HDFC Bank and ICICI Bank has extended their special fixed deposit scheme for senior citizen till 31st March. This special fixed deposit scheme was launched in May 2020 during the COVID-19 pandemic to protect the interests of senior citizens as the interest rate are lowing rapidly. Top lenders like State bank of India (SBI), HDFC Bank and ICICI bank are providing extra interests on the available fixed deposits (FD) of the senior citizens
The special FD scheme of HDFC bank is known as ‘HDFC Senior Citizen Care’. A 75 bps higher interest rate are provided by HDFC on these deposits. An interest rate of 6.25 percent applies to a senior citizen if they put a fixed deposit under HDFC bank Senior Citizen Care FD. From November 13, 2020, these rates were applicable. HDFC Bank has reported on the website that with the available premium of 0.5 percent, an additional premium of 0.25 percent will be given to the senior citizens. This will apply to only those who book the fixed deposit less than ₹ 5 Crore for a period of five years, one day to 10 years during the special deposit starts from 18th May 2020 to 31st March 2021.
‘ICICI Bank Golden Years’ is the name of the special FD scheme for senior citizens by ICICI bank. An interest rate higher than 80 bps is provided by ICICI Bank on the special FD scheme deposit. Under this scheme, the ICICI bank offers an interest rate of 6.30 percent per annum under this special scheme. These rates are effective from October 21. The application duration mentioned on the official website of ICICI bank is from 20th May 2020 to 31st March 2021. Previously the scheme was introduced till September and then it has extended till 31st December 2020. Further, it has again extended to 31st March 2021. SBI was at the foremost to extend the duration till 31st March 2021. For the general category State Bank of India provides a 5.4 percent interest rate whereas for a senior citizen an interest rate applicable to the fixed deposit will be 6.20 percent.