RBL Bank, on International Senior Citizens Day (August 21), introduced a special short-term fixed deposit (FD) plan for super senior citizens.

With the new product, the bank offers an additional interest rate of 0.75 per cent on its 15-month FD plan to senior citizens aged 80 years and above.

The additional interest offering takes the total return rate for super senior citizens to 7.75 per cent.

For the same FD plan, regular account holders get a 7 per cent return, whereas senior citizens are offered 7.5 per cent interest.

Commenting on the new FD, Surinder Chawla, Head – Retail Liabilities, Fee and Digital Bank, RBL Bank, said, "We are delighted to offer additional rates to our Super Senior Citizens on the occasion of International Senior Citizens Day. We value the contribution of our Senior Citizens and are launching special rates and services with an endeavour to make Banking simple and attractive."

The FD scheme with the updated return rates can be booked at RBL Bank's branch and online through its website, mobile app or internet banking.

RBL bank offers an interest rate between 3.25 per cent and 7 per cent on its FDs of ₹ 2 crore or less. The maturity period of these FDs varies from 7 to 14 days, going up to 10 to 20 years.

Apart from additional interest rates, senior citizen FD account holders enjoy a host of other benefits on their deposits at RBL bank.

On premature withdrawal of funds, full or partial, the bank pays an interest rate applicable on the date the deposit was placed, and for the period the deposit is maintained, subject to a penalty on such rates.
Source: NDTV
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