World Senior Citizen's Day 2024: BoB, Bank of India and 2 other banks providing special senior citizen savings schemes; details inside

On this special day, we have curated a list of senior citizen savings schemes provided by a few banks. 

These banks include the Bank of Baroda (BoB), Bank of India (BoI), DCB Bank and RBL Bank.

Bank of Baroda provides an additional 0.50 per cent per annum interest with rates of 7.75 per cent annually for a 399-day deposit.

For a 333-day deposit, the bank provides 7.65 per cent per annum interest.

DCB Fixed Deposit: This FD scheme offers competitive interest rates ranging from 4.25 per cent to 8.55 per cent per annum for specified duration of the deposit. It provides flexible tenure options from 7 days to 10 years, along with an overdraft facility of up to 80 per cent of the FD value without breaking the deposit.

Senior citizens can also choose from flexible interest payout options - monthly, quarterly, half-yearly, or annual.

Under this scheme, for Fixed Deposits (FDs) of Rs 25 Lakh and above, customers receive 10 general physician/specialist/hospital OPD visits, 10 prescribed pharmacy expense claims up to Rs 3,000, unlimited emergency ambulance services, and teleconsultation along with face-to-face doctor appointments.

This FD not only secures your financial future but also ensures your health needs are met, providing peace of mind and financial stability in your later years.

This is for tax-conscious investors, offering the dual benefits of tax savings and guaranteed returns. With tax deductions of up to Rs 1,50,000 under Section 80C and competitive interest rates, it allows you to optimise your taxes while securing your financial future. 

This FD combines the advantages of assured returns with the flexibility to choose interest payout options making it an essential investment for those looking to grow their wealth while saving on taxes.

Bank of India recently revised its Fixed Deposit interest rates for senior citizens. 

For a 666-day fixed deposit, super senior citizens now get an interest rate of 8.10 per cent per annum, while senior citizens receive 7.80 per cent per annum.

"For those with deposits ranging from Rs 3 crore to less than Rs 10 crore, the bank offers 6.50% interest for a tenure of 180 to 210 days, and 6.75% for 211 days to just under a year. If you have a deposit of Rs 2 crore or less, you can earn 7% interest for a 1-year term, with Senior Citizens benefiting from a higher rate of 7.50% and Super Senior Citizens getting 7.65%", according to the Bank of India website.

Senior Citizens Fixed Deposits - The bank provides an interest rate of up to 8.6% p.a. for a tenor of 500 days. The amount should be less than Rs 3 crore for senior citizens (60 years to less than 80 years). 

Under this scheme, an 8.85% per annum interest for 500 days is given and the investment value should be less than Rs 3 crore for super senior citizens (80 years and above). Super Seniors can benefit from a constant and reliable income stream in their post-retirement years with the regular interest payment option.