In May 2020, several banks launched the Senior Citizens Special FD scheme to protect the financial interests of the elderly in the first lock-down of the Corona virus epidemic. The last date of the scheme was 31 December 2020, which was earlier extended to 31 March 2021 and now again to 30 June ’21.
In this Corona period, almost all the big banks of the country are running the Senior Citizens Special FD Scheme for Senior Citizens. Senior citizens already get 50 basis points more interest than regular FDs, but senior citizens get up to 1% more interest than ordinary FDs in the special FD scheme. Let’s know how much interest is being given to senior citizens in this scheme by the country’s largest banks such as HDFC, ICICI, SBI, and Bank of Baroda (BOB).
HDFC Bank is paying 75 basis points more interest.
HDFC Bank is giving 25 basis points additional interest on FDs to senior citizens under its HDFC Senior Citizen Care FD scheme. If you get FD under this scheme, then they are getting 6.25% interest.
ICICI Bank is paying 80 basis points more interest to the elderly.
ICICI Bank runs the ICICI Bank Golden Years Scheme for the elderly. Under this, the elderly getting FD gets 80 basis points more interest from the common customers. Senior citizens are getting 6.30% interest on FD under this scheme.
SBI’s interest rate
State Bank of India (SBI) is running a special FD scheme for Senior Citizens under the name of SBI Wecare. SBI is giving 75 basis points more interest under this scheme of senior citizens. In this, senior citizens are getting 6.20% interest on FD of 5 years to 10 years.
BOB Interest Rate
Through the Senior Citizens Special FD Scheme, the Bank of Baroda (BOB) is paying 100 basis points or 1% more interest to senior citizens. BOB is paying interest of 6.25% per annum to senior citizens on FDs of 5 years to 10 years.