Senior Citizens Special FD Scheme: SBI, HDFC Bank, BoB Extends Special Scheme - Know Interest Rates Here

On opening a fixed deposit under the special FD scheme, the interest rate of up to 6.25 per cent is applicable.

File Photo.

New Delhi: Banks fixed deposit as an instrument offers several benefits including an assured return as returns don't fluctuate like many asset classes, income tax benefits, and more. A senior citizen still stands a chance to open a special fixed deposit for the tenure of five years and more. Special fixed deposit (FD) schemes for senior citizens offered by the State Bank of India (SBI), HDFC Bank, and Bank of Baroda (BoB) have been extended till 30 September 2021.

The special scheme was launched last year when the pandemic kicked in amid falling interest rates. Now, the banks have extended the scheme. 

Here is what the banks are offering to senior citizens

SBI special FD scheme for senior citizens

“A special “ SBI Wecare” Deposit for Senior Citizens introduced in the Retail TD segment wherein an additional premium of 30 bps (over & above the existing 50 bps as detailed in the above table) will be paid to Senior Citizen’s on their retail TD for ‘5 Years and above’ tenor only. “SBI Wecare” deposit scheme stands extended till 30th September 2021,” SBI said.

For general customers, the bank is offering a 5.4 percent interest rate on five years FD. If a senior citizen opens a fixed deposit under the special FD scheme, then the interest rate applicable to the FD will be 6.20 per cent. These rates are applicable since 8 January 2021.

HDFC Bank special FD scheme for senior citizens

 “An Additional Premium of 0.25% (over and above the existing premium of 0.50%) shall be given to Senior Citizens who wish to book the Fixed Deposit less than 5 crores for a tenure of 5 (five) years One Day to 10 Years, during special deposit offer commencing from 18th May’20 to 30th Sep’21,” the lender mentioned on its website.

The special FD scheme for senior citizens is called HDFC Senior Citizen Care. Under the special deposit, a senior citizen will get a 75 bps higher interest rate. On opening a fixed deposit under HDFC Bank Senior Citizen Care FD, the bank is offering interest of 6.25 percent. These rates are applicable from 21 May 2021.

Bank of Baroda special FD scheme for senior citizens

On the other hand, the Bank of Baroda is offering 100 bps higher on such special deposits to senior citizens. FD under the special FD scheme (above 5 years to up to 10 years), senior citizens will get 6.25 percent interest. These rates are effective from 16 November. “1.00% for “Above 5 years to up to 10 years” tenor and valid till 30.09.2021,” BoB stated on its site.