Special Fixed Deposit Scheme: Fixed deposits have their own distinct confidence among all investment options. It is the most reliable investment method for senior citizens due to giri risk and guaranteed returns.
Special Fixed Deposit Scheme: Fixed deposits have their own distinct confidence among all investment options. It is the most reliable investment method for senior citizens due to giri risk and guaranteed returns. Many banks also run special fixed deposit schemes so that senior citizens can get the best facilities. Senior citizen savings schemes get slightly more interest than other savings schemes.
Special FD plans till 31 March
These schemes were launched in May 2020 to save the elderly from the crisis during the Corona period. However, now their term is coming to an end on 31 March. If any senior citizen wants to take advantage of these schemes, then they only have till 31 March. So apply as soon as possible. However some banks have extended the duration of this scheme, so that more and more people can join this scheme. Under the special scheme launched by banks, senior citizens get higher interest rates in fixed deposits (FDs).
HDFC Bank’s Special FD Scheme
Under the special fixed deposit scheme of HDFC Bank, senior citizens get 0.75 percent more interest. However, this scheme has now been extended till June 30. If a senior citizen makes a fixed deposit under HDFC Bank Senior Citizen Care FD, then he gets 6.25% interest, these rates are applicable from 13 November 2020.
ICICI Bank’s Special FD Scheme
ICICI Bank runs a special deposit scheme for senior citizens called ICICI Bank Golden Years. ICICI Bank pays 0.80% more interest on special deposits. Under the CICI Bank Golden Years FD scheme, senior citizens get 6.30 per cent interest annually. These rates are applicable from October 21, 2020.
Bank of Baroda Special FD Scheme
Bank of Baroda gives 1% more interest benefit to senior citizens. Senior citizens get 6.25 percent interest on deposits ranging from five years to 10 years.
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