Senior citizens special mounted deposit scheme have been launched amid the Covid-19 pandemic in May final year. These deposits have been launched for a brief interval of time. The common FD schemes provide a further 50 foundation factors (bps) to senior citizens, the special FD scheme supplies a further rate of curiosity on high of that. State Bank of India (SBI), HDFC Bank, ICICI Bank and Bank of Baroda provide these special FD to senior citizens, which can finish on 30 June,

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SBI special FD scheme for senior citizens

SBI special FD scheme for senior citizens will fetch 80 basis points (bps) interest rate above the rate applicable to the general public. At present, SBI gives 5.4 percent interest rate on five years FD for the general public.

If a senior citizen puts a fixed deposit under the special FD scheme, then the interest rate applicable to the FD will be 6.20 percent. This additional interest i.e. 30 bps under the special scheme for senior citizens will not be payable in case of premature withdrawal of such deposits. Therefore, if you opt for premature withdrawal of an FD under the scheme, your fixed deposit investment will fetch only 5.9 percent i.e. 50 bps above the general customers.

HDFC Bank’s FD Special Program for Seniors

The scheme is known as ‘HDFC Senior Citizen Care’. HDFC Bank provides 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 applicable to the FD will be 6.25 percent . These rates are applicable from November 13.

ICICI Bank special FD scheme for senior citizens

ICICI Bank special FD scheme for senior citizens -ICICI Bank Golden Years FD scheme -offers an 80 bps higher interest rate. ICICI Bank Golden Years FD scheme will give 6.30% per annum. These rates are applicable from 21 October 2021.

Bank of Baroda special FD scheme for senior citizens

Bank of Baroda (BoB) offers 100 bps higher on these deposits to senior citizens. These deposits will fetch them 6.25 per cent. These rates are applicable from 16 November 2021.