Fixed deposits (FD) were once considered the best in order to get better returns on their savings. At the same time, now all banks are getting very low interest on Fixed Deposit (FD). Despite this, some banks are paying considerable interest on fixed deposits for senior citizens.
These include private sector HDFC Bank (HDFC Bank) and ICECI Bank (ICICI Bank). State Bank of India (SBI), the largest bank in the public sector, is also running a ‘Wecare’ scheme for the elderly. HDFC Bank and ICICI Bank have extended the last date for senior citizens to invest in a special fixed deposit scheme to 31 March. The first deadline was December 31, 2020. At the same time, State Bank of India has also extended the last date of investment in ‘Wecare’ till 31 March.
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HDFC Bank (HDFC Bank) has launched a scheme called Senior Citizen Care FD for Senior Citizens. According to the bank, senior citizens will be given 0.75 per cent more than the interest paid to ordinary customers on fixed deposits for a period of more than 5 years and less than 10 years.
HDFC Bank will pay 0.50% more interest to senior citizens on fixed deposits of up to 5 years than other customers. Currently, HDFC Bank is paying 5.50 per cent interest on fixed deposits.
HDFC Bank (HDFC Bank) fixed deposit scheme for senior citizens will get 6.25% interest annually. For this, senior citizens will have to invest in the bank’s fixed deposit scheme by 31 March.
ICICI Bank has introduced a special scheme for senior citizens called Golden Years FD. 0.80% more interest is being paid on investing in this scheme than normal FD. Currently, ICICI Bank is getting 5.50 per cent interest on investing in FDs for a period of more than 5 years and up to 10 years. ICICI Bank’s senior citizens are being paid 0.80 per cent more interest than the normal FD for investing in the Golden Years FD scheme. Currently, ICICI Bank is getting 5.50 per cent interest on investing in FDs for a period of more than 5 years and up to 10 years.
State Bank of India (SBI) has recently launched SBI Wecare Scheme for Senior Citizens. Senior citizens are being given more interest in this scheme. The scheme has been introduced in the retail term deposit segment.
In the State Bank of India’s VCare scheme, senior citizens are being given 0.80 per cent more interest than normal FDs. At present, SBI is paying 5.40 per cent interest on fixed deposits, but investing under this scheme will give interest of 6.20 per cent to the elderly.
