RBL Bank has announced the launch of a Super Senior Citizen Fixed Deposits Product in honour of International Senior Citizens Day, which is celebrated tomorrow, August 21st.
RBL Bank has been offering much higher interest rates on all Fixed Deposits, particularly those with a maturity of 15 months, to senior citizens. According to a recently introduced product, the bank will offer Super Senior Citizens, or those aged 80 and up, an additional interest rate of 0.75% per annum on fixed deposits.
RBL Bank is now offering an interest rate of 7.75% per year on fixed deposits that mature in 15 months. This fixed deposit can be booked by Super Senior Citizens through the RBL Bank website, RBL MoBank app, online banking, Contact Center, and free doorstep banking services.
For fixed deposits under ₹2 crores with maturities ranging from 7 days to 240 months, RBL Bank is currently offering senior citizens an interest rate between 3.75% and 6.25%. On fixed deposits with a 15-month maturity period, RBL Bank will now provide an additional interest rate of 0.25% in addition to the existing additional rate of 0.50% in honour of International Senior Citizens Day, for a total additional interest rate benefit of 0.75%. RBL Bank had previously promised seniors a maximum interest rate of 7.50%. The interest rate for deposits made by senior citizens is now 7.75%, which is an increase of 0.75% over the standard rate of 7.00%.
According to RBL Bank’s website, “Super Senior Citizens (80 years and above) are eligible for an additional interest rate of 0.75% p.a. and Senior Citizens (60 years and less than 80 years) are eligible for an additional interest rate of 0.50% p.a. On non-resident fixed deposits (NRE/NRO), senior/super senior citizen rates are not applicable.