Senior Citizens Special Fixed Deposit: SBI, HDFC Bank, ICICI Bank, and Bank of Baroda run special FD schemes for senior citizens. This scheme will be closed on 30th September. This scheme for senior citizens was launched by banks in May 2020 last year.
What is Special FD Scheme
Under this special fixed deposit scheme, senior citizens get more interest than normal FD. It is worth noting that most of the banks offer higher interest rates to senior citizens, but, in special FD, the benefit of an additional interest rate is being given on that interest rate. In fixed deposits with a selected maturity period, senior citizens get an additional interest of up to 0.50 percent over the applicable interest rate, that is, up to 1 percent more interest than the regular customer gets.
The scheme has been extended several times
Banks have extended this scheme many times. This scheme was first extended till 30 September 2020, then 31 December, then till 31 March 2021, after March it was extended till 30 June 2021, then it has been extended till 30 September 2021. So let’s see which bank is offering what through this special FD scheme.
SBI Wecare Deposit Special FD Scheme
SBI, the country’s largest public-sector lender, had announced SBI WECARE Senior Citizens Term Deposit Scheme for senior citizens in May 2020. Under this, 0.80 percent higher rate for senior citizens on FDs of more than 5 years. will get interested from At present, common people are getting interested at the rate of 5.40 percent on FD of 5 years. But, senior citizens will get interested at the rate of 6.20 percent on FDs with a tenure of more than 5 years under the special scheme.
Bank of Baroda Special FD Scheme
BoB is giving 100 basis points i.e. 1% more interest to senior citizens under the ‘Special Senior Citizens FD Scheme’. The bank is offering interest at the rate of 6.25% per annum to senior citizens on FDs of 5 years to 10 years. This scheme is the best scheme for senior citizens.
ICICI Bank Special FD Scheme
ICICI Bank runs a scheme named ‘ICICI Bank Golden Years’ for senior citizens. Under this, the elderly who have FD are given 80 basis points more interest than the common people. That is, senior citizens are getting 6.30% interest in making FD under this scheme.
HDFC Bank Senior Citizen Care FD
HDFC Bank had started a scheme for senior citizens called ‘Senior Citizen Care FD’. Under this, the bank is offering a 0.25 percent additional premium on FD. Let us tell you that this is over and above the existing premium of 0.50 percent for senior citizens. This scheme is for a period of 5 years to 10 years. That is, the interest rate available in HDFC Bank Senior Citizen Care FD is 6.25 percent.