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Top 3 Banks Offering Highest Interest Rates On Senior Citizens FDs For Limited Period, Check Details
When Covid-19 pandemic spread globally many leading banks launched senior citizens special FD scheme and to assist senior citizens. These banks are State Bank of India HDFC Bank, Bank of Baroda, and ICICI Bank.
When Covid-19 pandemic spread globally many leading banks launched senior citizens special FD scheme and to assist senior citizens. These banks are State Bank of India HDFC Bank, Bank of Baroda, and ICICI Bank. Banks began offering these special FDs precisely two years ago and aimed to cater to senior citizens of the country. Earlier, these FDs were launched for a brief tenure but banks opted to increase the deadline as a result of effects of Covid 19. For instance, ICICI launched its Golden Years FD on May 20, 2020 and it will remain valid till October 7, 2022.
It is important to note that these fixed deposits will remain available for a limited tenure. Soon these FDs will come to an end. Different banks have different dates for ending these special FDs launched during Covid-19 outbreak. It will help citizens to make optimum utilization of higher interest rates offered before they come to an end.
Check the banks below offering special FD schemes:
1. SBI Bank
SBI introduced "We Care" on 12 May, 2020 and it has been extended to 30 September, 2022. It was launched with the motive of protecting income of senior citizens by offering additional interest rates. The salient features of the scheme is that it will have a minimum tenor of 5 years and maximum of 10 years. Under this scheme, there will be an additional premium of 30 bps (over and above existing premium of 50 bps over card rate for public. The rates will be valid for senior citizens aged 60 and above. The interest rates will be 0.50% higher. The scheme is available for fresh deposits as well as renewal of maturing deposits, according to details available from SBI official website.
2. ICICI Bank
ICICI Bank is offering a term deposit scheme that caters to senior citizens known as Golden Years FD. The scheme is a special FD scheme wherein senior citizens become eligible to receive additional interest rates along with an additional benefit of 0.50%. Under Golden Years FD scheme, senior citizens were getting an interest rate of 6.35% on their deposits. Now after the hike senior citizen will get 6.50% interest rates. The new rates came into effect beginning from May 21, 2022. The scheme was launched keeping in mind the interests of senior citizens. Under Golden FD scheme, senior citizens get additional rate of interest. The Golden FD scheme was launched when coronavirus pandemic spread globally and infected millions. The FD was precisely launched on May 20, 2020. Golden FD Scheme is applicable on single fixed deposits below Rs 2 crore. The scheme will remain valid till October 7. 2022.
3. HDFC Bank
The private lender is also offering "Senior Citizen Care FD". It was created to provide better interest rates to senior citizens. In order to avail the special interest rates, the FD must be for the period of 5 years 1 day to 10 years for deposits below Rs 5 crore. The bank introduced the scheme on May 18, 2020 and it will end on September 30, 2022. HDFC Bank offers an additional premium of 0.25 percent over and above the existing premium of 0.50 percent to senior citizens planning to open a fixed deposit of less than Rs 5 Cr.
