4 Special FD Schemes For Senior Citizens Which They Can Avail Before June 30, 2021

Senior citizens' fixed deposit (FD) schemes have now been extended until June 30, 2021. Some banks, such as State Bank of India (SBI), HDFC, ICICI, and Bank of Baroda (BoB), had launched special FD schemes for senior citizens for a tenure of 5 years and more in May 2020, amid the Covid-19 pandemic and declining interest rates. All of these banks have extended the deadline for senior citizens seeking to invest in a bank FD for the long term until June 30, 2021. State Bank of India (SBI), Bank of Baroda, ICICI Bank, and HDFC Bank, four of India's largest commercial banks, have launched special fixed deposit schemes for senior citizens. Although standard FD schemes provide an additional 0.5 percent interest to depositors over the age of 60, special FD schemes for senior citizens provide a higher rate of interest. For the scheme's period, the additional rate will be valid on all new and renewed deposits. There is an annual rate of interest on senior citizen deposits under the special FD scheme, in addition to the current rate of 0.50 percent. For deposits for more than 5 years, an additional interest rate of 0.80 percent or more will be given.

SBI Special FD Scheme

The SBI 'Wecare Deposit' special FD scheme for senior citizens will receive an interest rate that is 80 basis points (bps) higher than the general public rate. SBI currently offers a 5.4 percent interest rate on five-year fixed deposits to the general public. If a senior citizen deposits money in a fixed deposit under the special FD scheme, the interest rate is 6.20 percent.

SBI FD Rates For Senior Citizens

SBI offers senior citizens an additional 50 basis points interest rate on all tenors. Following the most recent revision, senior citizens will receive 3.4 percent to 6.2 percent on FDs maturing in 7 days to 10 years. The below FD rates for senior citizens are in force from January 1, 2021.

Tenure	ROI for senior citizens
7 - 45 days	3.40%
46 - 179 days	4.40%
180 - up to 1 yr	4.90%
1 yr - up to 2 yrs	5.50%
2 yrs - up to 3 yrs	5.60%
3 yrs - up to 5 yrs	5.80%
5 - 10 yrs	6.20%

HDFC Senior Citizen Care FD

HDFC Bank's Senior Citizen Care FD pays 0.25 percent interest on deposits maintained for more than five years and up to ten years. The interest rate on a fixed deposit made by a senior citizen under the HDFC Bank Senior Citizen Care FD will be 6.25 percent.

HDFC Bank FD Rates For Senior Citizens

Senior citizens will receive interest rates that are 50 basis points higher than the general public. Senior citizens will get interest rates ranging from 3% to 6.25 percent on FDs on terms ranging from 7 days to 10 years. The below listed HDFC Bank FD rates for senior citizens are effective from 13th November 2020.

Tenure	ROI for senior citizens
7 - 14 days	3.00%
15 - 29 days	3.00%
30 - 45 days	3.50%
46 - 60 days	3.50%
61 - 90 days	3.50%
91 days - 6 months	4.00%
6 months 1 days - 9 months	4.90%
9 months 1 day < 1 Year	4.90%
1 Year	5.40%
1 year 1 day - 2 years	5.40%
2 years 1 day - 3 years	5.65%
3 year 1 day- 5 years	5.80%
5 years 1 day - 10 years	6.25%

ICICI Bank Golden Years FD

On these deposits, ICICI Bank provides an 80 basis point higher interest rate. The ICICI Bank Golden Years FD scheme provides a 6.30 percent annual interest rate to senior citizens.

ICICI Bank FD Rates For Senior Citizens

Seniors will receive a 50 basis point (bps) higher interest rate than the general public. Senior citizens will receive interest ranging from 3% to 6.3 percent on FDs maturing in 7 days to 10 years after the most recent adjustment. The below listed ICICI Bank FD rates for senior citizens are effective from October 21, 2020.

Tenure	ROI for senior citizens
7 days to 14 days	3.00%
15 days to 29 days	3.00%
30 days to 45 days	3.50%
46 days to 60 days	3.50%
61 days to 90 days	3.50%
91 days to 120 days	4.00%
121 days to 184 days	4.00%
185 days to 210 days	4.90%
211 days to 270 days	4.90%
271 days to 289 days	4.90%
290 days to less than 1 year	4.90%
1 year to 389 days	5.40%
390 days to < 18 months	5.40%
18 months days to 2 years	5.50%
2 years 1 day to 3 years	5.65%
3 years 1 day to 5 years	5.85%
5 years 1 day to 10 years	6.30%
5 Years (80C FD)	5.85%

Bank of Baroda Special FD Scheme

Senior citizens will get 100 basis points more on these deposits at Bank of Baroda (BoB). If a senior citizen places a fixed deposit under the special FD scheme (over 5 years to up to 10 years), the interest rate on the FD will be 6.25 percent respectively.

Bank of Baroda FD Rates For Senior Citizens

For senior citizens, the bank provides a special interest rate on FDs. For all tenors, senior citizens get an additional 0.50 percent interest on domestic term deposits of less than Rs 2 crore. The following senior citizen interest rates are in force from November 2020.

Tenure	ROI for senior citizens
7 days to 14 days	3.30%
15 days to 45 days	3.30%
46 days to 90 days	4.20%
91 days to 180 days	4.20%
181 days to 270 days	4.80%
271 days & above and less than 1 year	4.90%
1 year	5.40%
Above 1 year to 400 days	5.50%
Above 400 days and up to 2 Years	5.50%
Above 2 Years and up to 3 Years	5.60%
Above 3 Years and up to 5 Years	5.75%
Above 5 Years and up to 10 Years	6.25%