Fixed Deposit Fixed Deposit (FD) has always been a popular investment option. Many banks including State Bank of India, HDFC Bank, ICICI Bank, Bank of Baroda offer the benefit of special fixed deposit offers to senior citizens, who have higher FD interest rates.
Fixed Deposit (FD) and Senior Citizen Savings Scheme (SCSS) are better investment options for long term. However, recently many banks have cut FD rates due to which people are looking for other investment avenues. To lure back customers, banks like State Bank of India (SBI), HDFC Bank, ICICI Bank and Bank of Baroda (BOB) are offering additional interest rates on FDs for senior citizens. This special FD scheme is available for senior citizens till 30 June 2021.
SBI Special FD Scheme For Senior Citizens: SBI Special FD Scheme for Senior Citizens will offer an interest rate of 80 basis points (bps) above the rate available to regular investors. At present, SBI gives 5.4 percent interest rate to the general public on FDs of five years. Whereas the current interest rate for senior citizens under the special FD scheme is 6.20%.
HDFC Bank Special FD Scheme For Senior Citizens: HDFC Bank offers a higher interest rate of 75 bps on these special deposits. This means that under HDFC Bank Senior Citizen Care FD, senior citizens will get a good return of 6.25 percent.
ICICI Bank Special FD Scheme For Senior Citizens: ICICI Bank offers a higher interest rate of 80 bps on such deposits. The ICICI Bank Golden Years FD scheme offers an interest rate of 6.30 per cent per annum for senior citizens.
Bank of Baroda Special FD Scheme For Senior Citizens: Bank of Baroda (BOB) is offering 100 bps more to senior citizens on deposits. If a senior citizen makes a deposit in this scheme, then the interest rate available for FD under the special FD scheme will be 6.25 per cent with tenures ranging from more than 5 years to 10 years.
