Top lenders like State Bank of India (SBI), HDFC Bank, ICICI Bank and Bank of Baroda (BoB) offer extra interest rates over the existing rates on fixed deposits (FD) applicable for senior citizens. Amid the Covid-19 pandemic, this special FD scheme was introduced in May last year. The scheme was extended twice. As per the information available on the website of HDFC Bank, ICICI and BoB, the special scheme for senior citizens will end on 31 March. However, SBI has further extended it till 30 June 2021.
HDFC Bank special FD scheme for senior citizens
HDFC Bank special FD scheme for senior citizens is called HDFC Senior Citizen Care. The bank offers a 75 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.
Also Read | Lessons from India’s tryst with lockdown
ICICI Bank special FD scheme for senior citizens
ICICI Bank special FD scheme for senior citizens is called ICICI Bank Golden Years. The bank offers an 80 bps higher interest rate on these deposits. ICICI Bank Golden Years FD scheme offers senior citizens an interest rate of 6.30% per annum. 6.30%. These rates are effective 21 October.
Bank of Baroda special FD scheme for senior citizens
Bank of Baroda offers 100 bps higher on these deposits to senior citizens. If a senior citizen puts a fixed deposit under the special FD scheme (above 5 years to up to 10 years), then the interest rate applicable to the FD will be 6.25%. These rates are effective from 16 November.
This article is auto-generated by Algorithm Source: www.livemint.com
