The deadline of senior citizen FD schemes of various banks i.e. HDFC Bank, ICICI Bank and Bank of Baroda is December 31. That being said, it was further extended until March 31 by the State Bank of India (SBI). With their Special Fixed Deposit (FD) scheme for senior citizens, top banks such as SBI, HDFC Bank, ICICI Bank and BoB have additional interest rates over existing fixed deposit rates available to senior citizens. In May, this special FD system was introduced in the aftermath of the COVID-19 pandemic to preserve the needs of senior citizens as interest rates fell rapidly. The scheme was originally implemented until September, so it was extended until 31 December 2020.
Senior Citizens’ Special FD Scheme Of HDFC Bank
The plan is called ‘HDFC Senior Citizen Care’. HDFC Bank pays a higher interest rate of 75 bps on these deposits. If a senior citizen deposit under the HDFC Bank Senior Citizen Care FD, the FD will have a 6.25 per cent interest rate. These rates are valid from 13 November onwards.
Senior Citizens’ Special FD Scheme Of ICICI Bank
The title of the scheme is ‘ICICI Bank Golden Years’. ICICI Bank gives a higher interest rate of 80 bps on such deposits. The bank proposes an interest rate of 6.30 per cent per annum under this scheme. Such prices are valid as of 21 October.
Senior Citizens’ Special FD Scheme Of Bank Of Baroda
Senior citizens are given 100 bps more on these deposits by Bank of Baroda. If a senior citizen deposits a fixed deposit under the special FD scheme (over 5 years to up to 10 years), then the interest rate available to him or her will be 6.25 per cent. Such prices are valid from 16 November onwards.