Corporate banks State Bank of India (SBI), HDFC Bank, and Bank of Baroda extended the special fixed deposit (FD) scheme for senior citizens till September 30, 2021, LiveMint reported. ICICI Bank’s Golden Years FD meant for senior citizens was extended till 7 October 2021.
SBI’s We Care scheme interest rates
The special FD schemes were introduced for a period of 5 years and more. SBI’s We Care scheme, which was launched last year offers 30 basic points (bps) interest rates to seniors on the FD. According to LiveMint, SBI gives a 5.4% interest rate on five years FD for the general public. If a senior citizen puts a fixed deposit under the special FD scheme, then the interest rate applicable to the FD will be 6.20%.
ICICI Bank’s Golden Year FD interest rates
ICICI’s special FD scheme for senior citizens is offered at a higher interest rate of 80bps at 6.30% per annum.
HDFC Bank’s special FD scheme interest rates
As reported by LiveMint, HDFC’s special FD scheme for senior citizens, known as HDFC Senior Citizen Care bank offers a 75 bps higher interest rate on these deposits. If a senior citizen puts a fixed deposit under HDFC Bank Senior Citizen Care FD, then the interest rate applicable to the FD will be 6.25%.
Bank of Baroda FD scheme interest rates
Bank of Baroda offers a 100bps higher interest rate for a special FD scheme for senior citizens. The interest rate for the FD will be 6.25% per annum.