HDFC Bank and ICICI Bank on Monday announced the extension of their special fixed deposit (FD) scheme for senior citizens till 31 March.
In May 2020, both the bank has introduced special FD scheme for senior citizen to safeguard their interests as the bank interest rates were falling rapidly.
Earlier, the scheme was introduced till September, then it was extended till 31 December 2020. And now, it is further extended till 31 March 2021.
HDFC Bank’s Scheme
HDFC Bank special FD scheme for senior citizens is called HDFC Senior Citizen Care.
The bank offers 75 bps higher interest rate on these deposits.
If a senior citizen puts a fixed deposit under HDFC Bank Senior Citizen Care FD, then interest rate applicable to the FD will be 6.25% .
These rates are applicable from 13 November.
“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 31st Mar’21,” –Mint
ICICI Banks Scheme
ICICI Bank special FD scheme for senior citizens is called ICICI Bank Golden Years.
The bank offers 80 bps higher interest rate on these deposits.
ICICI Bank Golden Years FD scheme offers senior citizens an interest rate of 6.30% per annum. 6.30%.
These rates are effective 21 october. “Applicable duration: 20th May, 2020 to 31st March, 2021. –Mint
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