FD Scheme: Bank Fixed Deposit (FD) is widely regarded as one of the most advantageous investment choices, particularly for senior citizens in India.
Several renowned banks such as State Bank of India (SBI), HDFC Bank, ICICI Bank, Punjab National Bank (PNB), and Bank of Baroda (BoB) provide an additional interest rate of 50 basis points (0.50%) to senior citizens on fixed deposits with a duration of 7 to 10 years, in comparison to regular customers.
Now, let us delve into the specific interest rates offered to senior citizens on these exclusive FD schemes.
SBI’s Exclusive FD Scheme for Senior Citizens
State Bank of India cares for senior citizens through its special FD scheme called We Care. Under this scheme, senior citizens receive an additional interest rate of 30 basis points (0.30%) on their fixed deposits with a tenure of 5 years or more. The applicable interest rate on such FDs for senior citizens is 7.50%.
These interest rates came into effect from February 15, 2023. SBI also offers the Amrit Kalash FD scheme with a unique tenure of 400 days. The general public can avail an interest rate of 7.10%, while senior citizens are offered a higher rate of 7.60% on this special FD scheme.
HDFC Bank’s Special FD Scheme for Senior Citizens
HDFC Bank presents its special FD scheme exclusively designed for senior citizens known as HDFC Senior Citizen Care. This scheme offers a higher interest rate of 75 basis points (0.75%) on the deposits made by senior citizens. As per the bank’s website, the last date to invest in the Senior Citizen Care FD scheme has been extended till July 7, 2023.
For a tenure ranging from 5 years and 1 day to 10 years, HDFC Bank provides senior citizens with an interest rate of 7.75%. These rates came into effect from May 29, 2023. Additionally, HDFC Bank has introduced two special edition FDs with tenures of 35 and 55 months, offering interest rates of 7.70% and 7.75% respectively for senior citizens.
ICICI Bank’s Special FD Scheme for Senior Citizens
ICICI Bank offers the ICICI Bank Golden Years FD Scheme as a special FD scheme for senior citizens. This scheme provides an enhanced interest rate of 80 basis points (0.80%) to senior citizens. The ICICI Bank Golden Years FD scheme ensures an annual interest rate of 7.50%.
These interest rates became effective from February 24, 2023.
