PNB changes fixed deposit rates for super senior citizens

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PNB changes fixed deposit rates for super senior citizens

State-owned Punjab National Bank PNB has changed its fixed deposit interest rates for senior citizens who are over 80 years old. The bank will offer extra 80 basis points bps on fixed deposits over and above. The interest rate is available for all tenures from 7 days to 10 years.

After the Reserve Bank of India increased its repo rate to 5.90 per cent last week, banks are revising their fixed deposit rates.

Senior citizens 60 years and above the FD rates for the general public are usually offered by banks with a higher interest rate, 50 bps.

PNB had raised the 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 10 years. Super senior citizens are getting an interest rate that ranges from 3.80 per cent to 6.55 per cent on fixed deposits in the time period from 7 days to 1,111 days.

Many banks had introduced special fixed deposits for senior citizens, where a higher interest rate was offered on term deposits for schemes valid for 5 years and above.