The last date to invest in the special senior citizen fixed deposits (FD) schemes, that were launched by banks last year, have now been extended till June 30, 2021. Many banks had launched special senior citizen FDs in May 2020 due to the novel coronavirus pandemic. When these were launched, the last date to invest in these FDs was March 31, 2021; now you have time till June 30, 2021.
These schemes were launched by banks to provide higher interest rates to senior citizens amid the falling interest rate scenario as these are the people most dependent on the interest earned from FDs for regular income.
Here are the details of these FDs launched by SBI, HDFC Bank, and ICICI Bank.
At present the interest rate offered for senior citizens for a 5-year and above FD is 6.2%, and for general public it is 5.4%. This applicable for deposits below Rs 2 crore.
At present, for FDs below Rs 2 crore, the HDFC Bank is offering senior citizens an interest rate of 6.25% and 5.5% for the general public for deposits with tenure of 5 years one day to 10 years. For FDs between Rs 2 crore and Rs 5 crore it is 5% and 4.25%, respectively
Here is a look at the bank's special senior citizen FD as per its website:
These schemes were launched by banks to provide higher interest rates to senior citizens amid the falling interest rate scenario as these are the people most dependent on the interest earned from FDs for regular income.
Here are the details of these FDs launched by SBI, HDFC Bank, and ICICI Bank.
- SBI
At present the interest rate offered for senior citizens for a 5-year and above FD is 6.2%, and for general public it is 5.4%. This applicable for deposits below Rs 2 crore.
- HDFC Bank
At present, for FDs below Rs 2 crore, the HDFC Bank is offering senior citizens an interest rate of 6.25% and 5.5% for the general public for deposits with tenure of 5 years one day to 10 years. For FDs between Rs 2 crore and Rs 5 crore it is 5% and 4.25%, respectively
- ICICI Bank
Here is a look at the bank's special senior citizen FD as per its website:
- Resident Senior citizen customers, will get an additional interest rate of 0.30% for limited time over and above existing additional rate of 0.50% per annum
- The additional rate will be available on fresh deposits opened as well as deposits renewed during the scheme period.
- Eligible FD tenure: 5 years 1 day up to 10 years
- Applicable duration: 20th May, 2020 to June 30, 2021
- Applicable on single FD of amount < 2cr
- Premature withdrawal: In case deposit opened in above scheme is prematurely withdrawn/closed after, on or after 5 years 1 day, the applicable penal rate will be 1.30%. In case the deposit opened in above scheme is prematurely withdrawn/closed before 5 years 1 day, the prevailing premature withdrawal policy will be applicable.
- All other features of term deposit as well as terms and conditions shall remain unchanged and are applicable for the above scheme also.
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