- Date : 22/08/2023
- Read: 3 mins
Indian citizens aged 60 years and older can open a senior citizen fixed deposit (FD). These are the Special FD schemes introduced by several banks, offering attractive interest rates.
Looking for investment options that cater specifically to senior citizens? You're in luck! Banks across India have introduced special fixed deposit schemes to provide higher and better rates of interest for elderly investors.
Let's explore these schemes offered by well-known banks.
Highlights -
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Banks offer special FD schemes with elevated interest rates.
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SBI, HDFC, ICICI, and IDBI Bank provide tailored options for senior citizens.
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SBI Wecare FD Scheme extends until 30-Sep-23.
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HDFC Senior Citizen Care FD offers 7.75% interest, valid until 07-Nov-23.
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ICICI Golden Year FD and IDBI Amrit Mahotsav FD offer interest at 7.5% and 7.60%–7.65%, respectively.
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Bank of Baroda and PNB also offer senior-friendly FD options.
1. SBI Wecare Fixed Deposit Scheme
SBI SBI Wecare Deposit is tailored for senior citizens, offering an additional premium of 50 basis points (bps) on top of the regular FD rates for tenures of '5 years and above.' This scheme continues until 30-Sep-23 and currently promises a rate of interest of 7.50%.
2. HDFC Senior Citizen Care FD
HDFC Bank goes the extra mile with its Senior Citizen Care FD, presenting a 25 bps premium over the existing 50 bps premium for 5 years and 1 day to 10 years of tenure. With an attractive 7.75% interest rate, this scheme is valid until 07-Nov-23.
Also Read - How Senior Citizens Can Double Their Investments With SCSS And PMVVY?
3. ICICI Bank Golden Year FD
ICICI Bank caters to senior citizens with its Golden Year FD scheme, offering an additional 10 bps over the existing 50 bps for tenures ranging from 5 years and 1 day to 10 years. The current interest rate stands at 7.5%, and this scheme is open until 31-Oct-23.
4. IDBI's Amrit Mahotsav FD
IDBI Bank introduces the "Amrit Mahotsav FD" scheme, available for 375 Days and 444 Days. Offering competitive interest rates of 7.60% and 7.65%, respectively, this scheme is a limited-period offer valid until 30-Sep-23.
Other offerings
While the spotlight shines on these above-mentioned special schemes for senior citizens, there are a few more options to consider. Bank of Baroda's "Tiranga Plus Deposit Scheme" stands out with a substantial 7.50% interest rate, targeting deposit amounts between Rs 15.01 lakh and less than Rs 2 crore. Additionally, Punjab National Bank takes the Christmas festive spirit to heart with its 666 Days Fixed Deposit scheme, boasting interest rates of 7.25% for the public, 7.75% for senior citizens, and a unique 8.05% for super senior citizens.
Find the latest articles on other investments here.
Also Read - Record Surge In Senior Citizens Saving Scheme Receipts: Q1 Sees 176% Jump
Disclaimer: This article is intended for general information purposes only and should not be construed as insurance or investment or tax or legal advice. You should separately obtain independent advice when making decisions in these areas.
Disclaimer: This article is intended for general information purposes only and should not be construed as insurance or investment or tax or legal advice. You should separately obtain independent advice when making decisions in these areas.
