category of customers to offer an additional layer of interest. Earlier PNB (Punjab National Ban) was the only PSU bank to have this age category for special treatment.
Two other popular FD schemes from SBI are Amrit Kalash and Amrit Vrishti offers 7.75% interest for senior citizens and 7.25% for general customers for a fixed tenure of 444 days. On the other hand, SBI Amrit Kalash FD offers 7.10% to general customers and 7.60% to senior citizens. But the tenure is fixed at 400 days.
Indian Bank: IND Supreme 300 and IND Super 400
IND Supreme 300 and IND Super 400 Days are 2 FD schemes from Indian Bank who tenures are clear from the nomenclature. But both will be available only till March 31, 2025. The IND Supreme 300 is paying interest of 7.05% on retail deposits (less than Rs 3 crore), while the IND Super 400 Days FD scheme is paying 7.30% to general customers, 7.80% to senior citizens, and 8.05% to super senior citizens.
Chiranjeevi-Super Senior Citizen FD & Utsav Callable FD from IDBI Bank
Utsav Callable FD from IDBI Bank has an array of interest rates which are linked to the tenure of the instrument. These investments will be available till March 31, 2025. Interest of 7.4% was offered to general customers and 7.9% for senior citizens for a 555-day maturity period.
Chiranjeevi-Super Senior Citizen FD is specifically targeted at super senior citizens (those above 80 years). The bank is offering interest of 7.90% for 375-day FD and 8.00% for 444-day FD. IDBI Bank offers interest between 3.50% and 7.90% on various tenures between 7 days to 20 years. This bank will charge a penalty of 1% on premature withdrawal.
Fixed Deposits are a repository of trust for a large section of Indians who are looking for stable returns along with protection of capital. Therefore, senior citizens are a natural target audience for banks, some of whom have laid special emphasis in serving up an additional amount of interest for super senior citizens. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
