Bank State Company of India (SBI), HDFC Bank, and ICICI Bank has a special fixed deposit scheme (FD) for senior citizens. This was introduced in May 2020 amid a decline in interest rates. SBI has recently extended the deposit scheme specifically -SBI ‘WECARE’ – to the end SBI Wecare” deposit specifically for senior citizens introduced in the retail TD segment where additional premiums of 30 bps (over & above 50 existing bps) will be paid to senior citizens at their retail TD for ‘5 years and above’ for ‘5 years and above’ only tenor. “SBI WECARE” The deposit scheme was extended until September 30, 2022, “SBI was mentioned on its website.
SBI special FD scheme for elderly residents
SBI specific schemes for senior citizens -We take care of 30 bps interest rates to senior citizens on their FD for 5 years and more tenor. At present, SBI provides an interest rate of 5.5% in five years FD for the general public. If a senior citizen places a fixed deposit under a special FD scheme, the interest rate that applies to FD will be 6.30%. SBI has increased interest rates on fixed deposits (FDS) with the effect of February 15 2022.
HDFC Bank Special FD Scheme for Senior Citizens
The HDFC Bank Special FD scheme for senior citizens, known as HDFC Senior Citizen Care Bank offers a higher interest rate of 75 bps in this savings. “Additional premiums of 0.25% (exceeding and above existing premiums of 0.50%) are given to senior citizens who want to order a fixed deposit of less than 5 crores for the working period of 5 (five) years, as long as special deposit offers start from 18 May’20 until 31 Mar’22, “The bank mentioned on the site.
If a senior citizen places a deposit under the HDFC Senior Citizen Care FD, the interest rate applies to FD will be 6.35% HDFC Bank recently climbed interest rates on time deposits, revised FD interest rates began in February 14.
Special Bank ICICI Bank FD Scheme for Senior Citizens
Special FD schemes ICICI Bank for elderly residents is offered at a higher interest rate of 6.35% per year. The duration that is valid until 8 April 2022, the lender records on its site. This interest rate with the effect of January 20 2022.