HDFC Bank extends particular mounted deposit scheme for senior residents

Private sector lender HDFC Bank’s particular mounted deposit scheme for senior residents has been prolonged. The financial institution provides a particular mounted deposit (FD) scheme for senior residents known as the Senior Citizen Care FD scheme. The financial institution provides increased rates of interest on these particular FDs for senior residents. The particular FD supply for senior residents was made out there for funding from 18 May 2020 amid the falling rates of interest in the course of the coronavirus pandemic.

“An further premium of 0.25% (over and above the prevailing premium of 0.50%) shall be given to Senior Citizens who want to e-book the Fixed Deposit lower than 5 crores for a tenure of 5 (5) years One Day to 10 Years, throughout particular deposit supply commencing from 18th May’20 to thirtieth Sep’2022,” HDFC Bank famous on its web site.

HDFC Bank Senior Citizen Care FD rate of interest

HDFC Bank provides 75 foundation factors (bps) increased rate of interest on these deposits. If a senior citizen places a set deposit underneath HDFC Bank Senior Citizen Care FD, then the rate of interest relevant to the FD shall be 6.35%. These charges are relevant from 14 February 2022. 

Amid the falling rates of interest because of the coronavirus pandemic, varied Indian banks like State Bank of India (SBI), ICICI Bank, Bank of Baroda, HDFC Bank, and so forth. supplied a particular mounted deposit scheme for senior residents in May 2020. Initially, this particular FD scheme for aged financial institution depositors was supplied for a small interval however they went on to increase its deadline because the Covid affect on the tax regime of the Indian banking system was nonetheless not over.

Subscribe to Mint Newsletters

* Enter a sound e mail

* Thank you for subscribing to our e-newsletter.

Download
the App to get 14 days of limitless entry to Mint Premium completely free!

Topics