New Delhi: The special fixed deposit schemes launched by several public and private banks for senior citizens in India are about to expire soon. The schemes were launched by banks in May 2020 amid the Covid-19 pandemic for some time.
Special FD schemes offer additional interest rates over and above the additional 0.5% rate offered to senior citizens. Currently, State Bank of India (SBI), HDFC Bank, ICICI Bank and Bank of Baroda are offering these special FD schemes to senior citizens offering investment tenure of five years or more.
Earlier, the last date to implement the scheme was March 31, 2021. But the last date was extended till June 30, 2021, earlier this year. Any Indian citizen above 60 years of age can invest in this long term scheme to get maximum returns from fixed deposits.
SBI’s Wecare Deposit Special FD Scheme for Senior Citizens
SBI is offering a WeCare deposit scheme, which offers an additional 0.80% interest rate on long-term FD investments made by senior citizens. Investors will get an interest rate of 6.20% on their investment.
HDFC Senior Citizen Care FD Scheme for Senior Citizens
HDFC Bank has named its scheme Senior Citizen Care FD for senior citizens. Investors get 6.25% interest rate return on their investment.
ICICI Bank Golden Years FD Scheme for Senior Citizens
ICICI Bank is offering Golden Years FD scheme with higher interest rate for investments made by senior citizens. The interest rate on FD investment in this scheme is 6.30% per annum.
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