Fixed Deposits: Fixed Deposits (FD) are the most common and traditional form of investment that guarantees a fixed return.
Fixed Deposits (FD) are the most common and traditional form of investment that guarantees a fixed return. These FDs are for a minimum of 7 days to a maximum of 10 years.
At present, many banks like SBI, HDFC Bank, ICICI Bank, Axis Bank and IndusInd Bank have offered interest on FDs. Rates have been increased. Senior citizens are one of the biggest beneficiaries of FDs as they are offered additional interest as compared to normal other categories.
These banks had increased interest rates
Ever since the Covid-19 pandemic began, several banks such as SBI, HDFC Bank, ICICI Bank, Axis Bank and Bank of Baroda have introduced special FD schemes for senior citizens, promoting savings and eliminating the times of low interest rates.
done. However, two special FD schemes of major banks are set to expire by the end of this month. If an elderly person wants to opt for these special FD schemes, they should do so before March 31, 2022. Opting for a particular FD before March 31st will mean that you will be entitled to higher interest rates.
FD Scheme of Bank of Baroda
This state-owned bank is offering Special FD Scheme to Senior Citizens. It is offering an additional 0.50% interest to the elderly on FDs between 7 days to 3 years and less than Rs 2 crore.
Whereas, the bank is offering an additional 0.65% on FDs for tenures ranging from 3 years to 5 years. Apart from this, it is offering 1% additional interest to senior citizens on FDs of 5 years to 10 years. These rates are being offered to senior citizens till March 31, 2022.
here is the offer
From March 22, the bank is offering 3.3% interest to senior citizens on FDs of 7 days to 45 days. 4.20% interest is being given on FDs of 15 days to 45 days. Whereas, 4.80% interest will be given on 181 days to 270 days.
4.9% interest rate is being offered on 271 days and above and less than 1 year. 5.50% interest is being given on 1 year FD.
Apart from this, interest on FDs for more than 1 year up to 3 years is getting interest at the rate of 5.70%. 6% interest is being given on FDs of 3 years to 5 years. 6.35% interest is being given on FDs of 5 years to 10 years.
HDFC Bank FD Scheme
Senior citizens in HDFC Bank are paying 0.75% additional interest under the Senior Citizen Care FD offer. This additional interest rate on FD is being offered to senior citizens of age 60 years and above.
