Senior citizen special FD: Under this scheme, senior citizens get additional benefits on fixed deposits.
In the midst of the Corona crisis, special fixed deposit schemes for senior citizens were announced by public and private sector banks in May 2020. It was announced for the short term. Under this scheme, senior citizens get the benefit of additional interest rate. According to the information, SBI, HDFC, ICICI Bank and Bank of Baroda are closing this scheme in June.
According to the information available on the websites of these banks, June 30 is the last date for the Senior Citizens Special Fixed Deposit Scheme. All banks offer an additional benefit of 50 basis points to senior citizens on fixed deposits. Under this special scheme, the interest rate is further increased.
What SBI and HDFC are offering
The name of SBI’s special FD scheme is ‘Wecare Deposit’ on which the bank offers 80 bps extra interest rate as compared to normal FD. At present it is 6.20 per cent. HDFC’s special scheme named Senior Citizen Care FD gets 75 bps interest rate as compared to normal FD. Currently this interest rate is 6.25 percent.
ICICI and Bank of Baroda
The name of the scheme of ICICI Bank is ICICI Bank Golden Years FD scheme. It offers 80 basis points higher interest rate. At present it is 6.30 per cent. Bank of Baroda offers 100 basis points extra interest rate on Senior Citizen Special FD. It is currently offering 6.25 percent interest rate.
