Special fixed deposit (FD) schemes for senior citizens offered by the State Bank of India (SBI) HDFC Bank and Bank of Baroda (BoB) have been extended till 30 September 2021. In May 2020, amid the Covid-19 pandemic and falling interest rates, some banks like 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,” SBI said.
At present, SBI gives a 5.4% interest rate on five years FD for the general public. If a senior citizen puts a fixed deposit under the special FD scheme, then the interest rate applicable to the FD will be 6.20%. These rates are with effect from 8 January 2021.
HDFC Bank special FD scheme for senior citizens
“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 lender mentioned on its website.
HDFC Bank special FD scheme 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 puts 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 these deposits to senior citizens. If a senior citizen puts a fixed deposit under the special FD scheme (above 5 years to up to 10 years), then the interest rate applicable to the FD will be 6.25%. These rates are effective from 16 November. “1.00% for “Above 5 years to up to 10 years” tenor and valid till 30.09.2021,” BoB stated on its site.
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