These special senior citizen deposits will fetch a higher rate of interest than regular senior citizen deposits of less than Rs 2 crore. The tenure should be between 5 to 10 years to qualify for this interest rate.
limited period only
However, the tenure of these fixed deposits is limited and will expire soon. These unique FD programs have different time limits in different banks. ICICI Bank Golden Years FD is valid till October 7, 2022 and State Bank Of India Wecare FD scheme will end on March 31, 2022.
HDFC bank Senior Citizen Care FD
According to HDFC Bank’s website, “An additional premium of 0.25% (over and above the existing premium of 0.50%) will be paid. senior citizen Those who wish to book a fixed deposit of less than 5 crores for a period of 5 (five) years one day to 10 years during the special deposit offer commencing from 18th May’20 to 31st March’2023. This special offer will be applicable for renewal as well as fresh fixed deposits booked by senior citizens during the above period. This offer is not applicable to NRIs.
premature closure of fixed deposit
If the Fixed Deposit booked in the above offer is closed prematurely or before 5 years, the rate of interest will be 1.00% less than the contracted rate or the base rate applicable for the period of stay of the deposit, whichever is lower .
If the Fixed Deposit booked in the above offer is closed prematurely after 5 years, the rate of interest will be 1.25% below the contracted rate or the base rate applicable for the period the deposit is with the bank, whichever is lower .
IDBI Salute Senior Citizen Deposit
Residents who are senior citizens will receive an enhanced interest rate of 0.25% on top of the existing additional rate of 0.50% p.a., for an overall mark-up of 0.75% over the card rate. The scheme is valid till October 31, 2022. The tenures that are eligible range from more than one year to ten years.
During the plan period, higher rates will be offered on fresh deposits as well as on renewed deposits.