FD schemes: State Bank of India, Punjab National bank and HDFC Bank have increased their fixed deposit rates for certain investors at the start of the new year. The SBI has created a special category for super senior citizens over 80 years old, who will receive an additional 10 basis points compared to regular senior citizens. … Read more
FD rates: Ahead of the Reserve Bank of India’s (RBI) six-member Monetary Policy Committee’s (MPC) meeting this week, some of the public and private banks have revised their fixed deposit rates. The Repo Rate established by the Reserve Bank of India (RBI) plays a significant role in influencing Fixed Deposit (FD) rates. It dictates the … Read more
Senior citizens looking for a boost in their savings can benefit from fixed deposits (FDs), with many banks offering competitive interest rates. A key driving factor behind the surge in senior citizen deposits is the offer by banks to provide an additional 50 basis points over the card rate for the general public. Moreover, banks … Read more
The surge in deposit rates, the wider interest rate gap for senior citizens, and special deposit schemes by banks have triggered a significant rise in deposits among senior citizens. Government initiatives such as increasing the limit and rate under Senior Citizen Savings Scheme (SCSS) and Mahila Samman Savings Certificate have also contributed to this trend. … Read more