Senior citizens special fixed deposit: To safeguard the interests of senior citizens amid the coronavirus pandemic as the interest rates were falling rapidly, senior citizens special fixed deposit scheme were introduced.
Till June 30, 2021, special fixed deposit (FD) schemes for senior citizens have been extended. An additional 50 basis points (bps) to senior citizens is offered. The special FD scheme provide an additional rate of interest on top of that and is applicable on both- fresh deposits as well as deposits renewed.
Senior citizens special FD scheme: Here's what interest rates are offered by SBI, ICICI and HDFC Bank and Bank of Baroda:
HDFC Bank Senior Citizen Care
HDFC Bank Senior Citizen Care FD gives 75 bps higher interest rate to senior citizens on these deposits. If a senior citizen puts a fixed deposit under the special FD scheme, then interest rate applicable to the FD will be 6.25 percent.
SBI ‘Wecare Deposit’
SBI ‘Wecare Deposit’ special FD scheme for senior citizens fetches 80 basis points (bps) interest rate above the rate applicable to the general public. If a senior citizen puts a fixed deposit under the special FD scheme, then interest rate applicable to the FD will be 6.20 percent.
Bank of Baroda
Bank of Baroda (BoB) offers 100 bps higher on these deposits to senior citizens. Under the special FD scheme (above 5 years to up to 10 years), if a senior citizen puts a fixed deposit, then the interest rate applicable to the FD will be 6.25 per cent.
ICICI Bank Golden Years
ICICI Bank offers 80 bps higher interest rate on these deposits. ICICI Bank Golden Years FD scheme offers senior citizens an interest rate of 6.30 percent per annum.
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