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4 Senior Citizens Special FD Schemes Going To Expire This Month

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In May of last year, the Covid-19 outbreak prompted the introduction of a special fixed deposit scheme for senior individuals. These deposits were designed to be held for a minimum of 5 to 10 years. Senior citizens benefit from an additional 50 basis points (bps) in standard FD schemes, while the special FD scheme offers an additional rate of return over and above the existing premium of 50bps. Currently, SBI, HDFC Bank, ICICI Bank, and Bank of Baroda are offering these special FDs to elderly folks, which will expire on June 30.

 

SBI WECARE

SBI WECARE

This scheme is available for new deposits as well as renewal of maturing deposits. SBI's special FD scheme for older folks pays interest on a monthly/quarterly basis. SBI's special FD scheme for older citizens, the 'Wecare Deposit,' offers an additional premium of 30 basis points (over and above the existing premium of 50 basis points) above the card rate for the general public, i.e. 80 basis points above the card rate for the general public. The 'Wecare Deposit' scheme of SBI will return you 6.20 per cent interest. These rates are in force from 8 January 2021.

TenureSenior Citizen FD Rates
7 days to 45 days 3.40%
46 days to 179 days 4.40%
180 days to 210 days 4.90%
211 days to less than 1 year 4.90%
1 year to less than 2 year 5.50%
2 years to less than 3 years 5.60%
3 years to less than 5 years 5.80%
5 years and up to 10 years 6.20%
Source: SBI, W.e.f. 08.01.2021

HDFC Bank Senior Citizen Care FD
 

HDFC Bank Senior Citizen Care FD

Senior folks will earn 0.75 per cent additional interest under this unique FD scheme. This offer is only available to resident senior people aged 60 and more who want to make a Fixed Deposit of less than 5 crores for a term ranging from 5 years to 10 years. This offer is eligible for all new and renewal of Senior Citizens FD with a worth of less than Rs 5 crore. Under the Senior Citizen Care FD scheme, HDFC Bank will pay 6.25 per cent interest, and this offer is active until June 30, 21. These rates are in force from May 21-2021, according to the official site of HDFC Bank.

TenureSenior 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 to less than 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, W.e.f. May 21, 2021

ICICI Bank Golden Years FD

ICICI Bank Golden Years FD

Under this scheme of ICICI Bank, resident senior citizens will earn an additional interest rate of 0.30% for a limited period over and above the existing additional rate of 0.50 per cent per annum on Fixed Deposits of 5 years 1 day up to 10 years on single FDs of less than Rs 2 Cr. During the scheme's duration, the additional rate will be offered on both new and renewed deposits. The ICICI Bank Golden Years FD scheme offers a rate of 6.30 per cent annually. With effect from 21 October 2020, these rates are in force.

TenureSenior 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, W.e.f. 21.10.2020

Special Fixed Deposit Scheme of Bank of Baroda

Special Fixed Deposit Scheme of Bank of Baroda

Bank of Baroda would continue to offer higher rates on FDs to resident senior citizens with deposits of less than RS.2.00 crore. For all tenors, deposits maturing in less than 5 years will pay 0.50 per cent. Senior people will receive 1.00 per cent for tenors of more than 5 years to up to 10 years under the Bank of Baroda's special fixed deposit scheme, which will be valid until June 30, 2021. They'll get 6.25 per cent on these deposits. These rates are applicable from 16 November 2020.

TenureSenior Citizen FD Rates
7 days to 14 days 3.30%
15 days to 45 days 3.30%
46 days to 90 days 4.20%
91 days to 180 days 4.20%
181 days to 270 days 4.80%
271 days & above and less than 1 year 4.90%
1 year 5.40%
Above 1 year to 400 days 5.50%
Above 400 days and up to 2 Years 5.50%
Above 2 Years and up to 3 Years 5.60%
Above 3 Years and up to 5 Years 5.75%
Above 5 Years and up to 10 Years 6.25%
Source: Bank of Baroda, W.e.f. 16.11.2020

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