Senior citizen special FD scheme: Special FD scheme for senior citizens including State Bank of India (SBI), ICICI Bank, Bank of Baroda, HDFC Bank during the Kovid-19 epidemic.
(Special FD plan) was introduced. Under this scheme, senior citizens are getting more benefits on FD. However, now some banks may discontinue this scheme.
In fact, HDFC Bank and Bank of Baroda can terminate this special schemes for senior citizens for two years because these banks have not announced the extension of the special FD scheme for senior citizens.
In such a situation, it is believed that these two banks can close the special FD plan. Let us inform that at the beginning of Corona, this special FD scheme was introduced for the elderly bank depositors for a short period, but later banks extended its time limit.
HDFC Bank Senior Citizen Special FD Scheme
HDFC Bank Senior Citizen Care FD was launched by the country’s largest private bank. The bank offers 75 bps higher interest rate on these deposits. If a senior citizen makes a fixed deposit under HDFC Bank Senior Citizen Care FD, the interest rate applicable on the FD will be 6.25%.
Please note that the HDFC Bank Senior Citizen Care FD deadline is 31 March 2022 and it may expire from 1 April 2022 if further extension of the scheme is not announced by the given deadline.
As per the revised HDFC Bank FD interest rates with effect from February 14, 2022, the annual interest rate on FD accounts ranging from 5 years one day to 10 years is 5.60 per cent for deposits below ₹2 crore.
Senior citizens will be given 6.35 percent annual interest rate on FD. This offer will be valid on FD accounts after the deadline if the FD account is opened on or before 31st March 2022.
Bank of Baroda special FD scheme for senior citizens
This state-run bank is also offering a special FD scheme for senior citizens, where the FD account holder above 60 years of age is given an additional 1% annual return on his money.
Like many Indian banks, Bank of Baroda is offering an additional 0.50 per cent return on tenure of 7 to 5 years to senior citizen FD account holders. However, on tax saving FDs, it is offering an additional 50 bps annualized return to senior citizens.
According to the Bank of Baroda website, it is offering 5.35 per cent annual return on tax saving FDs under the revised FD interest rate regime with effect from March 22, 2022. However, if the age of the depositors is more than 60 years, in that case the annual interest rate will increase to 6.35 per cent.
However, the deadline for this special FD scheme is 31 March 2022 and the public sector bank has not announced any further extension of the scheme. If further extension of the scheme is not announced, in that case, the scheme will be deemed to be terminated with effect from 1st April 2022.
