Amid the coronavirus pandemic, senior citizens special fixed deposit schemes were introduced in order to safeguard the interests of senior citizens as the interest rates were falling rapidly.
As per a report by livemint.com, the special fixed deposit (FD) schemes have been extended till June 30, 2021. An additional 50 basis points (bps) are offered by the regular FD schemes to senior citizens and the special FD scheme provides an additional rate of interest on top of that.
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Also, people can note that the special FD scheme is applicable on both- fresh deposits as well as deposits renewed.
Senior citizens special FD scheme: Here is the interest rate offered by SBI, ICICI Bank, HDFC Bank and Bank of Baroda
Senior citizens special FD scheme: SBI ‘Wecare Deposit’
The State Bank of India is offering a special FD scheme for senior citizens called SBI Wecare Deposit. It fetches 80 basis points (bps) interest rate above the rate applicable to the general public. If a senior citizen puts a fixed deposit under SBI Wecare Deposit, then the interest rate applicable to the FD will be 6.20 percent.
Senior citizens special FD scheme: ICICI Bank Golden Years
80 bps higher interest rate is being offered by ICICI Bank on these deposits. Senior citizens are being offered an interest rate of 6.30 percent per annum under ICICI Bank Golden Years FD scheme.
Senior citizens special FD scheme: HDFC Bank Senior Citizen Care
HDFC Bank Senior Citizen Care FD provides 75 bps higher interest rate to senior citizens on these deposits. The interest rate applicable to the FD will be 6.25 percent.
Senior citizens special FD scheme: Bank of Baroda interest rate
100 bps higher interest rate is offered by Bank of Baroda (BoB) 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 percent.