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The State Bank of India (SBI) HDFC Bank and the Bank of Baroda (BoB) have extended the Special Fixed Deposit (FD) scheme for the elderly until September 30, 2021. However, ICICI Bank has extended the Golden Year FD for the elderly. Citizens until October 7, 2021. As interest rates fall, these banks introduced a special FD scheme last year for seniors who have been in office for more than five years.
SBI Special FD Scheme for Elderly Interest Rates
The SBI Special FD Scheme for Seniors-WeCare-provides an additional 30bps interest rate for seniors with FD for a period of 5 years or more. Currently, SBI offers the general public an interest rate of 5.4% on a five-year FD. If the elderly make a fixed deposit under the special FD system, the interest rate applied to the FD will be 6.20%.
ICICI Bank’s special FD scheme interest rate for the elderly
ICICI Bank’s Special FD Scheme for the Elderly-ICICI Bank Golden Years FD Scheme-offers 80bps higher interest rates. The ICICI Bank Golden Year FD Scheme offers 6.30% annually.
HDFC Bank Special FD Scheme for Elderly Interest Rates
HDFC Bank’s special FD scheme for the elderly is called HDFC Senior Citizen Care. Banks offer 75bps higher interest rates on these deposits. If an elderly person deposits a fixed deposit with HDFC Bank Senior Citizen Care FD, the interest rate applicable to FD will be 6.25%.
Bank of Baroda Special Program for Elderly Interest Rates
The Bank of Baroda offers seniors 100bps higher than these deposits. If the elderly place fixed deposits under a special FD scheme (5 to 10 years), the interest rate applicable to FD will be 6.25%.
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