HDFC Special FD Scheme: HDFC Bank has extended the special fixed deposit scheme till March 2023. SBI pays an additional premium of 30 bps over the regular 50 bps to the elderly individuals exclusively on retail TDs booked for the period “5 years and above” under its special.
HDFC Special FD Scheme: Private sector giant HDFC Bank has extended its special fixed deposit scheme for senior citizens. Senior Citizen Care FD is a special fixed deposit program offered by HDFC Bank with effect from May 18, 2020, offering the benefit of higher rate of interest for senior citizens. However, due to the Covid-19 pandemic and the low interest rate, the rate was increased repeatedly and was due to expire on September 30, 2022. But amid rising interest rates, HDFC Bank extended the special fixed deposit scheme till 31st March 2023, which is great news for them.
HDFC Bank has informed on its website that an additional premium of 0.25% (over and above the existing premium of 0.50%) will be given to senior citizens who book fixed deposits of less than Rs 5 crore for a tenure of 5 years. want to do. ) From one day to 10 years during the special deposit offer starting 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.
On fixed deposits maturing in 5 years 1 day – 10 years, HDFC Bank offers a regular interest rate of 5.75%, but senior citizens will get an interest rate of 6.50% which is in addition to the 75 bps under the regular rate. This is the bank’s special fixed deposit scheme for senior citizens, which they can book on or before March 2023.
HDFC Bank has stated on its website on Premature Withdrawal from Senior Citizen Care FD that the interest rate will be 1.00% of the contracted rate or the base rate applicable for the period of deposit with the bank, whichever is lower. In case of premature closure after 5 years of Fixed Deposit booked in the above offer (including sweep in/partial closure), the rate of interest will be 1.25% less than the contracted rate or the base rate applicable for the tenure of the deposit .
This announcement is in line with RBI’s 50 basis points increase in the repo rate to 5.9%. However, apart from HDFC Bank, IDBI Bank and SBI have recently extended the validity of their special fixed deposit schemes for older residents. Naman Senior Citizen Deposit from IDBI Bank offers resident senior citizens an additional interest rate of 0.25% over and above the existing additional rate of 0.50% every year, resulting in an aggregate benefit of 0.75% over the card rate on deposits maturing in 1 year It happens. up to 10 years. This IDBI Bank special fixed deposit was supposed to expire on September 30, 2022, but the bank has now extended it till October 31, 2022.
Wecare deposit scheme for senior citizens has been extended by SBI till March 2023. SBI pays an additional premium of 30 bps over the regular 50 bps to the elderly individuals exclusively on retail TDs booked for the period “5 years and above” under its special.
