4 Special FD Schemes For Senior Citizens Which They Can Opt Before 31st March 2021

Top lenders provide special fixed deposit (FD) schemes for senior citizens. If compared to the non-senior citizens these banks provide higher interest rates to senior citizens under this scheme. Banks like SBI, HDFC, ICICI and BOB are even provide higher interest rates on term deposits to senior citizens under this scheme than they are currently receiving. This special FD scheme was initiated in May to secure the needs of senior citizens when interest rates were quickly declining due to COVID-19. For senior citizens special FD schemes of these banks are in effect until March 31, 2021. Hence, let's check out the interest rates of special FD schemes of these banks that are currently being provided to senior citizens respectively.

SBI Special FD Scheme

The interest rate on SBI's special FD scheme for senior citizens will be 80 basis points (bps) higher than the general public rate. SBI currently offers a 5.4 percent interest rate on five-year deposits to the general public. For the same tenure under this special FD scheme of SBI senior citizens will be granted with an interest rate of 6.20%.

Tenure	ROI for senior citizens
7 days - 45 days	3.40%
46 days - 179 days	4.40%
180 days - 210 days	4.90%
211 days - 364 days	4.90%
1 year - 1 year 364 days	5.40%
2 years - 2 years 364 days	5.60%
3 years - 4 years 364 days	5.80%
5 years - 10 years	6.20%

HDFC Special FD Scheme

On 5 year deposits, HDFC Bank pays a 75 basis point higher interest rate. The interest rate on a fixed deposit for senior citizen under the HDFC Bank Senior Citizen Care FD is capped at 6.25 per cent whereas non-senior citizens will get an interest rate of 5.5% respectively.

Tenure	ROI for senior citizens
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%

ICICI Bank Special FD Scheme

On the same deposits for 5 years, ICICI Bank pays an 80 basis point higher interest rate. The ICICI Bank Golden Years FD scheme pays a 6.30 per cent annual interest rate to senior citizens whereas non-senior citizens will get an interest rate of 5.5% for the same tenure.

Tenure	ROI for senior citizens
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) - Max to Rs 1.50 lac	5.85%

BOB Special FD Scheme

Senior citizens will get 100 basis points more on these deposits at Bank of Baroda (BoB). If a senior citizen places a fixed deposit in the special FD scheme (over 5 years to up to 10 years), the return he or she will get is 6.25%.

Tenure	ROI for senior citizens
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%
Above 10 years	5.10%

Note

Deposit Insurance and Credit Guarantee Corporation (DICGC) is a completely owned affiliate of RBI. Customers' deposits in a commercial or small finance bank are insured by deposit insurance by this subsidiary. You are covered by the DICGC insurance cover up to Rs. 5 lakh for both principal and interest in an organised bank.