The Senior Citizens Special FD Scheme was introduced in May 2020. Earlier, its last date was 31 December 2020, which was extended to 31 March 2021. Now it has been further increased to 30 June 2021 so that maximum senior citizens can take advantage of it.
In this scheme, senior citizens get up to 1% more interest on FD than ordinary customers. Now the three major banks of the country have extended its last date till June 30.
The country’s largest bank SBI runs SBI WeCare FD scheme for its senior citizen customers. The bank has extended the last date for this till June 30. The bank is also giving 0.75% more interest on FD to its senior citizen customers. In this way, senior citizens are getting 6.15% interest in SBI WeCare over a period of 5 years.
HDFC Bank, the largest private sector bank in the country, has offered 0.75% more interest than the general public on the Senior Citizens Care FD Scheme. Generally, senior citizens get more interest on FD up to 0.50%, HDFC Bank is giving additional interest by adding 0.25% to it. In this way, the bank has a total interest of 6.25% on this FD scheme of 5 years duration.
ICICI Bank has also offered more interest on FDs to senior citizens in competition with HDFC Bank. For senior citizens, the bank runs an FD scheme called Golden Years. For this scheme, it is offering 0.80% more than the common people i.e. 6.30% interest to the senior citizens.
