1 min read.Updated: 22 Dec 2020, 09:28 AM IST Edited By Sangeeta Ojha
Senior citizens special FD scheme of HDFC Bank, ICICI, Bank of Baroda (BoB) end on 31 December 2020
Senior citizens special FD offer extra interest rates over the existing rates on fixed deposits applicable for senior citizens
Senior citizens special FD scheme: Top lenders like State Bank of India (SBI), HDFC Bank, ICICI Bank and Bank of Baroda (BoB) offer extra interest rates over the existing rates on fixed deposits (FD) applicable for senior citizens. The scheme was made available for investment from May. Amid the Covid-19 pandemic, this special FD scheme was introduced to safeguard the interests of senior citizens as the interest rates were falling rapidly. Earlier, the scheme was introduced till September, then it was extended till 31 December 2020. However, SBI has further extended it till 31st March 2021.
Let's take a look at what HDFC Bank, ICICI Bank and Bank of Baroda offer to senior citizens on these special FD scheme:
HDFC Bank special FD scheme for senior citizens is called HDFC Senior Citizen Care. The bank offers 75 bps higher interest rate on these deposits. If a senior citizen puts a fixed deposit under HDFC Bank Senior Citizen Care FD, then interest rate applicable to the FD will be 6.25% . These rates are applicable from 13 November.
ICICI Bank special FD scheme for senior citizens is called ICICI Bank Golden Years. The 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% per annum. 6.30%. These rates are effective 21 october.
Bank of Baroda special FD scheme for senior citizens
Bank of Baroda offers 100 bps higher on these deposits to senior citizens. If a senior citizen puts a fixed deposit under the special FD scheme (above 5 years to up to 10 years), then interest rate applicable to the FD will be 6.25%. These rates are effective from 16 November.