Top banks like HDFC Bank (HDFC Bank), ICICI Bank (ICICI Bank), State Bank of India (SBI), and Bank of Baroda (BOB) offer Senior Citizens Special FD Scheme from customers. In these schemes, these banks provide an additional interest rate to the Senior Citizens from the prevailing rates applicable to deposits.
The special FD scheme was launched to protect the interests of senior citizens, as interest rates on deposits have fallen sharply for some time. Special FD scheme for Senior Citizens is available till 31 March 2021.
SBI Bank Special FD Scheme
The SBI Special FD Scheme for Senior Citizens offers 0.80 per cent more than the interest rate applicable to the general public. At present, the bank is offering 5.4 percent interest rate on a five-year FD to general customers. In this way, if a senior citizen gets FD under special FD scheme in SBI, then the interest rate will be 6.20 percent.
HDFC Bank Special FD Scheme
HDFC Bank offers 0.75 per cent higher interest rate on these deposits. In this way, if a senior citizen makes an FD under HDFC Bank Senior Citizen Care FD, then that FD will be charged at the rate of 6.25 percent.
ICICI Bank Special FD Scheme
ICICI Bank offers 0.80 per cent higher interest rate on these deposits. ICICI Bank offers Golden Year FD Scheme Senior Citizens with an interest rate of 6.30% per annum.
Bank of Baroda Special FD Scheme
Bank of Baroda offers 1% (100 basis points) more interest rate than senior citizens on these deposits. If a senior citizen gets FD under the special FD scheme (five to 10 years), then the interest rate on that FD will be 6.25 percent.