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Home >Money >Personal Finance >Special FD scheme for senior citizens extended till June-end. Check details here

Special fixed deposit (FD) schemes for senior citizens have been extended till 30 June 2021. In May 2020, amid the Covid-19 pandemic and falling interest rates, some banks like State Bank of India (SBI), HDFC, ICICI and Bank of Baroda (BoB) had introduced special FD schemes for senior citizens for the tenure of 5 years and more. A senior citizen looking to invest for the long term in a bank FD can now do so till 30 June 2021 as all these banks have extended it.

The regular FD schemes offer an additional 50 basis points (bps) to senior citizens, the special FD scheme provide an additional rate of interest on top of that and is applicable on both- fresh deposits as well as deposits renewed.

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State Bank of India (SBI)

SBI ‘Wecare Deposit’ special FD scheme for senior citizens will fetch 80 basis points (bps) interest rate above the rate applicable to the general public. At present, SBI gives 5.4% interest rate on five years FD for the general public. If a senior citizen puts a fixed deposit under the special FD scheme, then interest rate applicable to the FD will be 6.20%.

HDFC Bank

Senior Citizen Care FD special FD scheme offered by HDFC Bank gives 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%.

ICICI Bank

ICICI 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.

Bank of Baroda

Bank of Baroda (BoB) offers 100 bps higher on these deposits to senior citizens. Under the special FD scheme (above 5 years to up to 10 years), if a senior citizen puts a fixed deposit, then the interest rate applicable to the FD will be 6.25 per cent.

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