International Senior Citizens Day: RBL Bank Launches FD Scheme For Seniors Above 80 Years

If you are a super senior citizen, i.e., aged 80 years and above, then you have something to cheer about this International Senior Citizens Day, which is celebrated on August 21, 2022.

RBL Bank has rolled out a special fixed deposit scheme for super senior citizens. Named the Super Senior Citizen Fixed Deposit Scheme, it offers an additional 0.75 per cent rate of interest per annum for super senior citizens for deposits for a tenure of 15 months.

RBL Bank has been providing competitive deposit rates on all its fixed deposits, particularly those with maturities of 15 months or less. The bank has now decided to offer an additional 0.75 per cent per annum more to super senior citizens. So, the rate of interest for super senior citizens for a 15-month deposit will be 7.75 per cent per annum, instead of the usual 7 per cent per annum on fixed deposit for regular depositors.

Consumers will have the choice to receive interest on a monthly or quarterly basis, or on maturity, according to their choice, RBL Bank announced in a press release.

According to the statement, the fixed deposits can be opened throughthe bank’s website, Netbanking, RBL MoBank App, or at the bank’s branches and contact centres. The bank is also providing free doorstep banking to all senior citizens.

Says Surinder Chawla, head – retail liabilities, fee and digital Bank, RBL Bank: “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 bank is also providing fixed deposit schemes to the senior citizens between the age group of 60 and 80 years, with an additional interest rate of 0.50 per cent per annum. They can also book fixed deposits easily through RBL’s website, Netbanking,or at any RBL branch. 

Of late, many banks have increased their deposit rates in the wake of the Reserve Bank of India (RBI) increasing its repo rate by a huge 140 basis points in a span of three months. One bps equals 0.01 percentage point. 

The repo rate is essentially the rate at which the RBI lends to banks and lending institutions. A hike in repo rate leads to a corresponding hike in interest as well as deposit rates. 

Following the hike in repo rates, a lot of banks have increased their lending as well as deposit rates over the past three months.