The country’s major public sector banks such as SBI and Bank of Baroda and major private banks such as HDFC and ICICI Bank are going to discontinue the Senior Citizens Special FD Scheme from this month onwards.
New Delhi. The country’s leading public sector banks such as SBI and Bank of Baroda and major private banks such as HDFC and ICICI Bank are going to discontinue their Senior Citizens Special FD scheme from this month onwards. Senior citizens will not get this facility after 30 June 2021. Banks had come up with a special scheme for senior citizens in May 2020.
Under this, senior citizens in FDs with selected maturity period get an additional interest of up to 0.50 percent at the applicable interest rate. In this way, senior citizens get up to 1 percent more interest than the interest received by the common customer. This scheme was earlier till 31 March which was extended to 30 June 2021.
Know how much interest is available in SBI
At present, common citizens get 5.4% interest in State Bank of India for a period of five years. On the other hand, if a senior citizen takes an FD under the Special FD scheme, he gets 6.20% interest. This scheme is for a period of 5 years or more.
What are the interest rates in other banks
Talking about HDFC, the country’s largest private bank, here under the Senior Citizen Care Scheme, deposits get 0.75 percent more interest. If a senior citizen makes a fixed deposit under HDFC Bank Senior Citizen Care FD, the interest rate applicable on the FD will be 6.25%. On the other hand, ICICI Bank has introduced a special FD scheme ICICI Bank Golden Years Scheme for senior citizens. The bank is offering 0.80 percent more interest in this scheme. ICICI Bank Golden Year FD scheme is offering an interest rate of 6.30 per cent per annum to senior citizens. On the other hand, Bank of Baroda gives 6.25 percent interest under Senior Citizen Fixed Deposit in FDs from 5 years to 10 years.
