4 Banks Revise FD Rates For Senior Citizens, Know More About The Tenures And Rates

South Indian Bank, Yes Bank, RBL Bank, and Shivalik Small Finance Bank have Revised Their Fixed Deposit (FD) Rates in the week ending November 25, 2023. Senior citizens can get up to 8.60 percent interest rate on fixed deposits. Let’s learn more about the FD tenures and their corresponding rates. 

South Indian Bank: 

South Indian Bank revised the FD rates on November 20, 2023. For senior citizens, the maximum interest rate is 7.50 percent on a one-year and one-day FD, 0.50 percent or 50 basis points higher than the rest of the public for the same tenure. 

For more than one year up to five years, the interest rate is between 7.00 and 7.30 percent. For tenures between five years and 10 years, the interest rate is 6.50 percent, except for its special 66-month FD or “Green deposit”, which offers 7.0 percent. It levies a 0.50 percent penalty on premature withdrawal for deposits of less than Rs 5 lakh and 1.0 percent for deposits of Rs 5 lakh and above. It applies to all FDs opened or renewed since June 1, 2022. 

Yes Bank: 

It offers senior citizens 8.25 percent on fixed deposits, revised November 21, 2023. The rate applies to FDs of 18 months to less than 24 months. The annualized yield for seniors is about 8.51 percent. 

For others, the highest rate is 7.75 percent for the same tenure, and the annualized yield is 7.98 percent. For more than one year, the interest rate is over 7.0 percent. For senior citizens, the interest rates for FDs between one year and ten years range from 7.75-8.25 percent. 

RBL Bank: 

It revised the FD rates on November 24, 2023. It offers 8.0 percent to seniors for 12 months to less than 15 months FD and 24-month and one day to 36-month FD. For 15 months to less than 18 months, it offers 8.30 percent, and for 18 months to 24 months, 8.50 percent, the highest rate for seniors. For more than two years up to 10 years, the rates range from 7.50 percent to 7.60 percent. These rates are for callable FDs where premature withdrawal is allowed; the penalty is 1.0 percent of the interest rate. 

Shivalik Small Finance Bank: 

Small finance banks generally offer higher interest rates than their large counterparts. Shivalik Small Finance Bank revised the rates on November 24, 2023. It gives seniors 8.60 percent for FDs of 12 months to 18 months and 18 months and one day to 24 months. Like the scheduled commercial banks, small finance banks are also covered under the Deposit Insurance and Credit Guarantee Corporation (DICGC) for deposits up to Rs 5 lakh.