Are you a senior citizen? If yes, then there’s good news for you as many banks like State Bank of India (SBI), HDFC Bank, ICICI Bank, Bank of Baroda, and ICICI Bank are providing senior citizens special fixed deposit (FD) schemes with higher interest rates on term deposits. Bank fixed deposits (FDs) are one of the best investment opportunities on a long-term basis.
Special fixed deposit (FD) schemes for senior citizens given by the State Bank of India (SBI) HDFC Bank and Bank of Baroda (BoB) have been further extended till 30 September 2021. Meanwhile, the ICICI Bank has increased its Golden Years FD for senior citizens to October 7, 2021.
SBI special FD scheme
For senior citizens, SBI special FD scheme for senior citizens -We Care -provides an additional 30 bps interest rate on their FD for 5 years and above. The interest rate applicable to the FD will be 6.20%.
ICICI Bank special FD scheme
ICICI Bank special FD scheme for senior citizens -ICICI Bank Golden Years FD scheme -provides an 80 bps higher interest rate which means this scheme will give 6.30% per annum.
HDFC Bank special FD scheme
Known as HDFC Senior Citizen Care, this HDFC Bank special FD scheme offers a 75 bps higher interest rate on these deposits. Under this scheme, the interest rate applicable to the FD will be 6.25%.
Bank of Baroda special scheme
Bank of Baroda provides 100 bps higher on these deposits to senior citizens and the interest rate applicable to the FD will be 6.25%.