In a relief to senior customers, Punjab National Bank (PNB) will be offering an extra 80 basis points (bps) on fixed deposits (FDs) for senior citizens who are above 80 years. The extra interest rate is available on all tenures of bank fixed deposits starting from 7 days to 10 years.
As per the bank’s website, “Super Senior Citizens of age above 80 years shall get additional rate of interest of 80 bps over applicable card rate across all maturity buckets.”
Banks usually offer a higher interest rate, 50 bps, to senior citizens (60 years and above) over and above the FD rates of the general public. PNB is the first such bank that is currently offering a higher interest rate to super senior citizens on term deposits.
“Further, Super Senior Citizens of age above 80 years shall get additional rate of interest of 80bps over applicable card rate across all maturity buckets,” PNB mentioned on its website.
It further added that in case of staff members as well as retired staff members who are also Super Senior Citizens, maximum rate of interest to be allowed over applicable card rate shall be 180 bps over applicable card rate across all maturity buckets.
PNB latest FD rates for super senior citizens
PNB had raised interest rates on fixed deposits across all tenors for super senior citizens on September 13. The bank is offering fixed deposits starting from 7 days for a maximum of up to 10 years. Super senior citizens are getting an interest rate that ranges from 3.80% to 6.55% on fixed deposits that mature in 7 days to 1111 days.
During the pandemic, many banks introduced special fixed deposits for senior citizens where a higher interest rate was offered on certain tenures (5 years and above). Few of these banks are continuing these schemes even now. Under such schemes, banks typically offered 0.30% higher than the interest rate offered to senior citizens (60 years and above) but only if they booked FD for a tenure of 5 years or more. It is to be noted that PNB is now offering the additional 80 bps on all FD tenures but ..
Further, if this special FD was prematurely withdrawn i.e., before maturity then the extra interest rate of 0.30% was not paid.
Banks like the State Bank of India (SBI), HDFC Bank, ICICI Bank and Bank of Baroda (BoB) had introduced special fixed deposits for senior citizens where a higher interest rate was offered on FDs with tenure 5 years and above. Few of these banks are continuing these schemes even now.
In an effort to make banking services more accessible, PNB has introduced banking services through WhatsApp for both customers and non-customers. The WhatsApp banking service will be available 24×7, including holidays, on both android and iOS-based mobile phones.
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