India’s leading banks State Bank of India (SBI), HDFC Bank, ICICI Bank, and Bank of Baroda (BoB) are providing more interest rates against the current rates on fixed deposits (FD) for senior citizens. Started in May 2020, the special FD scheme was extended two times in the midst of the COVID-19 pandemic.
However, these schemes will come to an end on March 31 except for SBI which has given its extension till June 30, 2021.
HDFC Bank special FD scheme
Known as HDFC Senior Citizen Care, HDFC Bank’s scheme gives a 75 bps higher interest rate on the deposits and if the deposit is under HDFC Bank Senior Citizen Care FD, then the interest rate becomes 6.25%. These rates are applicable from 13 November.
ICICI Bank special FD scheme
Called ICICI Bank Golden Years, this bank gives an 80 bps higher interest rate on the deposits. This FD scheme provides an interest rate of 6.30% per annum to senior citizens and these rates are effective 21 October.
Bank of Baroda special FD scheme
Bank of Baroda gives 100 bps higher on the deposits and if the fixed deposit is put under the special FD scheme (above 5 years to up to 10 years), the interest rate becomes 6.25% and these are effective from November 16.