Several banks including State Bank of India (SBI), HDFC Bank, ICICI Bank, Bank of Baroda, and ICICI Bank are offering senior citizens special fixed deposit (FD) schemes, providing higher interest rates on term deposits. Bank fixed deposits (FDs) are considered an ideal investment opportunity for senior citizens, keeping the long-term stability aspect.
Special fixed deposit (FD) scheme for senior citizens offered by the State Bank of India (SBI) HDFC Bank and Bank of Baroda (BoB) have been extended till 30 September 2021. However, ICICI Bank has extended its Golden Years FD meant for senior citizens to 7 October 2021.
SBI special FD scheme for senior citizens interest rate
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. 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%.
ICICI Bank special FD scheme for senior citizens interest rate
ICICI Bank special FD scheme for senior citizens -ICICI Bank Golden Years FD scheme -offers an 80 bps higher interest rate. ICICI Bank Golden Year FD scheme will give 6.30% per annum.
HDFC Bank special FD scheme for senior citizens interest rate
HDFC Bank special FD scheme for senior citizens is called HDFC Senior Citizen Care. The bank offers a 75 bps higher interest rate on these deposits. 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 6.25%.
Bank of Baroda special scheme for senior citizens interest rate
Bank of Baroda offers 100 bps higher on these deposits to senior citizens. If a senior citizen puts a fixed deposit under the special FD scheme (above 5 years to up to 10 years), then the interest rate applicable to the FD will be 6.25%.
