Senior citizens special fixed deposit (FD) scheme

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SBI, HDFC Bank and ICICI Bank are offering extra interest rates over the existing senior citizen interest rates for fixed deposit
• The special FD scheme for senior citizens is applicable till 30 September 2020
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Senior citizens special FD
Senior citizens special FD schemes: State Bank of India (SBI), and private lenders HDFC Bank, and ICICI Bank have 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. These banks are offering extra interest rates over the existing rates applicable for senior citizen term deposits. The special FD scheme for senior citizens is applicable till 30 September 2020.
SBI special FD scheme for senior citizens
• SBI special FD scheme for senior citizens is known as ‘SBI We Care’.
• SBI made it available for customers from 12 May 2020
• Tenure: 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 27 May.
• Premature withdrawal : Additional premium of 30 bps not payable on premature withdrawal.
• Penalty of 0.5% may apply
• Maximum deposit amount: Less than ₹2 crore
HDFC Bank special FD scheme for senior citizens
• HDFC Bank special FD scheme for senior citizens is called HDFC Senior Citizen Care.
• HDFC Bank made it available from 18 May 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 12 June.
• Premature withdrawal: Penalty of 1% if withdrawn on or before 5 years
• Penalty of 1.25% if withdrawn after 5 years
• Maximum deposit amount: Less than ₹2 crore
ICICI Bank special FD scheme for senior citizens
• ICICI Bank special FD scheme for senior citizens is called ICICI Bank Golden Years.
• ICICI Bank made it available from 20th May 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
• Premature withdrawal: Penalty of 1% if withdrawn before 5 years 1 day
• Penalty of 1.30% if withdrawn *after 5 years 1 dayMaximum deposit amount: Less than ₹2 crore