New Delhi. All public and private sector banks in India had introduced special FD schemes for senior citizens during the Covid-19 pandemic, so that they can earn more interest on their invested money in addition to the existing interest. Let us tell you that HDFC Bank, ICICI Bank, IDBI Bank and SBI (State Bank of India) had started special FD schemes.
However, now some banks are going to discontinue these fixed deposit schemes for senior citizens. Under this scheme, senior citizens get higher interest rates which are 50 basis points higher than the standard rate, in addition to the existing benefit of interest rates.
HDFC Bank (HDFC Senior Citizen Care)
HDFC Bank had introduced Senior Citizen Care. The bank has said that 30 September this year will be the last day for their special fixed deposit schemes. The bank pays 0.75 percent more interest on these deposits.
IDBI Bank (Naman Senior Citizen Deposit)
IDBI Bank had launched the special IDBI Naman Senior Citizen Deposit Program for senior citizens on April 20, 2022. IDBI Bank has said that 30th September this year will be the last day for their special fixed deposit schemes. This special fixed deposit scheme offers an additional interest rate of 0.25 per cent in addition to the existing additional rate of 0.50 per cent per annum.
SBI Wecare Deposit (SBI ‘Wecare Deposit’)
SBI will extend the validity period of its Waycare Senior Citizen Term Deposit scheme till March 31 next year. Senior citizens get 30 basis points additional premium interest on deposits for a period of five years or more. Retail term deposits of less than five years will get 0.50 percent more interest than ordinary citizens. At the same time, senior citizens will get 0.80 percent (0.50 +0.30) more interest on retail term deposits of more than five years.
ICICI Bank (ICICI Bank Golden Years)
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. The benefit of this scheme can be availed till 07 October 2022.
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