SBI, HDFC Bank, ICICI Bank Special Senior Citizen FD; Know here key details

In addition, there are various special Fixed Deposit Schemes Exclusively offered for senior citizens by banks like SBI, HDFC Bank, ICICI Bank, Bank of Baroda and Axis Bank. Under these special schemes, a senior citizen can enjoy premium returns with additional rates ranging from 0.25 basis points to 1% over normal rates, however, these vary from bank to bank. The tenure of FDs can vary from a minimum of 7 days to a maximum of 10 years and their interest rates vary accordingly.

Here is a list of three special FD schemes and validity for senior citizens by major banks:

State Bank of India (SBI):

SBI has launched a special deposit scheme named “SBI Wecare” for senior citizens. The special scheme has been launched under the retail fixed deposit segment of SBI, where senior citizens will be paid an additional premium of 30 basis points (over the existing 50 basis points) on retail deposits for ‘5 years and above’. duration only. This scheme is available till September 30, 2022.

Currently, SBI offers below 6.30% interest rate to senior citizens on their FDs 2 crores over a period of 5 years to 10 years. The bank had increased the FD rates on deposits below 2 crore 5 basis points to 10 basis points on February 15, 2022.

For senior citizens, the bank offers a rate of 5.95% for tenures ranging from 3 years to less than 5 years, 5.70% for 2 years to less than 3 years and 5.60% for 1 year to less than 2 years. Is. The bank offers a rate of 4.90% each for tenures ranging from 180 days to less than 1 year, 4.40% applicable from 46 days to 179 days, and 3.40% which is the lowest rate, from 7 days to 45 days. vested in the term of

ICICI Bank:

ICICI Bank Golden Years FD rates effective from January 20, 2022, offers a special additional interest rate of 0.25% p.a. to senior citizens on FDs above 5 years. This scheme is available till April 08, 2022 according to the bank’s website.

Notably, ICICI Bank says on its website, “Resident senior citizen customers will get an additional interest rate of 0.25% for a limited period of time over and above the existing additional rate of 0.50% per annum.” The additional rate will be available on newly opened deposits as well as deposits renewed during the plan period. This scheme is applicable on FDs from May 20, 2020 to April 08, 2022. Value of fixed deposit is down 2 crores.

Subject to its premature withdrawal conditions, if the deposit opened in the above scheme is withdrawn prematurely or is closed on or after 5 years 1 day, the applicable penalty rate will be 1.25%. If the deposit opened in the scheme is prematurely withdrawn/closed before 5 years 1 day, then the prevailing premature withdrawal policy will be applicable.

Currently, ICICI Bank offers 6.35% interest rate to senior citizens on tenures of 5 years 1 day to 10 years, while 5.95% for 3 years 1 day to 5 years, and 5.70% for 2 years 1 day to 3 years. is offered. The lender offers a rate of 5.5% for tenures ranging from 1 year to less than 2 years, while 4.9% on 185 days to less than 1 year, 4% on 91 days to 184 days, 3.5% on 30 days to 90 days. is done. , and 3% on a tenure of 7 days to 29 days.

HDFC bank:

HDFC Bank has extended its special senior citizen fixed deposit from the previous March 31, 2022 to September 30, 2022. The bank offers an additional premium of 0.25% (over the existing premium of 0.50%) to senior citizens, who are planning to open. FD below 5 crores and from 1 day to 10 years for tenures above 5 years. This special offer will be applicable for renewal as well as fresh fixed deposits booked by senior citizens during the above period. This offer does not apply to NRIs.

Like ICICI Bank, Private Banker also offers 6.35% rate on FDs below 2 crores on 5 years 1 day – Tenure of 10 years. However, the interest rate on this intermediate FD is 5.35% 2 crore to 5 crore on a single tenure.

down in FD 2 crore, a senior citizen can enjoy returns at the rate of 3.5% on a tenure of 30 days to 90 days, while 4% is given on 91 days – 6 months, 4.90% on 6 months to less than 1 year. Whereas 5.50% is given from 1 year to 2 years. 5.70% is applicable on 2 years 1 day – 3 years tenure and the rate of 5.95% is offered on 3 years 1 day – 5 years tenure.

For FDs between less than 2 crore 5 crore, senior citizens are offered 3.25% on 30 days to 60 days, 3.5% on 61-90 days, 3.85% on 91 days – 6 months, 4.10% on 6 months, 1 day – 9 months, and 9 months 1 day to less than 1 year 4.20% is given. A senior citizen can enjoy a rate of 4.55% on 1 year, while 4.70% on 1 year 1 day – 2 years, 5% on 2 years 1 day – 3 years, and 5.10% on 3 years 1 day – 5 years Is.

Currently, HDFC Bank offers 3% on FDs less than 7 days to 29 days 2 crore and between 2-5 crores.