Special fixed deposit rates for senior citizens

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Special fixed deposit rates for senior citizens

Senior residents’ unique fixed store plans were acquainted in the midst of the Covid pandemic with secure the interests of senior residents as the pace of interest was quickly declining. HDFC Bank State Bank of India (SBI), and ICICI Bank have prolonged the scheme till 31 March 2021. Taking a look at the unique FD scheme interest rates offered by ICICI, SBI, and HDFC Bank for the senior citizens.

SBI special FD scheme for the senior citizens will earn 80 basis points (bps) interest rate over the rate charged to the general public. At present, SBI allows a 5.4% interest rate on five years FD for the general public. The rate of interest for a fixed deposit under this special FD scheme for senior citizens is 6.20%.

This extra interest which means 30 bps under such a particular scheme for the elder citizens will not be expected to be disbursed in case of a premature withdrawal made of such deposits. Now if any person under this scheme wants a premature withdrawal of his/her fixed deposit, there will be only a 5.9% investment made which means 50 bps above the general customers. These FD rates will be in use from 8 January 2021.

HDFC bank proposes a 75 bps higher interest rate on such deposits. A senior citizen would get an interest rate of 6.25% if they apply for a fixed deposit under this HDFC Bank Senior Citizen care FD and these rates will be applicable from 13 November 2020.

ICICI bank offers an 80 bps higher rate of interest on such deposits. Golden Years FD scheme offered by the ICICI Bank to the senior citizens at an interest rate of 6.30% per annum. These rates are effective from 21 October 2020.

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