Special Fixed Deposit (FD) schemes for Senior Citizens have been extended till 30 June 2021.
Senior citizens are getting more interest till June 30
Special Fixed Deposit (FD) schemes for Senior Citizens have been extended till 30 June 2021. In May 2020, some banks like State Bank of India (SBI), HDFC Bank (HDFC Bank), ICICI Bank (ICICI Bank) and Bank of Baroda (BoB) among the Covid-19 Pandemic and falling interest rates. Had started special FD schemes for senior citizens for 5 years and above tenure. A senior citizen who has invested in bank FD for a long period can now invest in this scheme till 30 June 2021.
Regular FD schemes provide an additional 50 basis points (bps) of interest to senior citizens. This applies to new FDs as well as renewal deposits.
More than 5 years will get benefit on FD
In May, SBI announced the SBI WECARE Senior Citizens Term Deposit Scheme for Senior Citizens. Senior citizens will get 0.80 per cent more interest on FDs of more than 5 years. At present, the common people are getting interest at the rate of 5.40 per cent on 5-year FD. However, senior citizens will get 6.20 percent interest on FDs of more than 5 years under the special scheme.
HDFC Bank Senior Citizen Care FD
The bank is offering an additional premium of 0.25 per cent on this FD. This is above the current premium of 0.50 per cent to senior citizens. This scheme is for a period of 5 years to 10 years. The interest rate available in HDFC Bank Senior Citizen Care FD is 6.25 percent.
ICICI Bank Golden Years FD Scheme
ICICI Bank is offering 0.30 per cent and more interest to senior citizens on its Gold Years Fixed Deposit Scheme from the existing 0.50 per cent additional interest. ICICI Bank is getting 6.30 percent interest on this special FD scheme.
BOB Special FD Scheme
Bank of Baroda (BoB) offers 100 bps more interest on these deposits to senior citizens. Bank of Baroda is offering 6.25 percent interest rate to senior citizens on this particular FD. Its duration is also 5-10 years.
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