The special fixed deposit scheme for senior citizens offered by private sector lender HDFC Bank has been extended for the third time. Senior Citizen Care FD is a special fixed deposit (FD) scheme offered by the bank for elderly people. On these special FDs for senior citizens, the bank offers higher interest rates. Due to declining interest rates after the coronavirus pandemic, a special FD scheme for senior citizens was implemented on May 18, 2020. If an FD deposited under HDFC Bank Senior Citizen Care FD scheme is prematurely closed after 5 years (including a sweep in / partial closure), the interest rate will be 1.25 percent lower than the base rate available for the period the deposit has been with the bank, whichever is lower. If a term deposit held in the above bid is prematurely closed (including a sweep in / partial closure) within 5 years, the interest rate will be 1.00 percent lower than the base rate available for the term the deposit has been with the bank, whichever is lower.
HDFC Bank FD Rates For Regular Citizens
HDFC Bank provides 2.50 percent on deposits with a maturity period of 7 to 29 days, and 3 percent on deposits with a maturity period of 30 to 90 days. 3.5 percent for 91 days to 6 months, and 4.4 percent for 6 months 1 day to less than one year. On one-year FDs, the bank offers 4.9 percent interest rate. Term deposits with a one-year or two-year maturity period will yield 4.9 percent interest. FDs maturing in 2 to 3 years will yield 5.15 percent, while those maturing in 3 to 5 years will yield 5.30 percent. 5.50 percent interest is provided on deposits for a maturity period of 5 to 10 years. The current fixed deposit interest rates of HDFC Bank are in effect from 13th November 2020.
HDFC Bank FD Rates For Senior Citizens
“An additional premium of 0.25% (over and above the existing premium of 0.50%) shall be given to Senior Citizens who wish to book the fixed deposit less than Rs 5 crore for a tenure of 5 years one day to 10 years, during special deposit offer commencing from 18th May’20 to 30th Jun’21,” HDFC Bank stated on its official website. On these deposits, HDFC Bank gives a 75 basis point (bps) higher interest rate. The interest rate on a fixed deposit made by a senior citizen under the HDFC Bank Senior Citizen Care FD will be 6.25 percent. These special rates are in effect from 13th November 2020.
|Tenure||ROI in % for senior citizens|
|7 – 14 days||3.00|
|15 – 29 days||3.00|
|30 – 45 days||3.50|
|46 – 60 days||3.50|
|61 – 90 days||3.50|
|91 days – 6 months||4.00|
|6 months 1 days – 9 months||4.90|
|9 months 1 day < 1 Year||4.90|
|1 year 1 day – 2 years||5.40|
|2 years 1 day – 3 years||5.65|
|3 year 1 day- 5 years||5.80|
|5 years 1 day – 10 years||6.25|
Recently, the third time, the State Bank of India’s (SBI) special fixed deposit scheme for senior citizens has been extended. The SBI ‘WECARE’ Senior Citizens’ Term Deposit scheme for senior citizens was launched in May 2020 by the leading public sector bank of India. This special scheme has now been extended for another three months until June 30 which was previously extended until December 31, and then again until March 31, 2021. “A special SBI Wecare Deposit for Senior Citizens introduced in the Retail TD segment wherein an additional premium of 30 bps (over & above the existing 50 bps) will be paid to Senior Citizen’s on their retail TD for ‘5 Years and above’ tenor only. “SBI Wecare” deposit scheme stands extended till 30 June 2021,” SBI stated on its official website. The interest rate on SBI’s special FD scheme for senior citizens will be 80 basis points (bps) higher than the rate for regular citizens. SBI currently offers a 5.4 percent interest rate on five-year fixed deposits to the regular customers. Whereas under the “SBI Wecare” deposit scheme, senior citizens will get an interest rate of 6.20 percent. To know more click here.
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