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Business News/ Money / Personal Finance/  SBI, HDFC Bank, ICICI Bank to BoB — Special FD scheme to end soon. Check details
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SBI, HDFC Bank, ICICI Bank to BoB — Special FD scheme to end soon. Check details

SBI We Care scheme is offering 80 bps extra return to a senior citizen on fixed deposit

HDFC Bank introduced Senior Citizen Care FD that offers 75 bps additional returns to a senior citizen. (Mint)Premium
HDFC Bank introduced Senior Citizen Care FD that offers 75 bps additional returns to a senior citizen. (Mint)

Senior citizen special FD scheme: In a bid to protect income of senior citizens during the spread of Covid-19 pandemic, senior citizen special fixed deposit (FD) scheme was introduced in May 2020. Initially, the special deposit scheme was introduced for a short-term period but it went on getting extension from time to time. State Bank of India or SBI, HDFC Bank, ICICI Bank and Bank of Baroda (BoB) introduced this special FD scheme for senior citizens. In its senior citizen special FD scheme, these banks offered an additional return on the top of 50 bps extra return on regular bank FD rates. But, as per the respective websites of these banks, this senior citizen saving scheme is soon going to end on 30th June 2021.

SBI senior citizen special FD scheme

In this SBI's domestic term deposit scheme for senior citizens, an additional 30 bps interest rate is offered on the top of 50 bps extra FD interest being given to the senior citizen FD account. Means SBI We Care scheme is offering 80 bps extra return to a senior citizen on fixed deposit. But, the FD would be for the tenor of 5 to 10 years means tax saving bank FD. As per the SBI FD interest rates applicable from 8th January 2021, senior citizens availing of this special FD scheme by SBI will be able to get 6.20 per cent return on their fixed deposit.

HDFC Bank senior citizen special FD scheme

To protect income of senior citizens, HDFC Bank introduced Senior Citizen Care FD that offers 75 bps additional returns to a senior citizen. It means, if we add this in the HDFC FD rates applicable from 21st May 2021, a senior citizen will get 6.25 per cent return on one's FD under this special FD scheme.

ICICI Bank special FD scheme

ICICI Bank introduced ICICI Bank Golden Years FD scheme under the senior citizen special FD scheme. This special senior citizen saving scheme yields 0.80 per cent extra FD interest rate on ICICI Bank's normal FD rates applicable from 21st October 2021. ICICI Bank FD interest rate on 5 years to 10 years tenor is 5.5 per cent that means a senior citizen will get 6.30 per cent interest under ICICI Bank Golden Years FD scheme.

BoB special FD scheme for senior citizens

Bank of Baroda is offering 1 per cent higher return to the senior citizens on fixed deposit interest rate. As per its FD interest rates applicable from 16th November 2020, senior citizen special FD scheme at BoB will fetch 6.25 per cent annual interest.

This senior citizen special FD scheme was introduced in May 2020 and the offer was limited till September 2020. But, these four banks extended their special FD scheme till December 2020 that was further extended till 31st March 2021 and 30th June 2021. So, June 30, 2021 is the last date for this offered provided there is no further extension in the senior citizen special FD scheme.

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Published: 28 Jun 2021, 12:40 PM IST
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