RBL Bank has launched a new special Short Term Fixed Deposit (FD) plan on International Senior Citizens Day i.e. 21st August . This FD plan is for super senior citizens who are above 80 years of age. In this new product, RBL Bank is offering 0.75 percent additional interest to super senior citizens on 15-month FD plans. 0.75 percent more interest is being given in the new FD plan than the interest available on FD.
In the FD plan of 15 months, 7 percent interest is given to regular depositors, while 0.75 percent additional interest is given to super senior citizens. In this way, the rate of interest for them has become 7.75 percent while for senior citizens this rate is fixed at 7.5%.
Features of the plan
Speaking about the plan, Surinder Chawla, Head – Retail Liability, Fee & Digital Bank, RBL Bank says, “It is our pleasure to offer additional interest on FDs for super senior citizens on International Senior Citizens Day. He said, we appreciate the contribution of senior citizens and are introducing special rates and services for them.
You can buy this FD scheme through RBL Bank branch or website. The form has to be filled by visiting the branch and online shopping can be done on the website. This scheme can also be taken through mobile app and internet banking. RBL Bank offers an interest rate between 3.25 per cent to 7 per cent on its FDs of Rs 2 crore or less.
The maturity period of these FDs is between 7 to 14 days, which goes up to 10 to 20 years. Apart from the additional interest rates, Senior Citizen FD account holders enjoy several other benefits on their deposits with RBL Bank.
What happens when account is closed
If the account is closed prematurely, full or partial withdrawal of money will be given by adding interest according to the number of days for which the money is deposited. Along with this, a penalty may also be imposed on the interest rate. However, no penalty will be charged on interest from senior citizens and super senior citizens. RBL Bank does not allow senior citizens and super senior citizens to open NRE or NRO accounts.
