State Bank of India (SBI) HDFC Bank and Bank of Baroda (BoB) provides Special fixed deposit scheme for senior citizens. State Bank of India (SBI) HDFC Bank and Bank of Baroda (BoB) have been extended till 30 September 2021. However, ICICI Bank has extended its Golden Years FD meant for senior citizens to 7 October 2021. Amid the falling interest rates, these banks had introduced special FD schemes for senior citizens for the tenure of 5 years and more last year.
State Bank of India
- SBI special FD scheme for senior citizens offers an additional 30 bps interest rate to the senior citizens on their FD for the tenor of 5 years and more.
- At present, SBI gives a 5.4% interest rate on five years FD for the general public.
- If a senior citizen puts a fixed deposit under the special FD scheme, then the interest rate applicable to the FD will be 6.20%.
- ICICI Bank special FD scheme for senior citizens -ICICI Bank Golden Years FD scheme -offers an 80 bps higher interest rate. ICICI Bank Golden Year FD scheme will give 6.30% per annum.
- HDFC bank offers a 75 bps higher interest rate on these deposits.
- If a senior citizen puts a fixed deposit under HDFC Bank Senior Citizen Care FD, then the interest rate applicable to the FD will be 6.25%.