The offer is valid on both quarterly and monthly interest payout on fixed deposits of amounts less than Rs 5 crore and tenure of 5 years and 1 day or above. The monthly payout will be paid at a discounted rate as compared to the standard rate.
HDFC Bank Senior Citizen Care FD: Senior citizens can invest in HDFC Bank’s special fixed deposit scheme Senior Citizen Care FD till April 15, 2024.
The offer is valid on both quarterly and monthly interest payout on fixed deposits of amounts less than Rs 5 crore and tenure of 5 years and 1 day or above. The monthly payout will be paid at a discounted rate as compared to the standard rate.
Senior citizens can invest in this special fixed deposit scheme for a maximum tenure of 120 months.
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Here are some other key features of Senior Citizen Care FD:
Higher interest rate
Apart from the existing premium of 0.5% over the regular FD rate, Senior Citizen Care FD provides an additional 0.25% over and above the 0.5% premium.
The benefit of the above additional rate of 0.75% is applicable on the special offer till April 2024, according to the bank’s website. This scheme is for those depositors who wish to deposit below Rs 5 crore.
Minimum and maximum investment limit
In this Senior Citizen Care FD, the bank allows a minimum investment of Rs 5,000 and a maximum amount of Rs 5 crore.
Age eligibility
As this scheme is for senior citizens only, resident individuals aged 60 years or above are eligible to apply for this special FD plan.
Applicable for new deposits and renewals
If you already have a FD whose renewal date falls within the offer period, you can take benefit of the above special rates. This offer is applicable for new FDs as well as renewals during this period by senior citizens. However, it shall not be applicable for non-resident deposits.
What happens in case of premature closure before 5 years?
In case a customer opts for premature closure of this special fixed deposit (including sweep in / partial closure), the interest rate will drop. In case of premature closure on or before 5 years, the interest rate will be 1% below of the rate on the date of deposit booked, to the period for which deposit remained with the bank.
In case of premature closure of fixed deposit after 5 years, the interest rate will be 1.25% below of the rate on the date of deposit booked, to the period for which deposit remained with the bank.
Not applicable on recurring deposits
The benefit of the above premium rate is applicable only to Fixed Deposits and not to recurring deposits by senior citizens.
Other terms and conditions
The other terms and conditions relating to Senior Citizen Care FD shall be the same as applicable to normal Fixed Deposits.
