Explain that State Bank of India (SBI), HDFC, ICICI and Bank of India Baroda (BoB) had introduced special FD schemes for senior citizens for tenure of 5 years and above.
More interest will be given on FD by June 30
Banks have extended the term of this Special Fixed Deposit (FD) schemes for senior citizens from 31 March 2021 to 30 June 2021. Fixed interest of up to 0.50 per cent above the interest rate applicable to senior citizens in FD with fixed maturity period. That is, 1 percent more interest than regular customer interest.Also read: Start this business sitting at home by applying 4 lakh rupees, you will earn 8 lakh rupees every year!
SBI has extended the time period
However, the country’s largest bank SBI has increased it to 30 June 2021. At present, ordinary citizens get 5.4 percent interest benefit for a period of five years in SBI. If a senior citizen takes FD under special FD scheme, then he gets 6.20 percent interest. This scheme is for a period of 5 years or more.
HDFC Bank: HDFC Bank introduced Senior Citizen Care. The bank pays 0.75 per cent more interest on these deposits. If a senior citizen makes a fixed deposit under the Senior Citizen Care FD of HDFC Bank, the interest rate applicable to the FD will be 6.25%.
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Bank of Baroda (BoB): Under Bank of Baroda’s special FD scheme (5 years to 10 years), if a senior citizen makes a fixed deposit, the interest rate applicable to the FD will be 6.25 per cent.
ICICI Bank: ICICI Bank has introduced a special FD scheme for senior citizens ICICI Bank Golden Years (ICICI Bank Golden Years) scheme. The bank is offering 0.80 percent more interest in this scheme. ICICI Bank Golden Year FD Scheme is giving 6.30 percent interest rate annually to senior citizens.