HDFC Bank Extends Senior Citizen Care FD Till 30th September 2022

On the 18th of May 2020, the private sector lender HDFC Bank launched a special fixed deposit and recurring deposit for older adults. The "Senior Citizen Care FD" plan was created by the bank with the goal of providing better returns to senior citizens. This scheme was launched by the bank for a short time and was set to expire on March 31, 2022, but according to the official website of the bank, the scheme has been further extended till 30th September 2022.

HDFC Bank Senior Citizen Care FD

Senior citizens who want to get more returns by staying invested for a long period of time can benefit from this special scheme, as HDFC Bank promises an additional premium of 0.25 percent over and above the existing premium of 0.50 percent to senior citizens going to establish a fixed deposit of less than Rs 5 Cr maturing in 5 (five) years One Day to 10 Years.

This additional benefit will only be available for senior citizens who book a fixed deposit during the offer period which runs from May 18th 2020 to September 30th, 2022. This special deposit option will be valid for new deposits as well as renewals throughout the said time period. Non-Resident Indians are not eligible for this deal. On deposits maturing in 5 years 1 day - 10 years, HDFC Bank offers a regular rate of 5.60%, but senior citizens will get an interest rate of 6.35% which is an addition of 0.75%.

Senior Citizen Care FD can be withdrawn prematurely (including a sweep in / partial closure) on or before 5 years, however, an interest rate of 1.00 percent will be subtracted from the stipulated rate applicable for the duration the deposit has been with the bank, whichever is lower, according to HDFC Bank.

HDFC Bank Senior Citizen Care RD

Because a recurring deposit (RD) account is comparable to a fixed deposit account with the exception of the deposit method, the Senior Citizen Care RD is also suited to individuals who want to make deposits on a regular or monthly basis.

For senior citizens who want to book a recurring deposit under the "Senior Citizen Care RD" scheme, HDFC Bank has mentioned on its website that "An Additional Premium of 0.25% (over and above the existing premium of 0.50%) shall be given to Senior Citizens who wish to book the Deposit for a tenure greater than 5 (five) years to 10 Years, during special deposit valid till 31st Mar'22. This special offer will be applicable to new Deposit booked by Senior Citizens during the above period. This offer is not applicable to Non-Resident Indian.​​​​​​​"

The bank gives a standard rate of 5.60 percent on recurring deposits of less than Rs 2 Cr maturing in 90 to 120 months, but elderly persons will receive an interest rate of 6.35 percent, which is an addition of 0.25 percent over and above the existing premium of 0.50 percent or 0.75% in total.

HDFC Bank FD Rates For Senior Citizens

HDFC Bank is giving the following interest rates on domestic fixed deposits of less than Rs 2 Cr, effective February 14, 2022.

Tenors	Interest rates p.a. in %
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 day - 9 months	4.90%
9 months 1 day < 1 Year	4.90%
1 Year	5.50%
1 year 1 day - 2 years	5.50%
2 years 1 day - 3 years	5.70%
3 year 1 day- 5 years	5.95%
5 years 1 day - 10 years	6.35%
Source: Bank Website