Special FD Scheme: Here are interest rates offered by SBI, HDFC, BoB, ICICI on fixed deposits

Banks such as the SBI, Bank of Baroda, HDFC Bank, and ICICI Bank provide more rates of interest over the already existing rates on term deposits to all senior citizens. Top banks all over the country offer special fixed deposit (FD) schemes to senior citizens. This can be useful to manage personal finances.

 For a senior citizen, a fixed deposit (FD) is one of the most common financial instruments that people can use to invest their money.  All major banks like the State Bank of India (SBI), ICICI, HDFC, and others provide this facility of depositing your lump some money for a fixed tenure. Investors have been known to love to park their money in these avenues as they offer guaranteed returns. They are also incredibly safe.

Keeping the hardships that can befall any senior customers in mind, major banks have launched special Fixed deposit schemes with higher rates of interest as compared to the schemes offered to regular customers.

However, this special FD scheme created for all senior citizens is applicable only till 31 December 2020.

Senior citizens’ special FD scheme is applicable for a long tenure of 5 years or more. HDFC Bank, State Bank of India, ICICI Bank, and Bank of Baroda, are offering extra interest rates to all the existing senior citizens’ interest rates for a fixed deposit. The deposited amount is, however, not limited to Rs 1.5 lakh. The eligibility criteria are also something that should be kept in mind. The residents of 60 years or more are eligible to invest in any of the Senior citizens’ special Fixed deposit scheme.

In the current challenging situation brought upon us by COVID-19, the Bank of Baroda has agreed to pay an additional rate of interest in the “Above 5 years to up to 10years” tenure to Resident Indian Senior Citizen. It also offers up to 100 bps higher interest rates to its senior customers.

Private sector lender, HDFC Bank also has launched a fixed deposit scheme for seniors called ‘Senior Citizen Care FD’. The HDFC Bank’s website says that the bank offers an additional 75 basis points (bps) for deposits with more than 5-year tenures with investments up to Rs 5 crore.

ICICI Bank’s special fixed deposits scheme for senior citizens is called the ICICI Bank Golden Years. It offers an 80 bps higher rate of interest to its senior customers.

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