Private sector lender HDFC Bank special fixed deposit scheme for senior citizens has been extended for the third time. The bank offers a special fixed deposit (FD) scheme for senior citizens called the Senior Citizen Care FD scheme. The bank gives higher interest rates on these special FDs for senior citizens. The special FD offer for senior citizens was made available for investment from 18 May 2020 amid the falling interest rates during the coronavirus pandemic.
HDFC Bank Senior Citizen Care FD interest rate
HDFC Bank offers 75 basis points (bps) higher interest rate on these deposits. If a senior citizen puts a fixed deposit under HDFC Bank Senior Citizen Care FD, then the interest rate applicable to the FD will be 6.25%. These rates are applicable from 13 November 2020.
“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 ₹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 noted on its website.
In case of premature closure of FD booked under HDFC Bank Senior Citizen Care FD scheme offer (including a sweep in / partial closure) post 5 years, the interest rate will be 1.25% below the contracted rate or the base rate applicable for the period the deposit has remained with the bank, whichever is lower. In case of premature closure of term deposit booked in the above offer (including a sweep in / partial closure) prior to 5 years, the interest rate will be 1.00% below the contracted rate or the base rate applicable for the period the deposit has remained with the bank, whichever is lower.
HDFC Bank latest FD interest rates
HDFC Bank offers a 2.50% interest rate on deposits between 7 days and 29 days, and 3 % on deposits maturing in 30-90 days. On 91 days to 6 months, 3.5% and on 6 months 1 day to less than one year, 4.4%. The bank gives 4.9% on FDs maturing in one year. Term deposits maturing in one year and two years will fetch an interest rate of 4.9%. FDs maturing in 2 years to 3 years will give 5.15%, 3 years to 5 years will give 5.30%. Deposits with a maturity period of 5 years to 10 years will give 5.50% interest. These rates are effective from 13 November.
Earlier, the State Bank of India (SBI) extended the scheme till 30 June 2021. At present, SBI gives a 5.4% interest rate on five years FD for the general public. If a senior citizen puts a fixed deposit under the special FD scheme, then the interest rate applicable to the FD will be 6.20%.
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