If you are a senior citizen and are planning to invest in FD, then this information becomes even more important for you. For FD, you can choose the country’s largest public sector bank State Bank of India and the country’s largest private sector bank HDFC Bank. Both the banks are running special schemes for their senior citizen customers.
If you are planning to invest in FD (Fixed Deposit), it is important to check where you will get the maximum benefit.
State Bank of India, the country’s largest public sector bank, offers good interest rates on FD to its senior citizen customers.
Similarly, there is also an option for HDFC Bank, the country’s largest private sector bank. Let us know how much benefit both the banks are giving to their senior citizen customers on FD (fd for senior citizens)-
Investing on FD for the shortest period
If you invest in FD for the shortest period, then you can go for the option of 7 – 14 days. HDFC Bank offers interest rate of 3.50% to senior citizen customers for this period.
On the other hand, SBI gives the option of 7 -45 days for investing on FD for the shortest period. For this period, the bank offers interest at the rate of 4% to senior citizen customers.
FD for less than 1 year
HDFC Bank offers interest at the rate of 6.50% to senior citizen customers for tenures less than 9 months 1 day – 1 year if the investment is for less than one year.
If investing for less than one year, SBI Bank offers interest at the rate of 6.50% to senior citizen customers for tenure of 211 days – less than 1 year.
FD for more than 5 years
If the investment plan is for more than 5 years, then HDFC Bank offers interest at the rate of 7.75% to senior citizen customers for the time period of 5 years, 1 day – 10 years.
On the other hand, for investments more than 5 years, SBI offers interest at the rate of 7.50% to senior citizen customers for a tenure of 5 years – 10 years.
You can take advantage of these special schemes
You can avail the benefit of higher interest rate under SBI We-care scheme – According to the information given on the official website of State Bank of India, if you invest for a period of 400 days till 30 September 2024, then the interest rate will be 7.60% instead of 7.10%. You can get interest at this rate.
You can avail the benefit of higher interest rates with HDFC Bank Special Edition Fixed Deposits. HDFC Bank is offering 7.25% for 18 to <21 Months tenure on FD less than Rs 5 crore.
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