- Special Fixed Deposit schemes for Senior Citizens has been extended
- SBI, HDFC Bank, BoB have all extended the special FD scheme for senior citizens
The Special Fixed Deposit (FD) Schemed for the senior citizens which were offered by the State Bank of India (SBI), HDFC Bank and Bank of Baroda (BoB) have been extended until the 30th September 2021.
In May 2020, owing to the COVID-19 pandemic and falling interest rates, some banks including SBI, HDFC, ICICI and Bank of Baroda (BoB) had introduced special FD schemes for senior citizens for the tenure of 5 years and more.
SBI Special FD Scheme For Senior Citizens
“A special ‘SBI Wecare’ Deposit for Senior Citizens introduced in the Retail TD segment wherein an additional premium of 30 bps (over & above the existing 50 bps as detailed in the above table) will be paid to Senior Citizen’s on their retail TD for ‘5 Years and above’ tenor only. ‘SBI Wecare’ deposit scheme stands extended till 30th September 2021,” said India’s largest public sector lender.
As of now, SBI offers a 5.4% interest rate on five years FDs for the general public. If a senior citizen opens a fixed deposit under the special FD scheme, the interest rate applicable to that FD will be 6.20%.
These rates are with effect from 8 January 2021.
HDFC Bank Special FD Scheme For Senior Citizens
HDFC Bank, on its website, mentioned, “An Additional Premium of 0.25% (over and above the existing premium of 0.50%) shall be given to Senior Citizens who wish to book the Fixed Deposit less than 5 crores for a tenure of 5 (five) years One Day to 10 Years, during special deposit offer commencing from 18th May’20 to 30th Sep’21”.
The special FD scheme from HDFC Bank for senior citizens is called HDFC Senior Citizen Care. The bank offers a 75 bps higher interest rate on these deposits. If a senior citizen opens a fixed deposit under HDFC Bank Senior Citizen Care FD, then the interest rate applicable to the FD will be 6.25%.
These rates are applicable from 21 May 2021.
Bank of Baroda Special FD Scheme For Senior Citizens
Bank of Baroda offers 100 bps higher on such deposits to senior citizens. If a senior citizen opens a fixed deposit under the special FD scheme (above 5 years to a maximum of 10 years), then the interest rate applicable to the FD will be 6.25%.
These rates are effective from 16 November.
Bank of Baroda, on its website, has said, “1.00% for “Above 5 years to up to 10 years” tenor and valid till 30.09.2021”.