If you also consider Fixed Deposite-FD as a good option for safe investment, then this news is of your use. Actually, SBI, HDFC Bank, ICICI Bank and Bank of Baroda had brought a special offer for senior citizens in May 2020. The deadline of this scheme has been extended i.e. you can now take advantage of higher interest rates till March 2022.
SBI Wecare Deposit
SBI has come up with ‘Wecare Deposit’ special FD scheme for senior citizens. Now you can take advantage of higher interest rates till March 2022. In this, the benefit of 80 basis points more interest is being received from the rates applicable to the general public. If a senior citizen makes a fixed deposit under the special FD scheme, then the interest rate applicable on the FD will be 6.20 percent.
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 as compared to ordinary citizens.
HDFC Bank (HDFC Senior Citizen Care)
HDFC Bank introduced Senior Citizen Care. The bank pays 0.75 percent more interest on these deposits. If a senior citizen makes a fixed deposit under HDFC Bank Senior Citizen Care FD, the interest rate applicable on the FD will be 6.25%.
ICICI Bank (ICICI Bank Golden Years)
ICICI Bank has introduced the ICICI Bank Golden Years scheme, a special FD scheme for senior citizens. The bank is offering 0.80 percent more interest in this scheme. ICICI Bank Golden Year FD scheme is offering an interest rate of 6.30 per cent per annum to senior citizens. The benefit of this scheme can be availed till 08 April 2022.
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