Best fixed deposit schemes for senior citizens | Fusion - WeRIndia

Banks offer additional interest rate to senior citizens on fixed deposits. During the pandemic, some banks announced special fixed deposit schemes. These FD schemes were introduced in May last year. Some of them will end by the end of this month, i.e. 30 June 2021.

Senior citizens will get a higher interest of 0.5 per cent on regular fixed deposits than other customers. They can get an additional interest with these special FD schemes. The term for these special FD schemes is five to 10 years.

Here is a list of special FD schemes intended for senior citizens:

State Bank of India (SBI) offers Wecare Deposit for citizens. It gives 80 basis points (bps) of additional interest rate than the interest provided to other customers. The interest rate is applicable from 8 January 2021, which is 6.20 per cent.

Bank of Baroda offers a 100 bps additional interest rate to senior citizens. The interest rate is applicable from 16 November 2020. The depositors gain 6.25 per cent with these deposits. The interest rate is applicable on FDs of an amount less than ₹2 crores.

ICICI bank offers a special FD scheme, ICICI Bank Golden Years FD scheme to senior citizens. It fetches 80 bps additional interest rate to them on fixed deposits. It will provide 6.30 per cent interest. The rate is applicable from 21 October 2020. The interest rate is applicable on both new and renewal of fixed deposits. The fixed deposit should be single with an amount less than ₹2 crores.

HDFC bank offers a special FD scheme for senior citizens, Senior Citizen Care FD. It provides a 75 bps higher interest rate to them, which is 6.25 per cent. The rate is applicable from 21 May 2021. The offer is available to senior citizens. It is applicable to all new and renewal of fixed deposit schemes less than ₹5 crores.

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