Senior Citizen Special FD scheme extended till 31st March

HDFC Bank, ICICI Bank has reportedly extended the special fixed deposit (FD) scheme for senior citizens till 31 March. Due to the coronavirus pandemic, a special FD scheme was introduced in May 2020 to safeguard the interest of senior citizens as the interest rates were dropping at a rapid pace. 

Leading vendors like State Bank of India (SBI), HDFC Bank, ICICI Bank offer extra interest rates over the current rates on fixed deposits (FD) applicable for senior citizens on these FDs. 

HDFC Bank’s special FD scheme for senior citizens is named HDFC Senior Citizen Care. The bank officially offers a 75 bps higher interest rate on these deposits. If a senior citizen puts a fixed deposit under HDFC Bank Senior citizen care FD, then the interest rate to the FD will count 6.25%. These rates are applicable from 13 November. An additional premium of 0.25% shall provide Senior Citizens who wish to register the Fixed Deposit less than 5 crores for a tenure of 5 years One Day to 10 Years, during a special deposit offer starting from 18th May 20 to 31st Mar 21. 

ICICI Bank’s special FD scheme for seniors is named ICICI Bank Golden Years. The bank offers 80 bps of higher interest rates on these deposits. ICICI Bank Golden Years FD scheme provides senior citizens with an interest rate of 6.30% per annum. These rates are effective till 21 October. 

At present, it is further extended till 31st March 2021. However, SBI was the first to further extend till 31st March 2021. SBI provides a 5.4% interest rate on five years of FD for the general public. But for senior citizens they have extended the counts to 6.20% interest rate on FD. This could be a good opportunity for the senior citizens to invest their savings and make them good with a high-interest rate. 

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