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Top 4 Special Fixed Deposit Schemes For Senior Citizens To Bet In 2022

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Fixed deposits are one of the most secure debt investment options for senior citizens who want to park their lump sum money to earn not only stable returns but also a variety of interest payout options such as monthly, half-yearly, or yearly intervals, liquidity through premature withdrawal, and deposit safety, which is insured by the DICGC up to Rs 5 lakhs. In general, banks provide senior citizens with an additional 0.50 per cent over and above the regular rate, but we're going to talk about special term deposits for senior citizens, where banks offer a premium over and above the 0.50 per cent additional rate. However, special fixed deposit schemes are only available for a limited time, so elderly folks who wish to take advantage of them should check out the schemes listed below before they expire.

 

SBI Wecare Deposit

SBI Wecare Deposit

SBI Wecare Deposit is a special fixed deposit scheme offered by India's largest bank for older persons. SBI provides elderly citizens with an additional premium of 30 basis points over and above the existing 50 basis points on retail term deposits made for 5 years and above' tenor only under the plan. The scheme is active until September 30, 2022, and elderly residents will receive a 6.30 per cent interest rate on deposits maturing in 5 years and up to 10 years, which is a gain of 0.80 per cent above the standard rate of 5.50 per cent. Interest rates for retail domestic term deposits (below Rs. 2 crores) were last revised on February 15, 2022, and SBI now provides elderly people with the following interest rates.

TenureInterest rates in % p.a.
7 days to 45 days3.4
46 days to 179 days4.4
180 days to 210 days4.9
211 days to less than 1 year4.9
1 year to less than 2 year5.6
2 years to less than 3 years5.7
3 years to less than 5 years5.95
5 years and up to 10 years6.3
Source: sbi.co.in 
ICICI Bank Golden Years FD
 

ICICI Bank Golden Years FD

The private sector lender ICICI Bank also offers a special deposit scheme known as "Golden Years FD" for the higher benefit of older residents, which was established on May 20, 2020 but is currently active until October 7, 2022. The bank guarantees resident senior citizen customers an additional 0.25 per cent interest rate over and above the existing additional rate of 0.50 per cent per year during the scheme's duration.

The additional rate benefit will be provided on deposits of less than Rs 2 Cr booked for a tenure of 5 years 1 day to 10 years. New deposits as well as deposits renewed during the scheme's duration are also subject to the above said interest rate benefit. On deposits of 5 years 1 day to 10 years, ICICI Bank gives a regular rate of 5.60 per cent, while elderly persons will receive a rate of 6.35 per cent, which is an increase of 0.75 per cent.

The bank's interest rates for fixed deposits of less than Rs 2 crore were last amended on January 20, 2022, and it now provides elderly people with the following interest rates.

TenureInterest rates in % p.a.
7 days to 14 days3.00%
15 days to 29 days3.00%
30 days to 45 days3.50%
46 days to 60 days3.50%
61 days to 90 days3.50%
91 days to 120 days4.00%
121 days to 150 days4.00%
151 days to 184 days4.00%
185 days to 210 days4.90%
211 days to 270 days4.90%
271 days to 289 days4.90%
290 days to less than 1 year4.90%
1 year to 389 days5.50%
390 days to less than 15 months5.50%
15 months to less than 18 months5.50%
18 months to 2 years5.50%
2 years 1 day to 3 years5.70%
3 years 1 day to 5 years5.95%
5 years 1 day to 10 years6.35%
5 Years (80C FD) - Max to Rs 1.50 lac5.95%
Source: icicibank.com 
Senior Citizen Care FD

Senior Citizen Care FD

The country's largest private sector lender HDFC Bank provides a "Senior Citizen Care FD," a special fixed deposit scheme for senior persons. This program started on May 18, 2020, and will end on September 30, 2022. The bank guarantees elderly citizens an additional 0.25 per cent premium over and above the existing 0.50 per cent premium on fixed deposits of less than Rs 2 crore booked for 5 (five) years one day to 10 years throughout the scheme's active period.

During the scheme's validity term, this special offer will be available to new as well as renewal term deposits made by resident senior citizens. HDFC Bank provides a basic rate of 5.60 per cent, while elderly persons will receive a rate of 6.35 per cent, which is an increase of 0.75 per cent, on deposits held for 5 years 1 day - 10 years.

HDFC Bank updated its fixed deposit interest rates on April 20, 2022, and currently offers the following rates to elderly persons.

TenureInterest rates in % p.a.
7 - 14 days3.00%
15 - 29 days3.00%
30 - 45 days3.50%
46 - 60 days3.50%
61 - 90 days3.50%
91 days - 6 months4.00%
6 mnths 1 days - 9 mnths4.90%
9 mnths 1 day to less than 1 Year4.90%
1 Year5.60%
1 year 1 day - 2 years5.60%
2 years 1 day - 3 years5.70%
3 years 1 day- 5 years5.95%
5 years 1 day - 10 years6.35%
Source: hdfcbank.com 
Naman Senior Citizen Deposit Scheme

Naman Senior Citizen Deposit Scheme

IDBI Bank, a private sector lender, launched a special fixed deposit scheme for older persons called "IDBI Naman Senior Citizen Deposit" on April 20, 2022. The scheme will be in effect until September 30, 2022, and guarantees resident senior citizen customers an additional interest rate of 0.25 per cent per annum over and above the prevailing additional rate of 0.50 per cent per annum.

IDBI Bank has promised elderly persons an additional rate of 0.75 per cent on deposits of less than Rs 2 crore booked for a duration of more than one year up to ten years. The additional rate advantage would be applicable on new deposits as well as deposits renewed during the plan term.

Now senior citizens will get an additional rate of 0.75 per cent on deposits of less than Rs 2 crore booked for a duration of more than one year up to ten years. The additional rate advantage would be applicable on new deposits as well as deposits renewed during the active duration of the scheme.

IDBI Bank updated interest rates on fixed deposits of less than Rs 2 crore on April 20th 2022 and now provides elderly persons with the following rate of interest.

TenureInterest rates in % p.a.
07-14 days3.2
15-30 days3.2
31-45 days3.5
46-60 days3.75
61-90 days3.9
91-6 months4.25
6 months 1 day to 270 days4.9
271 days up to 1 year5
1 year5.65
More than 1 year - 2 years6
More than 2 years to 3 years6.1
3 years to less than 5 years6.25
5 years6.35
More than 5 years - 7 years6.35
More than 7 years - 10 years6.25
Source: idbibank.in 

Story first published: Friday, April 22, 2022, 15:04 [IST]
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