4 Best Special FD Schemes For Senior Citizens To End On September 30, 2021

Banks had lowered interest rates in the wake of the Covid-19 epidemic since last year. Senior folks who rely on a steady stream of income have been hurt the hardest by the current low-interest-rate environment. For older folks, bank fixed deposits have traditionally been a viable trend. As a result, in May 2020, a senior citizen special fixed deposit (FD) scheme was issued by some leading banks of India in an attempt to uphold senior citizens' earnings throughout the emergence of the Covid-19 epidemic. Banks, including SBI, ICICI Bank, and HDFC Bank, provide elderly citizens special rates on deposits of five years or more. These banks grant an additional 50 basis points above the standard bank FD rates under their senior citizen special FD scheme. However, according to the official websites of these banks, the senior citizen savings scheme will be phased down on September 30, 2021. So now let's know about the special fixed deposit schemes of these banks.

SBI Special Fixed Deposit Scheme

SBI Wecare deposit scheme offers an additional 30 basis points of interest above the 50 basis points of additional FD interest rate provided to senior citizens. SBI We Care scheme gives a senior citizen an extra 80 basis points on a 5- to 10-year fixed deposit. Under this special SBI FD scheme, they will earn 6.20 per cent interest on their fixed deposit. Here are the most recent fixed deposit interest rates of SBI for senior citizens which are in force from 08.01.2021.

Tenure	Senior Citizen FD Rates In %
7 days to 45 days	3.4
46 days to 179 days	4.4
180 days to 210 days	4.9
211 days to less than 1 year	4.9
1 year to less than 2 year	5.5
2 years to less than 3 years	5.6
3 years to less than 5 years	5.8
5 years and up to 10 years	6.2
Source SBI, (Below Rs. 2 crore)

HDFC Bank Senior Citizen FD Scheme

A senior individual can earn 75 basis points more on an HDFC Bank Senior Citizen Care FD. Under this special FD scheme, a senior citizen would receive a 6.25 per cent return on his or her FD if it is maintained for more than 5 years and up to 10 years. The current HDFC bank fixed deposit interest rates for elderly persons, effective from May 21, 2021, are listed below.    

Tenure	Senior Citizen FD Rates
7 - 14 days	3.00%
15 - 29 days	3.00%
30 - 45 days	3.50%
46 - 60 days	3.50%
61 - 90 days	3.50%
91 days - 6 months	4.00%
6 months 1 day - 9 months	4.90%
9 months 1 day - 1 Year	4.90%
1 Year	5.40%
1 year 1 day - 2 years	5.40%
2 years 1 day - 3 years	5.65%
3 year 1 day- 5 years	5.80%
5 years 1 day - 10 years	6.25%
Source: HDFC Bank, (Below Rs. 2 crore)

ICICI Bank Special Fixed Deposit Scheme

The ICICI Bank Golden Years FD Scheme for elderly persons offers an additional 0.80% FD interest rate over standard FD rates, effective from October 21, 2020. Under the ICICI Bank Golden Years FD scheme, an elderly citizen would get a 6.30 per cent interest rate respectively.    

Tenure	Senior Citizen FD Rates
7 days to 14 days	3.00%
15 days to 29 days	3.00%
30 days to 45 days	3.50%
46 days to 60 days	3.50%
61 days to 90 days	3.50%
91 days to 120 days	4.00%
121 days to 184 days	4.00%
185 days to 210 days	4.90%
211 days to 270 days	4.90%
271 days to 289 days	4.90%
290 days to less than 1 year	4.90%
1 year to 389 days	5.40%
390 days to < 18 months	5.40%
18 months days to 2 years	5.50%
2 years 1 day to 3 years	5.65%
3 years 1 day to 5 years	5.85%
5 years 1 day to 10 years	6.30%
5 Years (80C FD)	5.85%
Source: ICICI Bank, (Below Rs. 2 crore)

Bank of Baroda Special FD Scheme

Compared to the standard fixed deposit interest rates, Bank of Baroda is providing elderly people with a 1% higher return. Senior citizen special FD scheme of BoB will offer a 6.25 per cent annual interest rate applicable from November 16, 2020.

Tenure	Senior Citizen FD Rates In %
7 days to 14 days	3.3
15 days to 45 days	3.3
46 days to 90 days	4,2
91 days to 180 days	4.2
181 days to 270 days	4.8
271 days & above and less than 1 year	4.9
1 year	5.4
Above 1 year to 400 days	5.5
Above 400 days and up to 2 Years	5.5
Above 2 Years and up to 3 Years	5.6
Above 3 Years and up to 5 Years	5.75
Above 5 Years and up to 10 Years	6.25
Source: BoB, (Below Rs. 2 crore)