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This FD Deposit Option Is A Safe Bet For Senior Citizens


At a time when interest rates are about to reverse and again take a northward journey, this deposit from home financier company HDFC shall still be a safe bet.


Here we discuss all the salient features of the deposit:

High safety ensured by its rating:

HDFC which is a brand in itself has won the trust of 0.6 million depositors and has received AAA ratings from two of the leading rating agencies, Crisil and ICRA. This highest rating has been consistently maintained for 26 years in a row.

Attractive returns:

The new increased rates on FDs which also point to a rate reversal are applicable from March 30, 2021. Senior citizens shall be eligible for a higher rate by 0.25 percent per annum.

Multiple deposit options with different payout options to choose from:

1. Monthly income plan:

1. Monthly income plan:

Salient features of the plan:

  • Regular monthly income option
  • Available in fixed and variable interest rates
  • Ideal for retired people, housewives and senior citizens
TenureInterest rate
33 months 6 percent
66 months 6.4 percent
99 months 6.45 percent

Note these are for deposits below Rs. 2 crore

In the fixed and variable rate option:

PeriodMIPQuarterly optionHalf-Yly optionAnnual Income PlanCumulative option
12-23 months 5.50% 5.55% 5.60% 5.70%
24-35 months 5.65% 5.70% 5.75% 5.85% 5.85%
36-59 months 5.85% 5.90% 5.95% 6.05% 6.05%
60-83 months 6.20% 6.25% 6.30% 6.40% 6.40%
84-120 months 6.35% 6.40% 6.45% 6.55% 6.55%
Minimum deposit Rs. 40000 Rs. 20000 Rs. 20000 Rs. 20000 Rs. 20000

2. Non-cumulative interest plan:

2. Non-cumulative interest plan:

  • Provides you with regular periodic interest income
  • Ideal to plan the fund requirement at the end of each quarter or half year
  • Available in fixed or variable interest rate.
3. Annual Income plan:

3. Annual Income plan:

  • Offers you regular annual interest payout
  • Ideal for planning annual cash outflows
  • Other than the varied option, in case of fund requirement, there is also available loan option which can be secured after three months of maintaining the deposit with the financial institution and up to 75% of the deposit amount can be taken as loan. Interest on such loans shall be 2 percent higher than the deposit rate.

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