Special fixed deposit (FD) schemes for senior citizens to invest in 2023. Interest rates, and other details here

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.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint.
Download The Mint News App to get Daily Market Updates.


Updated: 21 Aug 2023, 09:12 AM IST

Denial of responsibility! yesspdf.com is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – at loginhelponline@gmail.com The content will be deleted within 24 hours.

Read original article here

Leave A Reply