BackSBI, ICICI Bank, HDFC Bank senior citizens special FD scheme compared
SBI, ICICI Bank and HDFC Bank have recently launched special FD schemes for senior citizensThis has been done to safeguard the interests of senior citizens as the interest rates are falling rapidly
PremiumCountry's largest lender State Bank of India (SBI), and private lenders HDFC Bank, and ICICI Bank have recently launched special fixed deposit (FD) schemes for senior citizens. This has been done to safeguard the interests of senior citizens as the interest rates are falling rapidly, the economy is is in a bad shape due to the coronavirus pandemic which has affected the entire world. SBI was the first bank to announce a special FD scheme for senior citizens called SBI We Care. Following the lead, HDFC Bank also announced a similar deposit scheme known as HDFC Senior Citizen Care FD. Likewise, ICICI Bank too came with a special term deposit scheme for senior citizens under the name of ICICI Bank Golden Years.
Some of the common features of Senior citizens special FD scheme by SBI, HDFC, and ICICI Bank are:
1) Senior citizens special FD scheme is applicable for tenure of 5 years or more.
2) The new interest rates applicable to fresh term deposits as well as existing deposits.
3) The special FD scheme for senior citizens is applicable till 30 September 2020.
4) SBI, HDFC Bank and ICICI Bank are offering extra interest rates over the existing senior citizen interest rates for fixed deposit.
5) The deposit amount is not limited to Rs. 1.5 lakh
6) Residents of 60 years or more are eligible to invest in Senior citizens special FD scheme.
SBI special FD scheme for senior citizens
-Name of the scheme: SBI We Care
-SBI made it available for customers from 12 May 2020
-Tenure: 5 Years
-New interest: 80 bps higher
-Interest rate: If a senior citizen puts a fixed deposit under the special FD scheme, then interest rate applicable to the FD will be 6.50%.
-Premature withdrawal : Additional premium of 30 bps not payable on premature withdrawal
Penalty of 0.5% may apply
Maximum deposit amount: Less than ₹2 crore
HDFC Bank special FD scheme for senior citizens
Name of the scheme: HDFC Senior Citizen Care
HDFC Bank made it available from 18 May 2020
Tenure: 5 years 1 day – 10 years
New interest: 75 bps higher
Interest rate: If a senior citizen puts a fixed deposit under HDFC Bank Senior Citizen Care FD, then interest rate applicable to the FD will be 6.50% . Under this new product, an additional 25 bps premium will be payable for senior citizens'
Premature withdrawal: Penalty of 1% if withdrawn on or before 5 years
Penalty of 1.25% if withdrawn after 5 years
Maximum deposit amount: Less than ₹5 crore
ICICI Bank special FD scheme for senior citizens
Name of the scheme: ICICI Bank Golden Years
ICICI Bank made it available from 20th May 2020.
Tenure: 5 years 1 day – 10 years
New interest: 80 bps higher
Interest rate: ICICI Bank Golden Years FD scheme offers senior citizens an interest rate of 6.55% per annum
Premature withdrawal: Penalty of 1% if withdrawn before 5 years 1 day
Penalty of 1.30% if withdrawn *after 5 years 1 day
Maximum deposit amount: Less than ₹2 crore
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