Special fastened deposit (FD) schemes for senior residents provided by the State Bank of India (SBI) HDFC Bank and Bank of Baroda (BoB) have been prolonged until 30 September 2021. In May 2020, amid the Covid-19 pandemic and falling rates of interest, some banks like SBI, HDFC, ICICI and Bank of Baroda (BoB) had launched particular FD schemes for senior residents for the tenure of 5 years and extra.
SBI particular FD scheme for senior residents
“A special “ SBI Wecare” Deposit for Senior Citizens launched within the Retail TD phase whereby a further premium of 30 bps (over & above the prevailing 50 bps as detailed within the above desk) shall be paid to Senior Citizen’s on their retail TD for ‘5 Years and above’ tenor solely. “SBI Wecare” deposit scheme stands prolonged until thirtieth September 2021,” SBI mentioned.
At current, SBI offers a 5.4% rate of interest on 5 years FD for most people. If a senior citizen places a hard and fast deposit underneath the particular FD scheme, then the rate of interest relevant to the FD shall be 6.20%. These charges are with impact from 8 January 2021.
HDFC Bank particular FD scheme for senior residents
“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 Fixed Deposit less than 5 crores for a tenure of 5 (five) years One Day to 10 Years, during special deposit offer commencing from 18th May’20 to 30th Sep’21,” the lender talked about on its web site.
HDFC Bank particular FD scheme for senior residents is named HDFC Senior Citizen Care. The financial institution provides a 75 bps larger rate of interest on these deposits. If a senior citizen places a hard and fast deposit underneath HDFC Bank Senior Citizen Care FD, then the rate of interest relevant to the FD shall be 6.25%. These charges are relevant from 21 May 2021.
Bank of Baroda particular FD scheme for senior residents
Bank of Baroda provides 100 bps larger on these deposits to senior residents. If a senior citizen places a hard and fast deposit underneath the particular FD scheme (above 5 years to as much as 10 years), then the rate of interest relevant to the FD shall be 6.25%. These charges are efficient from 16 November. “1.00% for “Above 5 years to as much as 10 years” tenor and valid till 30.09.2021,” BoB acknowledged on its web site.
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