Special fixed deposit scheme for senior citizens. Here is the list of banks that offer high interest.
These Banks offer the best interest rate for the fixed deposits of senior citizens: Banks’ fixed deposits are the best option for those who want to save. Factors such as their low risk and significant return have attracted people the most.
Bank Fixed Deposits (FDs) are one of the best investment options in the long term, especially for senior citizens.
In this context, many banks like the State Bank of India (SBI), HDFC, and ICICI have started these special fixed deposits with higher interest rates for term deposits for senior citizens. Let us now look at the interest rates offered to senior citizens in these special FDs.
The interest rate of SBI for special FD scheme:
SBI Special FD Scheme for Senior Citizens “We Care” offers senior citizens an additional 30 bps interest rate on their FD for a period of 5 years and above. If a senior citizen has a fixed deposit under the special FD scheme, the interest rate applicable to the FD will be 6.20%. These interest rates will come into practice from 15 January 2022.
The interest rate of ICICI for special FD scheme:
ICICI Bank’s Special FD Plan for Senior Citizens is referred to as the ‘ICICI Bank Golden Years FD Plan’. It offers a high-interest rate of 80 bps. ICICI Bank’s Golden Year FD Plan offers 6.35% interest per annum. These interest rates will come into practice from 20 January 2022.
The interest rate of HDFC for special FD scheme:
HDFC Bank’s special FD program for senior citizens is called ‘HDFC Senior Citizens Care’. The bank offers a higher interest rate of 75 bps for these deposits. If a senior citizen holds a fixed deposit under HDFC Bank’s Senior Citizens care, the interest rate applicable to FD will be 6.35%. These interest rates will come into practice from 12 January 2022.