The National Banks of India offer a higher interest rate for senior citizens. The State Bank of India, HDFC Bank, ICICI Bank have all renewed their interest rates and announced it out loud. COVID-19 has disrupted the lives of a lot of people. Amid the pandemic, these banks have launched a special FD scheme benefiting all the senior citizens. As compared to the others, these banks are offering a higher interest rate for their customers in addition to the existing interest rates offered on the fixed deposits. This special scheme was announced in May to protect and enhance the interests of senior citizens. At the time of inaugural, this was announced till September, but now the scheme has been renewed and will be in force till the end of the year.
The ‘HDFC Senior Citizen Care’ scheme has provided 75 bps more interest rate on their deposits. On investing in this, any senior citizen customer can get an interest rate of 6.25% with effect from November 13. For ICICI Bank, ‘ICICI Bank Golden Years’ the bank is offering 80 bps higher rates on Fixed deposits. If invested, the customer can get a 6.30% interest rate. This scheme is with effect from October 21. Bank of Baroda has gone a step higher and is offering a 100 bps higher interest rate. Under the scheme, (for a time period of 5 years up to 10 years), if a senior citizen invests with them, they can benefit by getting 6.25%. This rate is effective from November 16. State Bank of India has put forward an 80 bps interest rate more than what is offered to the general public. If an FD is made under the scheme, a 6.20% interest rate will be given as compared to the 5.4 % that the bank is currently offering.
With the banks offering new interest rates, the senior citizens are sure to benefit from it.