HDFC Bank vs SBI vs ICICI Bank: Which special fixed deposit (FD) scheme is better for Senior Citizens
2 min read 31 May 2023, 01:19 PM ISTBanks like SBI, HDFC, ICICI, PNB, and BoB offer special fixed deposits with higher interest rates for senior citizens, with HDFC offering up to 75 bps higher interest rates through its Senior Citizen Care FD scheme
PremiumSpecial fixed deposit (FD) scheme for Senior Citizens: Bank fixed deposits (FDs) are considered to be one of the best investment options, especially for senior citizens. Many banks like the State Bank of India (SBI), HDFC, and ICICI, Punjab National Bank (PNB), Bank of Baroda (BoB), give 50 basis points (bps) extra than general customers to the elderly for term deposits ranging from seven days to ten years. started these special fixed deposits with higher interest rates on term deposits for senior citizens. Let's take a look at the interest rate offered to senior citizens on these special FDs.
HDFC Bank special FD scheme for senior citizens interest rate
HDFC Bank's special FD scheme for senior citizens is called HDFC Senior Citizen Care. The bank offers a 75 bps higher interest rate on these deposits. HDFC Bank has extended special fixed deposits for senior citizens. This special Senior Citizen Care FD was launched in May 2020 amid the covid pandemic. The last date to invest in the Senior Citizen Care FD plan has been extended to July 7, 2023, as per the bank's website. HDFC Bank offers an interest rate of 7.75% to elderly people on tenure between 5 Years and 1 day to 10 Years. These rates are effective from 29 May 2023.
Apart from this, the HDFC Bank has also introduced two special edition FDs with a 35 and 55-month term that offers an interest rate of 7.70% and 7.75% respectively to senior citizens.
SBI special FD scheme for senior citizens interest rate
SBI special FD scheme for senior citizens -We Care -offers an additional 30 bps interest rate to the senior citizens on their FD for a tenor of 5 years and more. If a senior citizen puts a fixed deposit under the special FD scheme, then the interest rate applicable to the FD will be 7.50%. These interest rates are with effect from 15 February 2023.
SBI Amrit Kalash FD Scheme comes with a special tenor of 400 days on which the general public will get an interest rate of 7.10% and senior citizens will get an interest rate of 7.60% which is 50 bps higher than the standard applicable rate and senior citizens, staff and staff pensioners are eligible for additional interest rate applicable to them.
“The specific tenor scheme of “400 days" (Amrit Kalash) at a rate of interest of 7.10 % w.e.f. 12 April 2023. Senior Citizens are eligible for a rate of interest of 7.60%. The scheme will be valid till 30 June 2023," mentioned SBI on its website.
ICICI Bank's special FD scheme for senior citizens' interest rate
ICICI Bank's special FD scheme for senior citizens -ICICI Bank Golden Years FD scheme -offers an 80 bps higher interest rate. ICICI Bank Golden Year FD scheme will give 7.50% per annum. These interest rates are with effect from 24 February 2023.
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