Senior citizens special FD schemes: State Bank of India (SBI), and private lenders HDFC Bank, and ICICI Bank offer extra interest rates over the existing rates applicable for senior citizen term deposits on this special fixed deposit (FD) schemes for senior citizens. This has been done to safeguard the interests of senior citizens as the interest rates are falling rapidly.
Let's take a look at what SBI, HDFC Bank and ICICI Bank offer to senior citizens on these special FD scheme:
SBI special FD scheme for senior citizens
SBI special FD scheme for senior citizens known as 'SBI We Care' is available for customers till 31 December 2020.
The tenure of SBI SBI special FD scheme for senior citizens is 5 Years
New interest: 80 bps higher
Interest rate: If a senior citizen puts a fixed deposit under the special FD scheme, then interest rate applicable to the FD will be 6.20%. These rates are applicable effective 10 September
Premature withdrawal : Additional premium of 30 bps not payable on premature withdrawal.
Penalty of 0.5% may apply
HDFC Bank special FD scheme for senior citizens
HDFC Bank special FD scheme for senior citizens is called HDFC Senior Citizen Care. It is available for senior citizens till 31 December 2020.
Tenure: 5 years 1 day – 10 years
New interest: 75 bps higher
Interest rate: If a senior citizen puts a fixed deposit under HDFC Bank Senior Citizen Care FD, then interest rate applicable to the FD will be 6.25% . Under this new product, an additional 25 bps premium will be payable for senior citizens'. These rates are applicable from 25 August.
Premature withdrawal: Penalty of 1% if withdrawn on or before 5 years
Penalty of 1.25% if withdrawn after 5 years
ICICI Bank special FD scheme for senior citizens
ICICI Bank special FD scheme for senior citizens is called ICICI Bank Golden Years. It is available for senior citizens till 30 September 2020.
Tenure: 5 years 1 day – 10 years
New interest: 80 bps higher
Interest rate: ICICI Bank Golden Years FD scheme offers senior citizens an interest rate of 6.30% per annum. These rates are applicable from 7 September.
Premature withdrawal: Penalty of 1% if withdrawn before 5 years 1 day
Penalty of 1.30% if withdrawn *after 5 years 1 day
