Since Fixed deposits give long term returns, they are considered as one of the traditional instruments of investment.
New Delhi: Several banks in India are currently giving additional benefits in terms of interest payment to the senior citizens for their Fixed Deposits ranging across various maturities.
Since Fixed deposits give long term returns, they are considered as one of the traditional instruments of investment. It also gives scope to the senior citizens to park their funds where the risk factor is the least.
Meanwhile lenders such as HDFC Bank and Bank of Baroda are going to end their special FD scheme by the end of this month. Here is all you want to know.
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HDFC Senior citizen Care FD
Under the Senior citizen Care FD scheme, elderly people can avail 0.75 percent extra interest rate with Senior Citizen Care FD offer. This offer is for resident senior citizens aged 60 years and above, (not applicable to NRI) who wish to book a Fixed Deposit less than 5 crores for a tenure of 5 years one day to 10 years. The Offer is valid for all new/renewal of Senior Citizens FD below 5 Crore. Offer duration for the senior Citizen Care FD started from 18 May 2020 and will be valid till 31 March 2022, says HDFC website
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Bank of Baroda Senior citizen FD scheme
Bank of Baroda offers an additional 0.50 percent interest to the elderly on their fixed deposits of less than Rs 2 crore. The tenures for the senior citizen FD scheme ranges between 7 days to 3 years. Additionally, BoB offers an additional interest of 0.65 percent on FDs above 3 years to 5 years tenure. Senior citizen can avail 1 percent additional interest on FD schemes above 5 years to 10 years tenure.
