The last date for investing in the Senior Citizen Care FD scheme has been extended to July 7, 2023.
Bank Fixed Deposits (FD) are considered one of the best investment options, especially for senior citizens. Many banks like State Bank of India (SBI), HDFC, ICICI, Punjab National Bank (PNB), and Bank of Baroda (BoB) offer extra 50 basis points (0.50 per cent) to senior citizens for FDs of 7 to 10 years, compared to normal customers. Let us take a look at the interest rates offered to senior citizens on these special FDs.
Read More: From RBI’s Monetary Policy To Mutual Funds On Children’s Behalf, 8 Changes From June
SBI’s special FD schemes for senior citizens:
We Care, the special FD scheme of the State Bank of India, offers senior citizens an additional 30 bps interest rate on their FDs for a tenure of 5 years or more. If a senior citizen puts a fixed deposit under the special FD scheme, the interest rate applicable to 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 the general public will get an interest rate of 7.10 per cent and senior citizens will get an interest rate of 7.60 per cent.
Read More: Mutual Funds For Senior Citizens: Advantages, Disadvantages That Investors Should Know
HDFC Bank’s special FD scheme for senior citizens
HDFC Bank’s special FD scheme for senior citizens is called HDFC Senior Citizen Care. The bank offers a 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 to 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 have been effective from May 29, 2023. Apart from this, HDFC Bank has also introduced two special edition-FD schemes with tenures of 35 and 55 months which offer interest rates of 7.70 per cent and 7.75 per cent respectively to senior citizens.
Read More: Fixed deposits At 9.10%. Check Which Bank Is Offering This Highest Rate
ICICI’s special FD scheme for senior citizens
ICICI Bank’s special FD scheme for senior citizens, also called ICICI Bank Golden Years FD Scheme offers an 80 bps higher interest rate. ICICI Bank Golden Year FD scheme offers 7.50 per cent interest annually. These interest rates have been effective from February 24, 2023.
