RBL Bank has launched a special short-term fixed deposit (FD) plan for super seniors on International Seniors Day (August 21).
With the new product, the bank is offering an additional 0.75 percent interest on its 15-month FD plan to seniors aged 80 and older.
The extra interest offer brings the total return for super seniors to 7.75 percent.
For the same FD plan, regular account holders get a 7 percent return, while seniors get 7.5 percent interest.
Commenting on the new FD, Surinder Chawla, Head – Retail Liabilities, Fee and Digital Bank, RBL Bank, said: “We are excited to offer additional rates to our Super Senior Citizens on the occasion of International Senior Citizens Day. We appreciate the contribution of our seniors and are launching special rates and services to make banking easy and attractive.”
The FD scheme with the updated return rates can be booked at the branch of RBL Bank and online via the website, mobile app or internet banking.
RBL bank offers an interest rate between 3.25 percent and 7 percent on its FDs of Rs 2 crore or less. The maturity of these FDs ranges from 7 to 14 days, increasing to 10 to 20 years.
In addition to additional interest rates, senior FD account holders enjoy numerous other benefits on their deposits at RBL bank.
In the event of early withdrawal of funds, in whole or in part, the bank will pay an interest rate that applies on the date the deposit is placed and for the period that the deposit is held, subject to a penalty on these rates.
However, seniors or super seniors are exempt from such a penalty for early withdrawals.
The Senior or Super Citizen benefits do not apply to Non-Resident Fixed Deposits (NRE/NRO) plans offered by the bank.