Several banks, including the country’s largest banks SBI, HDFC, ICICI and Bank of Baroda (BoB), introduced special FD schemes for senior citizens of 5 years or more in May 2020 amid the COVID-19 pandemic and slashing interest rates. had started. Under this Senior Citizen Special FD Scheme, banks pay additional interest on normal FD rates on deposits of five years or more. The period of this FD scheme was till 30 June, which has now been extended till 30 September. This is news of relief for senior citizens looking to invest in FDs.
SBI Wecare Deposit
Let us tell you that at present, ICICI Bank has not announced to pursue this scheme. But SBI, Bank of Baroda and HDFC Bank have extended this special FD scheme till 30 September. In SBI WeCare Deposit Scheme, senior citizens get an additional 30 basis points over and above 50 basis points of additional FD interest rate.
How much will be the additional benefit
In this way, senior citizens get an additional 80 basis points (0.80 per cent) of interest under the SBI WeCare scheme on fixed deposits of 5 to 10 years. They will get 6.20 percent interest on their FDs under this special SBI FD scheme.
HDFC Bank Special FD Scheme
According to the official website of HDFC Bank, senior citizens will get an additional 0.25% interest on the special FD scheme. They will get this interest on top of the additional half percent interest received by ordinary citizens. Under HDFC Bank Special FD Scheme, you can get this additional interest only on FD of 5 to 10 years.
Who can’t take advantage
If a senior citizen renews any of his FDs, then he will also get additional interest. This offer will not be applicable for NRIs. Under the HDFC Senior Citizen Care Scheme, the bank gives 0.75 additional interest to the elderly on FDs. Under HDFC Bank Senior Citizen Care FD, a senior citizen will get 6.25 percent interest rate on the FD.
Bank Of Baroda
Senior citizens can get a full 100 basis points or 1 per cent higher interest rate on deposits with Bank of Baroda. Under the special FD scheme of this bank for senior citizens, an interest rate of 6.25 percent will be available on FDs made for a period of 5 to 10 years. These rates are applicable from 16 November 2020. Explain that small finance can give higher interest to senior citizens than this. At present, senior citizens are getting 7.50 per cent interest on 3-year FD in Suryoday Small Finance Bank, 7.25 per cent in Ujjivan Small Finance Bank, 7.15 per cent in Equitas Small Finance Bank, 7.00 per cent in DCB Bank and 7.00 per cent in IndusInd Bank.
