The country’s major banks State Bank of India (SBI), HDFC Bank (HDFC Bank), ICICI Bank and Bank of Baroda (BoB) are offering more interest on fixed deposits to senior citizens. Banks are giving more interest to senior citizens than the current interest rates. This special fixed deposit scheme was launched for senior citizens in May last year amid the Covid-19 pandemic.
This special FD scheme was introduced among the Covid-19 pandemic.
According to information available on the website of HDFC Bank, ICICI Bank and Bank of Baroda, the special scheme for senior citizens is ending on 31 March.
However, the country’s largest bank SBI has increased it to 30 June 2021. Now senior citizens have up to 3 months to take advantage of this scheme.
HDFC Bank introduced HDFC Senior Citizen Care, a special FD scheme for senior citizens. The bank pays 0.75 per cent more interest on these deposits. If a senior citizen makes a fixed deposit under the Senior Citizen Care FD of HDFC Bank, the interest rate applicable to the FD will be 6.25%.
Bank of Baroda (BoB) offers 100 bps more interest on these deposits to senior citizens. Under the special FD scheme (5 years to 10 years), if a senior citizen makes a fixed deposit, the interest rate applicable to the FD will be 6.25 per cent.
ICICI Bank has introduced a special FD scheme for senior citizens ICICI Bank Golden Years (ICICI Bank Golden Years) scheme. The bank is offering 0.80 percent more interest in this scheme. ICICI Bank Golden Year FD Scheme is giving 6.30 percent interest rate annually to senior citizens.
SCSS Scheme of Bank of Baroda: to earn more from FD by 31 March, start from Rs 1000