Fixed Deposit: State Bank of India has increased the interest rate on special FDs. At the same time, some other banks are also offering this for senior citizens.
SBI Special FD Scheme: State Bank of India has once again increased the special fixed deposit of senior citizens. SBI had introduced VCare Senior Citizen Special FD on 20 May 2020, in which the investment date was given till September 2020. After this, the last time of investment was kept till March 31, 2023, which has now been increased to June 30, 2023.
According to the SBI website, the bank has introduced special FDs for senior citizens, so that along with the security of their income, they can get the benefit of higher interest. Senior citizens are being given 50 to 100 basis points more interest under special FD.
How much interest under special FD
Under this special FD, the bank is giving 7.50 percent interest on tenure of 5 years to 10 years. If you want to invest in this FD, you can book through bank branch, internet banking or Yono. This special FD has been introduced with the aim of protecting the income of senior citizens.
How much interest on which tenure
- 3.5% interest on tenure of 7 to 45 days
- 5% on tenure of 46 to 179 days
5.75% for 180 days to 210 days - 6.25% for 211 days to 1 year
- 7.3 percent between 1 year and 2 years
- 7.5% for 2 to 3 years
- 7% for 3 to 5 years
- Above 7.50% for 5 to 10 years
Loan facility also
If someone invests in this FD scheme, then he is also given the facility of loan. According to the Income Tax Department, you will also have to pay TDS charge on the income.
These banks are also giving special FDs
Apart from SBI, the special FD interest of ICICI Bank will end on 7 April. HDFC and IDFC special FDs have not been updated.
