Senior Citizens Special FD: The country’s largest public sector bank SBI, the largest private sector bank HDFC Bank and Bank of Baroda have extended the Senior Citizen Special Fixed Deposit Scheme till September 30.
Senior Citizens special fixed deposit: In the midst of the Corona crisis, in May 2020, banks had announced a special fixed deposit scheme, giving relief to senior citizens. Its deadline was ending on June 30. Many banks have announced to extend this deadline by three months to 30 September. The country’s largest public sector banks SBI, HDFC Bank and Bank of Baroda have extended this deadline till September 30.
SBI, HDFC Bank, ICICI Bank and Bank of Baroda had started special FD scheme for senior citizens. The deadline for this special scheme was till June 30. In these schemes, senior citizens get more interest than ordinary FDs. For information, let us tell you that in general every bank offers a higher interest rate to senior citizens. In special FD, the benefit of additional interest rate is being given on that interest rate.
Premium interest was announced due to fall in interest rates
In fact, during the Corona epidemic, when the period of decline in interest rates started, it also affected the interest rate of savings schemes. This was the reason why many banks launched special FD schemes for senior citizens. This fixed deposit is for five or more years.
SBI Wecare Deposit Special FD Scheme
SBI had announced SBI WECARE Senior Citizens Term Deposit Scheme in May 2020 for senior citizens. Senior citizens will get 0.80 per cent higher interest rate on FDs with tenure of more than 5 years. At present, common people are getting interest at the rate of 5.40 percent on FD of 5 years. But, senior citizens will get interest at the rate of 6.20 percent on FDs with a tenure of more than 5 years under the special scheme.
Bank of Baroda is giving 1% more interest
Under the Bank of Baroda (BoB) special offer, the bank is giving 1 percent more interest to senior citizens till June 2021 on FDs with tenures from more than 5 years to 10 years. Bank of Baroda is offering 6.25 percent interest rate to senior citizens on this special FD. Its duration is also 5-10 years.
HDFC Bank Senior Citizen Care FD
HDFC Bank had started a scheme called Senior Citizen Care FD for senior citizens. The bank is offering an additional premium of 0.25 percent on this FD. This is over and above the existing premium of 0.50 per cent for senior citizens. This scheme is for a period of 5 years to 10 years. The interest rate available in HDFC Bank Senior Citizen Care FD is 6.25 percent.
