Senior citizens get the benefit of higher interest rates than general customers. Like recently State Bank of India (SBI) has launched 'SBI Patrons' for super senior citizens. On this, customers get the benefit of 10 basis points additional interest rates. Apart from SBI, other banks also provide additional interest rates for senior citizens.
What is the interest rate available in 'SBI Patrons' scheme?
Let us tell you that in this scheme, super senior citizens (who are 80 years of age or more) have to deposit for 2 to 3 years on which they get an interest rate of up to 7.60%. Whereas, through Punjab National Bank, customers get 8.10% interest rate on tenure of 400 days.
Through Indian Bank, customers get 8.05% interest rate on tenure of 400 days which is valid till March 31, 2025. According to RBL bank website, super senior citizens get 8.75% interest rate on tenure of 500 days. That means, if there are any elders in your house then you can definitely make this fixed deposit in their name.
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