Special bank FD schemes: In view of the corona virus epidemic, the deadline for special bank FD schemes of senior citizens has been extended from June 30, 2021 to September 30, 2021. Many banks are offering special FD schemes from senior citizens, these schemes offer higher rate of interest as compared to normal FDs.
Around May 2020, some banks had introduced special FD schemes for senior citizens with tenures of 5 years or more. Senior citizens get additional interest rate on investments made in such schemes. Let us know about the special FD schemes of various banks.
SBI Special FD Scheme
Senior citizens get an interest rate of 0.80 percent more than the rate available to regular investors in this special FD scheme of SBI. Currently, SBI offers 5.4% interest rate on five-year FDs to the general public. Whereas the current interest rate for senior citizens under the Special FD Scheme is 6.20%. The name of this special FD scheme of SBI is SBI Wecare “SBI Wecare”. In this scheme, in addition to the 0.50 percent higher interest rate already being given to senior citizens, 0.30 percent interest rate is available. The interest rate is 0.80 per cent higher than that of regular investors. The tenure for this FD is five years or more.
HDFC Bank Special FD Scheme
In this scheme, 0.25% additional interest rate (in addition to the existing premium of 0.50%) is being offered to senior citizens on FDs of less than Rs 5 crore with tenures ranging from five years one day to 10 years. In this way, senior citizens get 0.75 percent more interest rate in this scheme than regular investors. The current interest rate in this scheme is 6.25 percent.
Bank of Baroda Special FD Scheme
Bank of Baroda (BoB) is providing one percent higher interest rate to senior citizens in this scheme. 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 percent. The tenure in this FD is more than five years and up to less than 10 years.
ICICI Bank special FD
ICICI Bank has started ICICI Bank Golden Years FD scheme under the special FD scheme for senior citizens. In this FD scheme, ICICI Bank is offering 0.80 percent higher interest rate to senior citizens as compared to normal FD depositors. ICICI Bank is offering 5.50 per cent interest rate on FDs for tenures of 5 years and above. In this way, 6.30 percent interest rate will be applicable in this scheme for a senior citizen.
