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What SBI, Bank of India, IDBI, HDFC Bank offer

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Senior citizens special fixed deposit (FD) scheme: State Bank of India (SBI), Bank of India, IDBI and HDFC Bank have special fixed deposit (FD) scheme for senior citizens. Under this special FD scheme, senior citizens get extra interest rates over the existing rates applicable for them. Usually the banks offer higher interest rates for the senior citizens as compared to the others. Let’s take a look at the senior citizens special FD scheme interest rates offered by SBI, Bank of India, IDBI and HDFC Bank

SBI special FD scheme for senior citizens

SBI special FD scheme for senior citizens is known as ‘SBI We Care’.

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.

Tenure: 5 years and above

Scheme Period: Valid till 30th September, 2020

IDBI Bank special FD scheme for senior citizens

IDBI special FD scheme for senior citizens is known as IDBI Naman Senior Citizen Deposit

Scheme Benefit: Resident Senior citizen customers will get an additional interest rate of 0.10% for limited period over and above existing additional rate of 0.50% per annum.

Tenure: 3 years up to 7 years

Scheme Period: Valid till 30th September, 2020

Scheme Cover: The additional rate benefit will be available on fresh deposits opened as well as deposits renewed during the scheme period.

New interest: 60 bps higher

Interest: 6%

Bank of India special FD scheme for senior citizens

New interest: 75 bps

Tenure: ‘5 Years and above’

Additional premium of 25 bps, over and above the existing 50 bps will be paid to Senior Citizen’s on their retail TD (Less than Rs. 2 Cr) for ‘5 Years and above’ tenor only i.e. 75bps.

Interest: 6%

HDFC Bank special FD scheme for senior citizens

HDFC Bank special FD scheme for senior citizens is called HDFC Senior Citizen Care.

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.

Tenure: 5 years and above

Scheme Period: Valid till 30th September, 2020

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