SBI vs BOB vs ICICI vs HDFC: FD Rates Compared For Senior Citizens

Top banks, such as the State Bank of India (SBI), HDFC Bank, ICICI Bank, and Bank of Baroda, provide special fixed deposit (FD) schemes to senior citizens. Throughout this scheme, senior citizens are supported with additional interest rates in lieu of the regular rates available on term deposits by these banks. This special FD scheme was initiated in May in the aftermath of the coronavirus pandemic to uphold senior citizens' interests as interest rates declined rapidly. For elderly people, this special FD scheme is valid until 31 March 2021.

SBI Special FD Scheme For Senior Citizens

The SBI special FD scheme for elderly people will offer interest rates at 80 basis points (bps) above the rate available to the regular investors. Currently, SBI offers the general public a 5.4 per cent interest rate on five years FD. Whereas under the special FD scheme the current interest rate is capped at 6.20% for senior citizens.

HDFC Bank Special FD Scheme For Senior Citizens

HDFC Bank provides a higher interest rate of 75 bps on these special deposits. This implies that under HDFC Bank Senior Citizen Care FD senior citizens will get good returns of 6.25%.

ICICI Bank Special FD Scheme For Senior Citizens

ICICI Bank gives a higher interest rate of 80 bps on such deposits. The ICICI Bank Golden Years FD scheme proposes an interest rate of 6.30 per cent per annum for senior citizens.

Bank of Baroda Special FD Scheme For Senior Citizens

Bank of Baroda (BoB) is providing senior citizens 100 bps more on these deposits. If a senior citizen deposit in this scheme, the interest rate available to the FD will be 6.25 per cent under the special FD scheme which comes with a tenure of above 5 years to up to 10 years. 

SBI Senior Citizen FD Rates

The interest rates for term deposits below Rs 2 Cr has been updated on 08.1.21. The new SBI FD rates are as follows:

Tenure	ROI
7 days to 45 days	3.4
46 days to 179 days	4.4
180 days to 210 days	4.9
211 days to less than 1 year	4.9
1 year to less than 2 year	5.5
2 years to less than 3 years	5.6
3 years to less than 5 years	5.8
5 years and up to 10 years	6.2

HDFC Bank FD Rates For Senior Citizens

The below-listed HDFC Bank term deposit rates for senior citizens are applicable for a deposit amount below Rs 2 Cr and are in force from 13 Nov 2020.

Tenure	ROI
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	5.40%
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 Senior Citizen FD Rates

ICICI Bank FD rates for senior citizens are last updated on Oct 21, 2020. The below-given rates are for a deposit amount of Rs 2 Cr.

Tenure	ROI
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 Tax Saving FD	5.85%

Bank of Baroda Senior Citizen FD Rates

The below given BOB term deposit rates are applicable for below Rs 2 Cr (w.e.f. 16/11/20).

Tenure	ROI
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	6.10%