Several banks including HDFC Bank, ICICI Bank, Bank of Baroda are currently offering special fixed deposit (FD) schemes for senior citizens. These schemes offer extra interest rates over the existing rates on fixed deposits (FD) applicable for senior citizens and are available till June 30, 2021.
Several banks including State Bank of India (SBI), HDFC Bank, ICICI Bank are currently offering special fixed deposit (FD) schemes for senior citizens. These schemes offer extra interest rates over the existing rates on fixed deposits (FD) applicable for senior citizens and are available till June 30, 2021.
It’s important to note here that interest rates offered on FDs are subject to change from time to time, which also vary from bank to bank. Senior citizens usually get a higher rate of interest on fixed deposits compared to the general public.
However, the special FDs don’t fall under this category and have been announced to provide additional benefits during COVID-19.
Here's all one needs to know about special senior citizen FD schemes being offered by different banks:
SBI special FD scheme for senior citizens
The SBI special FD scheme for senior citizens offers interest rates at 80 basis points (bps) above the rate available to regular investors.
SBI special FD scheme for senior citizens offers 80 basis points (bps) interest rates above the rate applicable to the general public. This scheme is known as 'Wecare Deposit'.
This scheme is known as 'ICICI Bank Golden years FD'. Under this scheme, resident senior citizen customers can get an additional interest rate of 0.30 percent for a limited time over and above the existing additional rate of 0.50 percent per annum.
The additional rate is available on fresh deposits opened as well as deposits renewed during the scheme period.
HDFC Bank special senior citizen FD scheme
This scheme is known as 'Senior citizen care FD'. Customers can enjoy a 0.75 percent extra interest rate with this scheme. This offer is for resident senior citizens aged 60 years and above, (not applicable to NRI) who wish to book an FD less than Rs 5 crore for a tenure of 5 years one day to 10 years.
The offer is valid for all new/renewal of senior citizens' FDs of less than Rs 5 crore.
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