New Delhi: Special fixed deposit schemes launched by several public and private banks in India for senior citizens are soon going to end. The schemes were introduced by the banks in May 2020 amid the Covid-19 pandemic for a brief period of time.
The special FD schemes offer an additional interest rate over and above the additional 0.5% rate offered to senior citizens. Currently, the State Bank of India (SBI), HDFC Bank, ICICI Bank and Bank of Baroda are offering these special FD schemes to senior citizens, offering an investment period of five years or more.
Earlier, the last for applying the scheme was March 31, 2021. But the last date was extended to June 30, 2021, early this year. Any Indian citizen above 60 years of age can invest in this long term scheme to get the maximum returns from fixed deposits.
SBI’s Wecare Deposit special FD scheme for senior citizens
SBI is offering a WeCare Deposit scheme, which offers an additional 0.80% interest rate to long term FD investments made by senior citizens. Investors will get a 6.20% interest rate on their investment.
HDFC’s Senior Citizen Care FD scheme for senior citizens
HDFC Bank has named its scheme for senior citizens as Senior Citizen Care FD. Investors get returns at a 6.25% interest rate on their investments.
ICICI Bank Golden Years FD scheme for senior citizens
ICICI Bank is offering the Golden Years FD scheme with a higher interest rate to investments made by senior citizens. FD investment in this scheme fetches a 6.30% interest rate annually.