March 5, 2021 11:53 AM
Senior citizens special FD schemes are offered by top lenders. Under this scheme, extra interest rates are being provided by these banks over the existing rates applicable for them on term deposits. Amid the coronavirus pandemic, this special FD scheme was launched in May to safeguard the interests of senior citizens as the interest rates were falling rapidly.
SBI special FD schemes for senior citizens will fetch 80 basis points (bps) interest rate above the rate applicable to the general public. At present, SBI gives a 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 the interest rate applicable to the FD will be 6.20%.
HDFC Bank special FD scheme for senior citizens
HDFC Bank offers a 75 bps higher interest rate on these deposits. If a Senior citizens special Fixed deposit under HDFC Bank Care FD, then the interest rate applicable to the FD will be 6.25%. This special FD scheme is available for senior citizens till 31 March 2021.
ICICI Bank special FD scheme for senior citizens
ICICI Bank offers an 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%.
Bank of Baroda special FD scheme for senior citizens
Bank of Baroda (BoB) offers 100 bps higher on these deposits to citizens. Under the special FD scheme (above 5 years to up to 10 years), if a citizen puts a fixed deposit, then the interest rate applicable to the FD will be 6.25 per cent.
A fixed deposit (FD) is a financial instrument provided by banks or NBFCs which provides investors a higher rate of interest than a regular savings account, until the given maturity date. It may or may not require the creation of a separate account.