Senior citizens special fixed deposit (FD) scheme of Bank of Baroda, SBI, ICICI, HDFC Bank concludes this month.

Prime lenders grant senior citizens special fixed deposit (FD) plans. Under this scheme, the banks will grant additional interest rates over the current applicable rates on fixed deposits. Amid the COVID-19 pandemic, this unique FD scheme was introduced in May, keeping in mind the senior citizens’ interests as the interest rates were dropping swiftly. This special FD scheme is open for senior citizens till 31 March 2021.

Senior citizens special fixed deposit (FD) scheme of Bank of Baroda, SBI, ICICI, HDFC Bank concludes this month.

SBI special FD scheme for senior citizens will bring 80 basis points (bps) interest rate more than the general public rate. Currently, SBI provides a 5.4% interest rate on 5 years FD for the general public. If a senior citizen puts an FD under the special Fixed Deposit scheme, then the FD’s applicable interest rate will be 6.20% p.a.

HDFC Bank special FD scheme for senior citizens

HDFC Bank provides a 75 bps higher interest rate on such deposits. Upon starting a fixed deposit account under the HDFC Bank Senior Citizen Care FD, the applicable interest rate will be 6.25% p.a.

Bank of Baroda special FD scheme for senior citizens

Bank of Baroda (BoB) grants 100 bps greater on such deposits to senior citizens. Under the special FD scheme (more than 5 years to up to 10 years), if a senior citizen starts an FD account, the FD’s applicable interest rate will be 6.25% p.a.

ICICI Bank special FD scheme for senior citizens

ICICI Bank provides an 80 bps higher interest rate on such deposits. Upon starting an FD account under the ICICI Bank Senior Citizen Care FD, the applicable interest rate will be 6.30% per annum.

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