Earlier it could only be availed till September 2020.
Senior Citizen FDs:
Keeping in mind the coronavirus epidemic, the country’s three banks SBI, HDFC Bank and Bank of Baroda (BoB) brought a special offer for the convenience of the elderly. Under this, the FD schemes of the three banks were offered an additional interest of up to 0.50 per cent above the interest rate applicable to senior citizens.
Earlier, it could be availed only till September 2020, but now all three banks have extended this special offer till December 2020. That is, senior citizens who open or renew FD accounts in SBI, HDFC Bank and Bank of Baroda by 31 December 2020 will get an additional interest of up to 0.50 per cent in addition to the current interest rate applicable to them. Let’s know in detail about this special offer of the three banks…
State Bank of India (SBI) launched a new FD product ‘SBI VCare Deposit’ for senior citizens in May. Under this, in the case of retail term deposits of 5 years or more to senior citizens, an additional interest of 0.30 per cent was fixed in addition to the interest rate applicable to them. SBI offers 0.50 per cent additional interest to the senior citizen over the regular interest rate on FD.
Now that the ‘SBI VCare deposit’ scheme has been extended till December 2020, under the old scheme, you can earn a total of 0.80 per cent more than the regular interest rate on the mentioned maturity period. Its benefit will be available on opening of new FD account or renewal of old FD. However, the extra premium being paid will not be paid in the case of FD premature withdrawal. At present, senior citizens are getting interest ranging from 3.40 per cent to 6.20 per cent annually on FD in SBI.
Bank of baroda
In the case of a collateral FD of less than Rs 2 crore in Bank of Baroda, 0.50 per cent higher interest is applicable on all FD periods for senior citizens. But given the special circumstances of Covid 19, under the special offer, 1 percent more interest is being offered to senior citizens on the period of ‘from 5 years to 10 years’, which will now be applicable till 31 December 2020. In the Bank of Baroda, the elderly are currently getting interest ranging from 3.40 per cent to 6.30 per cent on FD.
In the case of FDs below Rs 5 crore in HDFC Bank, 0.50% is being offered to senior citizens on all maturity periods. But due to Covid 19 circumstances, the bank is offering an additional 0.25 per cent interest rate to senior citizens on FDs of ‘5 years from 1 day to 10 years’ till December 2020, i.e. 0.75 from the regular interest rate on this maturity period. Higher interest will be achieved per cent. It has been named Senior Citizen Care FD. Apart from those who open a new FD account by December 2020, it will also benefit those who renew their accounts.
Under Senior Citizen Care FD, the interest received on prematurely closing of fixed deposits will be 1% less than the fixed rate. At this time, senior citizens are getting interest ranging from 3% to 6.25% on FD in HDFC Bank.
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