3 min read.Updated: 22 Sep 2022, 02:53 PM ISTVipul Das
Most of the main banks introduced Senior Citizens' Term Deposit schemes for senior citizens during the Covid-19 epidemic.
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Most of the main banks introduced Senior Citizens' Term Deposit schemes for senior citizens during the Covid-19 epidemic. On this programme, older folks receive higher interest rates in addition to the existing advantage of interest rates that are 50 basis points higher than the standard rates. Banks like HDFC Bank, ICICI Bank, IDBI Bank, SBI had introduced special fixed deposit schemes, but recently SBI has extended the validity period of its SBI 'WECARE' Senior Citizens' Term Deposit scheme till 31st March 2023. However, HDFC Bank and IDBI Bank are going to end their special fixed deposit schemes for senior citizens from 1st October 2022. Let's now examine the interest rates offered by the HDFC and IDBI Bank's special fixed deposit schemes for older folks.
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