Bank Fixed Deposit (FD) is considered one of the best investment options especially for senior citizens.
Many banks like State Bank of India (SBI), HDFC Bank, ICICI Bank, Punjab National Bank (PNB), Bank of Baroda (BoB) offer 50 basis points (0.50 basis points) to senior citizens for FDs of 7 to 10 years compared to normal customers. per cent) pay additional interest. Let us take a look at the interest rates offered to senior citizens on these special FDs.
SBI Special FD Scheme for Senior Citizens
We Care, the special FD scheme of State Bank of India, offers an additional 30 bps interest rate to senior citizens on their FDs for a tenure of 5 years or more. If a senior citizen puts a fixed deposit under the special FD scheme, then the interest rate applicable on FD will be 7.50 per cent.
These interest rates are effective from February 15, 2023. SBI Amrit Kalash FD scheme comes with a special tenor of 400 days, on which general public will get an interest rate of 7.10% and senior citizens will get an interest rate of 7.60%.
HDFC Bank Special FD Scheme for Senior Citizen
HDFC Bank’s special FD scheme for senior citizens is called HDFC Senior Citizen Care. The bank offers 75 bps higher rate of interest on these deposits. According to the bank’s website, the last date for investing in the Senior Citizen Care FD scheme has been extended till July 7, 2023.
HDFC Bank offers an interest rate of 7.75% to senior citizens for tenure between 5 years and 1 day to 10 years. These rates are effective from May 29, 2023. Apart from this, HDFC Bank has also introduced two special edition FDs with tenures of 35 and 55 months which offer interest rates of 7.70% and 7.75% respectively to senior citizens.
ICICI Bank Special FD Scheme for Senior Citizens
ICICI Bank’s Special FD Scheme for Senior Citizens – ICICI Bank Golden Years FD Scheme offers 80 bps higher interest rate. ICICI Bank Golden Year FD scheme offers 7.50 per cent interest annually. These interest rates are effective from February 24, 2023.