Senior citizens special fixed deposit (FD) schemes are offered by top banks like depository financial institution of India (SBI), HDFC Bank, ICICI Bank, and Bank of Baroda (BoB). Extra interest rates are being provided by these banks under this scheme over the prevailing rates applicable for them on term deposits.
Amid the coronavirus pandemic, this special FD scheme was launched in May to safeguard the interests of senior citizens because the interest rates were falling rapidly. This special FD scheme is out there for senior citizens till 31 March 2021.
Under the special FD scheme (above 5 years to up to 10 years), if a oldster puts a hard and fast deposit, then the rate of interest applicable to the FD are going to be 6.25 per cent.ICICI Bank special FD scheme for senior citizens.
ICICI Bank offers 80 bps higher rate of interest on these deposits. ICICI Bank time of life FD scheme offers senior citizens an rate of interest of 6.30% once a year .
SBI special FD scheme for senior citizens will fetch 80 basis points (bps) rate of interest above the speed applicable to the overall public. at the present , SBI gives 5.4% rate of interest on five years FD for the overall public. If a oldster puts a hard and fast deposit under the special FD scheme, then rate of interest applicable to the FD are going to be 6.20%