New Delhi, Business Desk. Four major banks of the country, State Bank of India (SBI), Bank of Baroda, ICICI Bank and HDFC Bank have introduced fixed deposit deposit schemes for senior citizens. While regular FD schemes pay an additional 0.5 percent interest to depositors above 60 years of age, special FD schemes for senior citizens give an additional rate of interest. Know the details related to FD of four banks in this news …
1. Deadline
The special FD scheme will be available only for senior citizens till September 30, 2020.
2. Tenure
The rate of interest of special FD scheme will be applicable only on deposits of 5 years and above 10 years.
3. Types of FD
The special FD scheme will be applicable to new deposits and also to the renewal of a matured deposit.
4. Who is it for
The scheme is available only to resident citizens and is not applicable to NRIs.
State Bank Of India (SBI )
SBI’s special FD scheme is called ‘SBI Wecare’ and gives an additional interest of 30 basis points i.e. 0.3 percent per year. This is in addition to the 0.5 percent that senior citizens get on regular FDs.
The additional interest rate to senior citizens is effectively 80 basis points more than the regular FD rate. The interest rate on ‘SBI Wecare’ is 6.2 percent per year on deposits between 5-years and 10 years.
ICICI Bank
The special fixed deposit (FD) scheme for senior citizens of ICICI Bank is called ‘ICICI Bank Golden Years FD’ and gives a rate of 80 basis points higher than similar deposits and tenure. Effective June 16, 2020, the interest rate on ICICI Bank Golden Years FD is 6.30 percent per annum on deposits between 5 years and 10 years.
Bank of baroda
In the current challenging situation of COVID-19, Bank of Baroda is offering an additional rate of 100 bps on deposits for senior citizens. The rate of interest on Bank of Baroda FD for senior citizens is 6.30 percent per annum on deposits between 5 years and 10 years.
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HDFC Bank
The special fixed deposit (FD) scheme for senior citizens of HDFC Bank is called Senior Citizen Care FD and is 0.25% higher than the current rate of 0.50% per annum. The interest rate on HDFC Bank Senior Citizen Care FD is 6.75 per cent per annum on deposits between 5 years and 10 years.
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