The Special FD Scheme for Senior Citizens is available till 30 June 2021. Know here which bank is giving the highest interest rate.
Several banks including State Bank of India, HDFC Bank, ICICI Bank, Bank of Baroda are offering special fixed deposit (FD) schemes to senior citizens, which offer higher interest rates on fixed deposits. Bank Fixed Deposits (FDs) and Senior Citizens Savings Schemes (SCSS) are ideal investment opportunities keeping in mind the long-term stability aspect and added benefits.
However, recently a lot of lenders have cut bank FD rates due to which people are looking for other investment instruments. To lure back customers who prefer fixed deposits, top banks such as State Bank of India (SBI), HDFC Bank, ICICI Bank and Bank of Baroda (BOB) offer additional interest on Fixed Deposits (FDs) at existing rates applicable for senior citizens. rates are offered. This special FD scheme is available for senior citizens till 30 June 2021.
SBI Special FD Scheme for Senior Citizens
SBI’s special FD scheme for elderly people is offering interest rates 80 basis points (bps) above the rate available to regular investors. Currently, SBI offers 5.4 per cent interest rate on 5-year FDs to the general public. Whereas the current interest rate for senior citizens under the Special FD Scheme is 6.20%.
HDFC Bank’s special FD scheme for senior citizens
HDFC Bank offers a higher interest rate of 75 bps on these special deposits. This means that senior citizens will get a good return of 6.25 per cent under HDFC Bank Senior Citizen Care FD.
ICICI Bank Special FD Scheme for Senior Citizens
ICICI Bank offers a higher interest rate of 80 bps on such deposits. The ICICI Bank Golden Years FD scheme offers an interest rate of 6.30 per cent per annum for senior citizens.
Bank of Baroda Special FD Scheme for Senior Citizens
Bank of Baroda (BOB) is offering 100 bps more to senior citizens on these deposits. If a senior citizen makes a deposit in this scheme, then the interest rate available for FD under the special FD scheme will be 6.25 per cent which comes with tenures ranging from more than 5 years to 10 years.