Private sector lender HDFC Bank’s special fixed deposit scheme for senior citizens has been extended. The bank offers a special Fixed Deposit (FD) scheme for senior citizens called Senior Citizen Care FD Scheme. The bank offers higher interest rates on these special FDs for senior citizens. The special FD offer for senior citizens was made available for investment with effect from 18 May 2020 amid falling interest rates during the coronavirus pandemic.
“An additional premium of 0.25% (over 0.50% of the existing premium) will be paid to senior citizens who wish to book fixed deposits of less than ₹ 5 crore for a tenure of 5 (five) years a day to 10 years,” HDFC Bank said in a statement. noted on their site, during the special deposit offer starting from 18 May’20 to 30 September’2022.
HDFC Bank Senior Citizen Care FD Interest Rate
HDFC Bank offers 75 basis points (bps) higher interest rate on these deposits. If a senior citizen makes a fixed deposit under HDFC Bank Senior Citizen Care FD, the interest rate applicable on the FD will be 6.35%. These rates are applicable from 14 February 2022.
Amid falling interest rates due to the coronavirus pandemic, various Indian banks prefer State Bank of India (SBI), ICICI Bank, Bank of Baroda, HDFC Bank, etc. offered a special fixed deposit scheme for senior citizens in May 2020. Initially, this special FD scheme for elderly bank depositors was offered for a shorter duration, but they moved on. Its deadline has been extended as the impact of COVID on the tax regime of the Indian banking system was still not over.
download
The app will get 14 days of unlimited access to Mint Premium absolutely free!