Special fixed investment schemes were launched in May 2020 to ensure the income of senior citizens in the midst of the financial crisis created by Kovid.
Mumbai: Amid the financial crisis created by Kovid, special fixed investment schemes were launched in May 2020 to ensure the income of senior citizens.
The scheme was initially introduced for a short period of time but was extended in duration. As part of the scheme, State Bank of India (SBI), HDFC Bank, ICICI Bank and Bank of Baroda (BOB) have launched special fixed deposit schemes for senior citizens.
Special fixed deposit schemes for senior citizens offered 50 basis points higher interest rates than normal fixed deposits.
However, it is reported that this short-term plan for senior citizens will end on June 30, 2021.
State Bank of India, (State at Bank of
RBIEFT of the We Care program for senior citizens were given a fixed interest rate of 80 basis points in additional investments. This additional benefit is available for fixed deposits of 5 years to 10 years. The interest rate for senior citizens under this special fixed deposit scheme is 6.20%.
HDFC Bank (HDFC Bank)
, HDFC Bank Senior Citizen Care fixed deposit scheme for senior citizens, an additional interest rate by 75 basis points. That is, HDFC Bank offers an interest rate of 6.25% to a senior citizen who makes a fixed deposit under this special scheme.
ICICI bank (ICICI Bank)
under special fixed deposit scheme for senior paranmarkkulla presenting ICICI Bank Golden Years Plan. These deposits earn an additional 0.80% interest. ICICI Bank offers 5.5% interest rate to ordinary citizens for fixed deposits of 5 to 10 years. However, under the special scheme, senior citizens will get an interest rate of 6.30%.
Bank of Baoroda (BOB)
Bank of Baroda offers senior citizens 1% higher interest rates than regular fixed deposits. The current interest rate for senior citizens on fixed deposits is 6.25 per cent.
Introduced in May 2020, these special fixed deposits are valid till September 2020. The term was later extended.
