Senior citizens special fixed deposit (FD) schemes are offered by top banks such as State Bank of India (SBI), HDFC Bank, ICICI Bank, and Bank of Baroda (BoB). Extra interest rates are being provided by these banks under this scheme 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. This special FD scheme is available for senior citizens till 31 March 2021.
Bank of Baroda special FD scheme for senior citizens
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.
ICICI Bank special FD scheme for senior citizens
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. 6.30%.
HDFC Bank special FD scheme for senior citizens
HDFC 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%.
SBI special FD scheme for senior citizens
SBI 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%.
