Special FD Schemes: At the beginning of the last Corona crisis, many banks had launched special FD schemes for senior citizens. Under this scheme, senior citizens get interest at a higher rate. The period of this scheme ends on June 30.
Due to the corona virus epidemic, the condition of the economy had reached a very bad state last year. RBI has continuously cut interest rates, after which it has come down to a record low. In such a situation, banks had offered some special offers on the most popular savings scheme i.e. fixed deposit among senior citizens. Under this, senior citizens get interest at a higher rate than the common people. Now the life of this scheme is about to end.
Senior citizens will not be able to take advantage of this scheme after 30 June 2021. State Bank of India, ICICI Bank, HDFC Bank and Bank of Baroda run this scheme for their senior customers. These special FD schemes were launched in May 2020. Earlier the term of this scheme was till 31 March 2021 but later it was extended.
Bank of Baroda: This public sector bank is giving interest at the rate of 1% more to the general citizens than the senior citizens. In this bank, a person below 60 years of age gets 5.25 percent interest on FD of 5 to 10 years. Whereas, a person above 60 years of age gets interest at the rate of 6.25 percent under this special FD scheme. This interest rate is also higher than the 50 basis points extra normally available to senior citizens.
SBI WeCare: Under this special FD scheme, the country’s largest bank gives 80 basis points or 0.80 percent higher interest rate to senior citizens. At present, it gives interest at the rate of 5.40 percent to the common people on FDs with a tenure of 5 years. But, senior citizens will be given interest at the rate of 6.20 percent under this scheme. But after June 30, the validity of this scheme will end and for senior citizens, 5 years FD will get interest at the rate of 5.90 percent.
HDFC Bank: This private sector bank is also running a special FD scheme for senior citizens till June 30. Under this, senior citizens are getting returns at the rate of 6.25 percent on FDs with a tenure of 5 to 10 years. For people below 60 years of age, this interest rate is 5.50 percent. But under this special FD scheme, senior citizens are getting an additional 0.75 percent benefit.
ICICI Bank: This private sector bank is paying interest at the rate of 0.80 percent on such special FD schemes. In this way, senior citizens are getting interest at the rate of 6.30 percent on FD of 5 years under this scheme. For general customers, this interest rate is 5.50 percent. You can take advantage of this scheme sitting at home.
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