FD is considered to be an easy option for investment, which does not have much hassle. If you look at the current FD interest rates and inflation rate, you will have a loss. That is such that if you are getting 5 percent interest in the bank, then the value of your money will be less if the inflation rate is higher than this. But still, FD is a very good option, especially for senior citizens, if the risk aversion and assured guaranteed returns are seen. Therefore, senior citizens should look for such FD option, in which they can get high interest without risk. We will give you information about such options here.
More interest in corona period
In the aftermath of the Corona pandemic, several banks had launched special FD schemes for senior citizens. These banks include Bank of Baroda, HDFC Bank, ICICI Bank and the country’s largest bank State Bank of India (SBI). In these, people aged 60 years and above are given higher interest than the current rate of interest. The investment opportunity in these special FD schemes of Bank of Baroda, HDFC Bank and SBI is till 30 September 2021. At the same time, ICICI Bank has also extended the investment period in its Golden Years FD for senior citizens. One can invest in ICICI Bank special FD till October 07. Now know how much interest you (senior citizens) will get in which bank.
SBI Special FD Scheme for Senior Citizens
SBI had started a special FD scheme in the name of ‘We Care’. SBI Special FDs for those aged 60 years and above will offer an additional 30 basis points (1% = 100 basis points) interest rate on deposits for tenures exceeding 5 years. In this way the interest rate applicable in FD is 6.20 percent.
ICICI Bank Special FD for Senior Citizens
ICICI Bank, which has extended its Golden Years special FD for senior citizens till October 7, 2021, is offering 80 basis points more than the prevailing interest rates. The bank’s special FD scheme is offering 6.30 percent interest rate on deposits for senior citizens.
HDFC Bank Special FD for Senior Citizens
HDFC Old Citizen Care is a special FD scheme for senior citizens offered by HDFC Bank. In this, the bank is offering 75 basis points higher interest rate on deposits. An interest rate of 6.25 percent will be given on the amount deposited by the senior citizen under HDFC Bank Senior Citizen Care FD.
Bank Of Baroda Special FD For Senior Citizens
Seniors can get a bonus of up to 100 basis points on certain deposits with Bank of Baroda. If a senior citizen makes a fixed deposit under a special FD plan (for tenor of more than 5 years and up to 10 years), the interest rate will be 6.25 per cent.