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3 Best Special FD Schemes For Senior Citizens

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In the aftermath of the coronavirus pandemic, a special fixed deposit scheme was implemented for senior citizens so that they can create wealth after their retirement. As interest rates fell steadily the senior citizen FD scheme now has been extended until 31 March 2021 by the State Bank of India (SBI), HDFC Bank and ICICI Bank. Let's have a peek at the interest rates provided by SBI, ICICI and HDFC Bank on the special FD scheme for senior citizens.

SBI Special FD Scheme

SBI Special FD Scheme

Compared to the rate available to the general public SBI special FD scheme for senior citizens will fetch interest rates of 80 basis points (bps) above the regular rates. Currently, SBI offers the general public with a 5.4 percent interest rate on five years of FD. Whereas the interest rate is 6.20 percent if a senior citizen deposits in the special FD scheme of SBI. In the instance of premature withdrawal of such deposits, this additional interest, i.e. 30 bps under the special scheme for senior citizens, will not be payable. Furthermore, if you decide for the premature withdrawal of an FD under the scheme, the contribution in a fixed deposit will only fetch 5.9 percent interest over the general customers, i.e. 50 bps. These rates on FD are valid as of 8 January 2021.

HDFC Special FD Scheme
 

HDFC Special FD Scheme

HDFC Bank provides an interest rate of 75 bps on these deposits. When a senior citizen holds a fixed deposit under the HDFC Bank Senior Citizen Care FD, the FD will fetch an interest rate of 6.25 percent. These rates are valid from 13 November 2020 onwards.

ICICI Special FD Scheme

ICICI Special FD Scheme

ICICI Bank gives a higher interest rate of 80 bps on these deposits. ICICI Bank Golden Years FD scheme proposes an interest rate of 6.30 percent per annum for senior citizens. 6.30%. These rates are valid from 21 October 2020 onwards.

SBI vs HDFC vs ICICI: Interest Rates Compared For The General Public

SBI vs HDFC vs ICICI: Interest Rates Compared For The General Public

Apart from the special FD schemes for senior citizens let's talk about the interest rates applicable for the general public.

SBI FD For General Public

After the latest modification, SBI FDs with a maturity period of 7 days to 45 days will now give 2.9 percent interest. Between 46 days and 179 days, term deposits will deliver 3.9 per cent. From 180 days to less than one year, FDs will grab 4.4%. Deposits with a maturity period of 1 year and up to less than 2 years will now be 10 bps higher. These deposits will fetch an interest rate of 5 percent instead of 4.9 percent. FDs maturing in 2 years or less than 3 years will deliver 5.1 percent. And 5.3 percent will be offered by FDs of 3 years or less than 5 years and 5.4 percent on term deposits with a maturity period of 5 years and up to 10 years.

Tenure ROI
7 days to 45 days 2.90%
46 days to 179 days 3.90%
180 days to 210 days 4.40%
211 days to less than 1 year 4.40%
1 year to less than 2 years 5.00%
2 years to less than 3 years 5.10%
3 years to less than 5 years 5.30%
5 years and up to 10 years 5.40%
HDFC Bank FD For General Public

HDFC Bank FD For General Public

On FDs maturing between seven days to 14 days and 15 days to 29 days, HDFC Bank gives an interest rate of 2.50 percent to the general public. The bank guarantees an interest rate of 3.00 percent on FDs maturing within 30 days to 90 days . The interest rate is set at 4.40 percent over a maturity period of six months, from one day to nine months and nine months from one day to less than one year. The bank pays an interest rate of 4.90 percent on 1 year FD and 1 year one day to two year deposits.

Tenure ROI for general public ROI for senior citizens
7 - 14 days 2.50% 3.00%
15 - 29 days 2.50% 3.00%
30 - 45 days 3.00% 3.50%
46 - 60 days 3.00% 3.50%
61 - 90 days 3.00% 3.50%
91 days - 6 months 3.50% 4.00%
6 mnths 1 days - 9 mnths 4.40% 4.90%
9 mnths 1 day < 1 Year 4.40% 4.90%
1 Year 4.90% 5.40%
1 year 1 day - 2 years 4.90% 5.40%
2 years 1 day - 3 years 5.15% 5.65%
3 year 1 day- 5 years 5.30% 5.80%
5 years 1 day - 10 years 5.50% 6.25%
ICICI Bank FD For General Public

ICICI Bank FD For General Public

On FDs maturing between 15 days and 29 days, ICICI Bank guarantees an interest rate of 2.50 percent. For a maturity period of 30 days to 45 days, 46 days to 60 days and 61 days to 90 days, the interest rate is fixed at 3 per cent. The interest rate for a term of 91 days or 120 days is 3.50 percent on deposits. The bank pays an interest rate of 4 percent for FDs ranging between 185 days and less than 1 year. Whereas with a deposit term of 5 years, one day to 10 years, one can get a higher interest rate of 5.5 percent.

Tenure ROI for general public ROI for senior citizens
7 days to 14 days 2.50% 3.00%
15 days to 29 days 2.50% 3.00%
30 days to 45 days 3.00% 3.50%
46 days to 60 days 3.00% 3.50%
61 days to 90 days 3.00% 3.50%
91 days to 120 days 3.50% 4.00%
121 days to 184 days 3.50% 4.00%
185 days to 210 days 4.40% 4.90%
211 days to 270 days 4.40% 4.90%
271 days to 289 days 4.40% 4.90%
290 days to less than 1 year 4.40% 4.90%
1 year to 389 days 4.90% 5.40%
390 days to < 18 months 4.90% 5.40%
18 months to 2 years 5.00% 5.50%
2 years 1 day to 3 years 5.15% 5.65%
3 years 1 day to 5 years 5.35% 5.85%
5 years 1 day to 10 years 5.50% 6.30%
5 Years (80C FD) - Up to Rs 1.50 lac 5.35% 5.85%
Read more about: fd fds fixed deposits investment
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