Special fixed deposit (FD) schemes for senior citizens: Amid the Covid-19 pandemic in May 2020, many banks launched special fixed deposit (FD) schemes for senior citizens. This scheme offers higher interest rates to senior citizens who open FDs with a tenure of 5 years and more. The last date of the schemes has been revised multiple times by the banks since its launch. The State Bank of India (SBI), HDFC Bank, and ICICI Bank are offering these special term deposits for elderly people.
SBI Wecare Fixed Deposit Scheme latest interest rates
SBI introduced the “SBI Wecare” Deposit 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. SBI WeCare has been extended to September 30, 2023, and the bank offers an interest of 7.50% on these deposits.
HDFC Senior Citizen Care FD latest interest rates
HDFC Bank offers an additional premium of 25 bps (over and above the existing premium of 50 bps) to senior citizen FD depositors on the tenure of 5 years 1 day to 10 years. HDFC Bank offers an interest rate of 7.75% to elderly people on tenure between 5 Years and 1 day to 10 Years. This scheme is valid till 7 November 2023.
ICICI Bank Golden Year FD latest interest rates
ICICI Bank 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 present, senior citizens can fetch an interest rate of 7.5 per cent if they invest in ICICI Bank Golden Years FD. This scheme is valid till October 31, 2023.
IDBI Special FD scheme
Apart from these three, special FD schemes for senior citizens, IDBI Bank introduced a special fixed deposit scheme for a limited period only. IDBI’s Amrit Mahotsav FD” for 375 Days and 444 Days is valid up to September 30, 2023, the lender mentioned on its website.
The interest rate structure is as under
375 Days 7.60%
444 Days 7.65%
Bank fixed deposit (FD) interest rates are at their peak, and experts say that the rates will not go up further. However, with RBI’s rate pause for the third time in a row, it looks quite eminent that banks will not hike the interest rate on these deposits any further.
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Updated: 21 Aug 2023, 09:12 AM IST
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