New Delhi: With a special focus on senior citizens, several banks have launched special fixed deposit schemes and are offering higher interest rates to them. Notably, these FD schemes offer higher interest rates to senior citizens who open FDs with a tenure of 5 years and more. Moreover, the deadlines for these schemes have also been revised multiple times by the banks since its launch. The banks that have launched such special FDs include the State Bank of India (SBI), HDFC Bank, and ICICI Bank.
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SBI Wecare Fixed Deposit Scheme:
Recently, the SBI launched ‘SBI Wecare’ Fixed Deposit scheme for senior citizens wherein an additional premium of 50 bps (over & above the existing 50 bps on the regular FD rates) will be paid on FD for ‘5 years and above’ tenure. The deadline for the SBI WeCare has been extended to September 30, 2023, and the bank offers an interest of 7.50% on these deposits.
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HDFC Senior Citizen Care FD Scheme:
The HDFC Bank has launched a special FD scheme with an additional premium of 25 bps (over and above the existing premium of 50 bps) to senior citizens on a tenure of 5 years 1 day to 10 years. The bank also said it offers an interest rate of 7.75% to elderly people on tenure between 5 Years and 1 day to 10 Years. This particular FD scheme is valid till 7 November 2023.
ICICI Bank Golden Year FD Scheme:
Just like the other two banks, the ICICI Bank also offers an additional interest rate of 10 bps over and above the existing additional senior citizen FD rates of 50 bps, on tenure ranging from 5 years and 1 day to 10 years to elderly people. At Through this scheme, the senior citizens can get an interest rate of 7.5 per cent if they invest in ICICI Bank Golden Years FD.
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IDBI Amrit Mahotsav FD Scheme:
The IDBI Bank has also launched a special FD scheme for the senior citizens for a limited period only. Known as ‘Amrit Mahotsav FD’, the scheme is launched for 375 Days. As part of the Amrit Mahotsav FD scheme, senior citizens get 7.60% interest rate for 375 days and 7.65% interest rate for 444 days.
What is interesting to note that the bank fixed deposit (FD) interest rates are at their peak, and experts are of opinion that the rates will not go up further. However, after RBI’s rate pause for the third time in a row, it looks quite clear that banks will not hike the interest rate on these deposits any further.
