Special FD Scheme: Amidst the falling interest rates in May last year, these banks had introduced special FD schemes for senior citizens with a tenure of 5 years or more.
Special fixed deposit scheme
The Special Fixed Deposit Scheme for Senior Citizens offered by State Bank of India (SBI), HDFC Bank and Bank of Baroda (BoB) has been extended till 30 September 2021. However, ICICI Bank has extended its Golden Years FD for senior citizens till 7 October 2021. Let us inform that amidst falling interest rates, these banks had introduced special FD schemes for senior citizens last year with tenure of 5 years or more.
SBI We Care Deposit Special FD Scheme
SBI’s Special FD Scheme for Senior Citizens – We Care – offers an additional 30 bps interest rate to senior citizens on their FDs for tenures of 5 years and above. At present, SBI gives 5.4% interest to the general public on FDs of 5 years. If a Senior Citizen makes a fixed deposit under the Special FD Scheme, then the interest rate applicable on the FD will be 6.20 percent.
ICICI Bank Golden Years FD Scheme
ICICI Bank’s special FD scheme for senior citizens – ICICI Bank Golden Years FD scheme – offers 80 bps higher interest rate. This special FD scheme of ICICI Bank is getting 6.30 percent interest.
HDFC Senior Citizen Care
HDFC Bank’s special FD scheme for senior citizens is called HDFC Senior Citizen Care. The bank offers 75 bps higher interest rate on these deposits. If a senior citizen makes a fixed deposit under HDFC Bank Senior Citizen Care FD, then the interest rate applicable on the FD will be 6.25 per cent.
Bank Of Baroda Special FD Scheme
Bank of Baroda (BoB) offers 100 bps more interest on these deposits to senior citizens. Bank of Baroda is offering 6.25 percent interest rate to senior citizens on this special FD. Its duration is also 5-10 years.
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