Special FD schemes for senior citizens: What SBI, HDFC Bank, ICICI Bank offer

Corporate banks State Bank of India (SBI), HDFC Bank, and ICICI Bank have special fixed deposit (FD) schemes for senior citizens. This was introduced in May 2020 amid the falling interest rates. SBI has recently extended the special fixed deposit scheme -SBI 'WECARE'- till September-end. 

"A special “SBI Wecare" Deposit for Senior Citizens introduced in the Retail TD segment wherein an additional premium of 30 bps (over & above the existing 50 bps) will be paid to Senior Citizen’s on their retail TD for '5 Years and above' tenor only. “SBI Wecare" deposit scheme stands extended up to 30th September 2022,"SBI mentioned on its website.

SBI special FD scheme for senior citizens

SBI special FD scheme for senior citizens -We Care -offers an additional 30 bps interest rate to the senior citizens on their FD for the tenor of 5 years and more. At present, SBI gives a 5.5% interest rate on five years FD for the general public. If a senior citizen puts a fixed deposit under the special FD scheme, then the interest rate applicable to the FD will be 6.30%. SBI has increased interest rates on fixed deposits (FDs) with effect from February 15, 2022.

HDFC Bank special FD scheme for senior citizens

HDFC Bank’s special FD scheme for senior citizens, known as HDFC Senior Citizen Care bank offers a 75 bps higher interest rate on these deposits. “An Additional Premium of 0.25% (over and above the existing premium of 0.50%) shall be given to Senior Citizens who wish to book the Fixed Deposit less than 5 crores for a tenure of 5 (five) years One Day to 10 Years, during special deposit offer commencing from 18th May'20 to 31st Mar’22,” the bank mentioned on its site.

If a senior citizen puts a fixed deposit under HDFC Bank Senior Citizen Care FD, then the interest rate applicable to the FD will be 6.35%.

HDFC Bank recently hiked the interest rate on term deposits The revised FD interest rates is applicable from 14 February.

ICICI Bank special FD scheme for senior citizens

ICICI Bank’s special FD scheme for senior citizens is offered at a higher interest rate of 6.35% per annum. The applicable duration is till 8th April 2022, the lender noted on its site. These interest rates are with effect from 20 January 2022.