The special term deposit (FD) program for seniors offered by the State Bank of India (SBI) HDFC Bank and Bank of Baroda (BoB) has been extended until September 30, 2021. However, ICICI Bank has extended its Golden Years FD intended for seniors. citizens as of October 7, 2021. Amid falling interest rates, these banks introduced special FD plans for the elderly last year for a term of 5 years and more.
Special scheme FD SBI senior interest rates
The special FD SBI regime for seniors – We Care – offers an additional interest rate of 30 bps to seniors on their FD for the duration of 5 years and more. Currently, SBI gives an interest rate of 5.4% over five years FD to the general public. If an elderly person deposits a fixed deposit under the special FD regime, the interest rate applicable to the FD will be 6.20%.
FD ICICI Bank special scheme for the senior interest rate
ICICI Bank’s special FD program for the elderly – ICICI Bank’s FD Golden Years program – offers an interest rate 80 basis points higher. The ICICI Bank Golden Year FD program will give 6.30% per annum.
HDFC Bank FD special scheme for seniors
HDFC Bank’s special FD program for the elderly is called HDFC Senior Citizen Care. The bank offers a 75 basis points higher interest rate on these deposits. If a senior deposits a fixed deposit under HDFC Bank Senior Citizen Care FD, the interest rate applicable to the FD will be 6.25%.
Special scheme of the Bank of Baroda for seniors
Bank of Baroda offers an additional 100 basis points on these deposits to seniors. If an elderly person places a fixed deposit under the special FD regime (over 5 years up to 10 years), the interest rate applicable to the FD will be 6.25%.
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