3 Special FD Schemes For Senior Citizens That Will End On March 31

Leading lenders of India such as State Bank of India (SBI), HDFC Bank, ICICI Bank, and Bank of Baroda (BoB) offer higher interest rates on fixed deposits (FDs) for senior citizens than the rates provided to the general public. This special FD scheme was unveiled in May of last year, in the midst of the Covid-19 epidemic. The special scheme for senior citizens, according to details on the website of HDFC Bank, ICICI Bank, and Bank of Baroda, will end on March 31. SBI, on the other hand, has extended its special FD scheme until June 30, 2021.

HDFC Special FD Scheme

HDFC Senior Citizen Care is a special FD scheme offered by HDFC Bank for senior citizens. On these deposits, the bank gives a 75 basis point higher interest rate. The interest rate on a fixed deposit made by a senior citizen under the HDFC Bank Senior Citizen Care FD will be 6.25 per cent. These rates are effective as of November 13th.

HDFC Bank FD Rates For Senior Citizens

Below listed fixed deposit rates are for senior citizens for an amount below Rs 2 Cr.

Tenure	Senior Citizen Rates
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%
Source: Bank Website

 

ICICI Special FD Scheme

ICICI Bank Golden Years is a special FD scheme for senior citizens offered by ICICI Bank. On these deposits, the bank gives an 80 basis point higher interest rate. The ICICI Bank Golden Years FD scheme provides a 6.30 per cent annual interest rate to senior citizens. These rates are effective from 21 October 2020.

ICICI Bank Fixed Deposit Rates For Senior Citizens

Below listed fixed deposit rates are for senior citizens for an amount below Rs 2 Cr.

Tenure	Senior Citizen Rates
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%
Source: Bank Website

Bank of Baroda Special FD Scheme

Senior citizens can get a 100 basis point higher rate on these deposits of Bank of Baroda. On fixed deposit under the special FD scheme (for a period of more than 5 years and up to 10 years), the interest rate will be 6.25 per cent. These rates are in effect from 16 November 2020.

Bank of Baroda Fixed Deposit Rates For Senior Citizens

Below listed fixed deposit rates are for senior citizens for an amount below Rs 2 Cr.

Tenure	Senior Citizen Rates
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%
Above 10 years (for MACT/MACAD - Court Order schemes only)	5.10%
Source: Bank Website

Note

The Reserve Bank of India's Deposit Insurance and Credit Guarantee Corporation (DICGC), a wholly-owned subsidiary, insures all bank deposits, including savings, fixed, current, and recurring deposits, up to a limit of Rs 5 lakh. This means that if the bank goes bankrupt, both senior and non-senior citizens will get an insurance cover up to Rs 5 lakh including principal and interest against their deposits. DICGC insures depositors of all commercial banks and overseas banks, state, central, and urban co-operative banks, and regional rural banks that have acquired DICGC insurance policy.