Special bank FD (fixed deposit) schemes for senior citizens have been extended till June 30, 2021. While bank fixed deposits for tenures up to 5 years are offering a return of around 5.5 per cent, most senior citizens, especially those whose long-term deposits are coming up for renewals, are in a fix.


Amid the Covid-19 pandemic and falling interest rates, some banks like State Bank of India (SBI), HDFC, ICICI and Bank of Baroda (BoB) had introduced special FD schemes for senior citizens for the tenure of 5 years and more. A senior citizen looking to invest for the long term in a bank FD can now do so till 30 June 2021 as all these banks have extended it.


The regular FD schemes offer an additional 50 basis points (bps) to senior citizens, the special FD scheme provide an additional rate of interest on top of that and is applicable on both- fresh deposits as well as deposits renewed.


Here are the details of these FDs launched by SBI, HDFC Bank, and ICICI Bank.


The State Bank of India (SBI), on its website states: A special “SBI Wecare” Deposit for Senior Citizens introduced in the Retail TD segment wherein an additional premium of 30 bps (over & above the existing 50 bps as detailed in the above table) will be paid to Senior Citizen’s on their retail TD for ‘5 Years and above’ tenor only. “SBI Wecare” deposit scheme stands extended till 30th June, 2021.

At present the interest rate offered for senior citizens for a 5-year and above FD is 6.2%, and for general public it is 5.4%. This applicable for deposits below Rs 2 crore.



Senior Citizen Care FD special FD scheme offered by HDFC Bank gives 75 bps higher interest rate on these deposits. If a senior citizen puts a fixed deposit under HDFC Bank Senior Citizen Care FD, then interest rate applicable to the FD will be 6.25%.



ICICI Bank offers 80 bps higher interest rate on these deposits. ICICI Bank Golden Years FD scheme offers senior citizens an interest rate of 6.30% per annum.

Bank of Baroda

Bank of Baroda (BoB) offers 100 bps higher on these deposits to senior citizens. Under the special FD scheme (above 5 years to up to 10 years), if a senior citizen puts a fixed deposit, then the interest rate applicable to the FD will be 6.25 per cent.